Virginia § 55.1-2308 Contract for resale; disclosures

Virginia Statutes

§ 55.1-2308 — Contract for resale; disclosures

Virginia § 55.1-2308

Title 55.1Property and Conveyances

Subtitle IVCommon Interest Communities

Ch. 23.1Resale Disclosure Act

This text of Virginia § 55.1-2308 (Contract for resale; disclosures) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 55.1-2308 (2026).

Text

Unless exempt pursuant to § 55.1-2317, any contract for the resale of a unit in a common interest community shall disclose (i) that the unit is located in a common interest community;

(ii)that the seller or the seller's agent is required to obtain from the association a resale certificate and provide it to the purchaser or the purchaser's agent;

(iii)the purchaser's right to cancel the contract pursuant to § 55.1-2312;

(iv)that the purchaser or the purchaser's agent may request an updated resale certificate pursuant to § 55.1-2311; and (v) that the purchaser's right to receive the resale certificate and the right to cancel the contract are waived conclusively if not exercised before settlement. If the contract does not contain the disclosures required by this section, the purchaser's so

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Unless exempt pursuant to § 55.1-2317, any contract for the resale of a unit in a common interest community shall disclose (i) that the unit is located in a common interest community; (ii) that the seller or the seller's agent is required to obtain from the association a resale certificate and provide it to the purchaser or the purchaser's agent; (iii) the purchaser's right to cancel the contract pursuant to § 55.1-2312; (iv) that the purchaser or the purchaser's agent may request an updated resale certificate pursuant to § 55.1-2311; and (v) that the purchaser's right to receive the resale certificate and the right to cancel the contract are waived conclusively if not exercised before settlement. If the contract does not contain the disclosures required by this section, the purchaser's sole remedy is to cancel the contract prior to settlement.