§ 55-509.4. Contract disclosure statement; right of cancellation.
A. Subject to the provisions of subsection A of § 55-509.10, a person sellinga lot shall disclose in the contract that (i) the lot is located within adevelopment that is subject to the Virginia Property Owners' Association Act(§ 55-508 et seq.); (ii) the Act requires the seller to obtain from theproperty owners' association an association disclosure packet and provide itto the purchaser; (iii) the purchaser may cancel the contract within threedays after receiving the association disclosure packet or being notified thatthe association disclosure packet will not be available; (iv) if thepurchaser has received the association disclosure packet, the purchaser has aright to request an update of such disclosure packet in accordance withsubsection H of § 55-509.6 or subsection C of § 55-509.7, as appropriate; and(v) the right to receive the association disclosure packet and the right tocancel the contract are waived conclusively if not exercised beforesettlement.
For purposes of clause (iii), the association disclosure packet shall bedeemed not to be available if (a) a current annual report has not been filedby the association with either the State Corporation Commission pursuant to §13.1-936 or with the Common Interest Community Board pursuant to § 55-516.1,(b) the seller has made a written request to the association that the packetbe provided and no such packet has been received within 14 days in accordancewith subsection A of § 55-509.5, or (c) written notice has been provided bythe association that a packet is not available.
B. If the contract does not contain the disclosure required by subsection A,the purchaser's sole remedy is to cancel the contract prior to settlement.
C. The information contained in the association disclosure packet shall becurrent as of a date specified on the association disclosure packet preparedin accordance with this section; however, a disclosure packet update orfinancial update may be requested in accordance with subsection H of §55-509.6 or subsection C of § 55-509.7, as appropriate. The purchaser maycancel the contract: (i) within three days after the date of the contract, ifon or before the date that the purchaser signs the contract, the purchaserreceives the association disclosure packet or is notified that theassociation disclosure packet will not be available; (ii) within three daysafter receiving the association disclosure packet if the associationdisclosure packet or notice that the association disclosure packet will notbe available is hand delivered or delivered by electronic means and a receiptobtained; or (iii) within six days after the postmark date if the associationdisclosure packet or notice that the association disclosure packet will notbe available is sent to the purchaser by United States mail. The purchasermay also cancel the contract at any time prior to settlement if the purchaserhas not been notified that the association disclosure packet will not beavailable and the association disclosure packet is not delivered to thepurchaser. Notice of cancellation shall be provided to the lot owner or hisagent by one of the following methods:
1. Hand delivery;
2. United States mail, postage prepaid, provided the sender retainssufficient proof of mailing, which may be either a United States postalcertificate of mailing or a certificate of service prepared by the senderconfirming such mailing;
3. Electronic means provided the sender retains sufficient proof of theelectronic delivery, which may be an electronic receipt of delivery, aconfirmation that the notice was sent by facsimile, or a certificate ofservice prepared by the sender confirming the electronic delivery; or
4. Overnight delivery using a commercial service or the United States PostalService.
In the event of a dispute, the sender shall have the burden to demonstratedelivery of the notice of cancellation. Such cancellation shall be withoutpenalty, and the seller shall cause any deposit to be returned promptly tothe purchaser.
D. Whenever any contract is canceled based on a failure to comply withsubsection A or C or pursuant to subsection B, any deposit or escrowed fundsshall be returned within 30 days of the cancellation, unless the parties tothe contract specify in writing a shorter period.
E. Any rights of the purchaser to cancel the contract provided by thischapter are waived conclusively if not exercised prior to settlement.
F. Except as expressly provided in this chapter, the provisions of thissection and § 55-509.5 may not be varied by agreement, and the rightsconferred by this section and § 55-509.5 may not be waived.
§ 55-509.4. Contract disclosure statement; right of cancellation.
A. Subject to the provisions of subsection A of § 55-509.10, a person sellinga lot shall disclose in the contract that (i) the lot is located within adevelopment that is subject to the Virginia Property Owners' Association Act(§ 55-508 et seq.); (ii) the Act requires the seller to obtain from theproperty owners' association an association disclosure packet and provide itto the purchaser; (iii) the purchaser may cancel the contract within threedays after receiving the association disclosure packet or being notified thatthe association disclosure packet will not be available; (iv) if thepurchaser has received the association disclosure packet, the purchaser has aright to request an update of such disclosure packet in accordance withsubsection H of § 55-509.6 or subsection C of § 55-509.7, as appropriate; and(v) the right to receive the association disclosure packet and the right tocancel the contract are waived conclusively if not exercised beforesettlement.
For purposes of clause (iii), the association disclosure packet shall bedeemed not to be available if (a) a current annual report has not been filedby the association with either the State Corporation Commission pursuant to §13.1-936 or with the Common Interest Community Board pursuant to § 55-516.1,(b) the seller has made a written request to the association that the packetbe provided and no such packet has been received within 14 days in accordancewith subsection A of § 55-509.5, or (c) written notice has been provided bythe association that a packet is not available.
B. If the contract does not contain the disclosure required by subsection A,the purchaser's sole remedy is to cancel the contract prior to settlement.
