Va. Code §55.1-2312
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Resale Disclosure Act — Cancellation of Contract by Purchaser
The purchaser's cancellation right. The contract may set the period; if it is silent, three days from ratification (certificate delivered before ratification) or three days from receipt (delivered after). If the certificate is never delivered, the purchaser may cancel any time before settlement. Cancellation is without penalty.
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Statutory Text
Verified Aug 5, 2026 · OTHER
Virginia Law Code of Virginia Title 55.1. Property and Conveyances Chapter 23.1. Resale Disclosure Act 8/6/2026 § 55.1-2312 . Cancellation of contract by purchaser. A. If delivery of the resale certificate to the purchaser or purchaser's agent, whether or not complete pursuant to § 55.1-2310 , or a notice that the resale certificate is unavailable, occurs before the contract is ratified, the purchaser may cancel the contract within a time period agreed upon by all parties in the ratified real estate contract. If no time period is specified in the ratified real estate contract, the purchaser shall have three days from the date of ratification to cancel the contract. B. If delivery of the resale certificate to the purchaser or purchaser's agent, whether or not complete pursuant to § 55.1-2310 , or a notice that such resale certificate is unavailable, occurs after the contract is ratified, the purchaser may cancel the contract within a time period agreed upon by all parties to the real estate contract. If no time period is specified in the ratified real estate contract, the purchaser shall have three days from receipt of the resale certificate or notice that the resale certificate is unavailable to cancel the contract. C. If the resale certificate or notice that the resale certificate is unavailable has not been delivered to the purchaser, the purchaser or purchaser's agent may cancel the contract at any time prior to settlement. D. Written notice of cancellation shall be provided to the seller in accordance with the terms of the contract. The purchaser shall have the burden to demonstrate delivery of the notice of cancellation. E. If the unit is governed by more than one association, the timeframe for the purchaser's right of cancellation shall run from the date of delivery of the last resale certificate. F. Cancellation shall be without penalty, and the seller shall cause any deposit or escrowed funds to be returned promptly to the purchaser. 2023, cc. 387 , 388 ; 2024, cc. 54 , 511 .
Disclosure
| Ref | Requirement |
|---|---|
| (C) | A buyer who never gets the certificate can walk right up to the closing table. |
| (F) | Walking away under this section costs the buyer nothing. |
Other sections in this chapter
- Va. Code §55.1-1800 — Property Owners' Association Act — Definitions
- Va. Code §55.1-1801 — Property Owners' Association Act — Applicability
- Va. Code §55.1-1805 — Property Owners' Association Act — Association Charges
- Va. Code §55.1-1815 — Property Owners' Association Act — Access to Records; Association Meetings; Notice
- Va. Code §55.1-1816 — Property Owners' Association Act — Meetings of the Board of Directors
- Va. Code §55.1-1819 — Property Owners' Association Act — Adoption and Enforcement of Rules
- Va. Code §55.1-1820 — Property Owners' Association Act — Display of the Flag of the United States
- Va. Code §55.1-1824 — Property Owners' Association Act — Assessments; Late Fees
- Va. Code §55.1-1826 — Property Owners' Association Act — Annual Budget; Reserve Study
- Va. Code §55.1-1830 — Property Owners' Association Act — Validity of Declaration; Corrective Amendments
- Va. Code §55.1-1833 — Property Owners' Association Act — Lien for Assessments; Foreclosure
- Va. Code §55.1-1835 — Property Owners' Association Act — Annual Report by Association
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Legal references last verified July 9, 2026.
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