55-79.88 - Limitations on dispositions of units. - Virginia Statutes

§ 55-79.88. Limitations on dispositions of units.

Unless exempt by § 55-79.87:

1. No declarant may offer or dispose of any interest in a condominium unitlocated in this Commonwealth, nor offer or dispose in this Commonwealth ofany interest in a condominium unit located without this Commonwealth prior tothe time the condominium including such unit is registered in accordance withthis chapter.

2. No declarant may dispose of any interest in a condominium unit unless hedelivers to the purchaser a current public offering statement by the time ofsuch disposition and such disposition is expressly and without qualificationor condition subject to cancellation by the purchaser within ten calendardays from the contract date of the disposition, or delivery of the currentpublic offering statement, whichever is later. If the purchaser elects tocancel, he may do so by notice thereof hand-delivered or sent by UnitedStates mail, return receipt requested, to the declarant. Such cancellationshall be without penalty, and any deposit made by the purchaser shall bepromptly refunded in its entirety.

(1974, c. 416; 1975, c. 415; 1988, c. 15.)