C. The information contained in the association disclosure packet shall becurrent as of a date specified on the association disclosure packet preparedin accordance with this section; however, a disclosure packet update orfinancial update may be requested in accordance with subsection H of §55-509.6 or subsection C of § 55-509.7, as appropriate. The purchaser maycancel the contract: (i) within three days after the date of the contract, ifon or before the date that the purchaser signs the contract, the purchaserreceives the association disclosure packet or is notified that theassociation disclosure packet will not be available; (ii) within three daysafter receiving the association disclosure packet if the associationdisclosure packet or notice that the association disclosure packet will notbe available is hand delivered or delivered by electronic means and a receiptobtained; or (iii) within six days after the postmark date if the associationdisclosure packet or notice that the association disclosure packet will notbe available is sent to the purchaser by United States mail. The purchasermay also cancel the contract at any time prior to settlement if the purchaserhas not been notified that the association disclosure packet will not beavailable and the association disclosure packet is not delivered to thepurchaser. Notice of cancellation shall be provided to the lot owner or hisagent by one of the following methods:
1. Hand delivery;
2. United States mail, postage prepaid, provided the sender retainssufficient proof of mailing, which may be either a United States postalcertificate of mailing or a certificate of service prepared by the senderconfirming such mailing;
3. Electronic means provided the sender retains sufficient proof of theelectronic delivery, which may be an electronic receipt of delivery, aconfirmation that the notice was sent by facsimile, or a certificate ofservice prepared by the sender confirming the electronic delivery; or
4. Overnight delivery using a commercial service or the United States PostalService.
In the event of a dispute, the sender shall have the burden to demonstratedelivery of the notice of cancellation. Such cancellation shall be withoutpenalty, and the seller shall cause any deposit to be returned promptly tothe purchaser.
D. Whenever any contract is canceled based on a failure to comply withsubsection A or C or pursuant to subsection B, any deposit or escrowed fundsshall be returned within 30 days of the cancellation, unless the parties tothe contract specify in writing a shorter period.
E. Any rights of the purchaser to cancel the contract provided by thischapter are waived conclusively if not exercised prior to settlement.
F. Except as expressly provided in this chapter, the provisions of thissection and § 55-509.5 may not be varied by agreement, and the rightsconferred by this section and § 55-509.5 may not be waived.
§ 55-509.4. Contract disclosure statement; right of cancellation.
A. Subject to the provisions of subsection A of § 55-509.10, a person sellinga lot shall disclose in the contract that (i) the lot is located within adevelopment that is subject to the Virginia Property Owners' Association Act(§ 55-508 et seq.); (ii) the Act requires the seller to obtain from theproperty owners' association an association disclosure packet and provide itto the purchaser; (iii) the purchaser may cancel the contract within threedays after receiving the association disclosure packet or being notified thatthe association disclosure packet will not be available; (iv) if thepurchaser has received the association disclosure packet, the purchaser has aright to request an update of such disclosure packet in accordance withsubsection H of § 55-509.6 or subsection C of § 55-509.7, as appropriate; and(v) the right to receive the association disclosure packet and the right tocancel the contract are waived conclusively if not exercised beforesettlement.
For purposes of clause (iii), the association disclosure packet shall bedeemed not to be available if (a) a current annual report has not been filedby the association with either the State Corporation Commission pursuant to §13.1-936 or with the Common Interest Community Board pursuant to § 55-516.1,(b) the seller has made a written request to the association that the packetbe provided and no such packet has been received within 14 days in accordancewith subsection A of § 55-509.5, or (c) written notice has been provided bythe association that a packet is not available.
B. If the contract does not contain the disclosure required by subsection A,the purchaser's sole remedy is to cancel the contract prior to settlement.
C. The information contained in the association disclosure packet shall becurrent as of a date specified on the association disclosure packet preparedin accordance with this section; however, a disclosure packet update orfinancial update may be requested in accordance with subsection H of §55-509.6 or subsection C of § 55-509.7, as appropriate. The purchaser maycancel the contract: (i) within three days after the date of the contract, ifon or before the date that the purchaser signs the contract, the purchaserreceives the association disclosure packet or is notified that theassociation disclosure packet will not be available; (ii) within three daysafter receiving the association disclosure packet if the associationdisclosure packet or notice that the association disclosure packet will notbe available is hand delivered or delivered by electronic means and a receiptobtained; or (iii) within six days after the postmark date if the associationdisclosure packet or notice that the association disclosure packet will notbe available is sent to the purchaser by United States mail. The purchasermay also cancel the contract at any time prior to settlement if the purchaserhas not been notified that the association disclosure packet will not beavailable and the association disclosure packet is not delivered to thepurchaser. Notice of cancellation shall be provided to the lot owner or hisagent by one of the following methods:
1. Hand delivery;
2. United States mail, postage prepaid, provided the sender retainssufficient proof of mailing, which may be either a United States postalcertificate of mailing or a certificate of service prepared by the senderconfirming such mailing;
3. Electronic means provided the sender retains sufficient proof of theelectronic delivery, which may be an electronic receipt of delivery, aconfirmation that the notice was sent by facsimile, or a certificate ofservice prepared by the sender confirming the electronic delivery; or
4. Overnight delivery using a commercial service or the United States PostalService.
In the event of a dispute, the sender shall have the burden to demonstratedelivery of the notice of cancellation. Such cancellation shall be withoutpenalty, and the seller shall cause any deposit to be returned promptly tothe purchaser.
D. Whenever any contract is canceled based on a failure to comply withsubsection A or C or pursuant to subsection B, any deposit or escrowed fundsshall be returned within 30 days of the cancellation, unless the parties tothe contract specify in writing a shorter period.
E. Any rights of the purchaser to cancel the contract provided by thischapter are waived conclusively if not exercised prior to settlement.
F. Except as expressly provided in this chapter, the provisions of thissection and § 55-509.5 may not be varied by agreement, and the rightsconferred by this section and § 55-509.5 may not be waived.
