A buyer in Virginia makes a written offer to purchase a condominium in Richmond. The seller is a developer selling a new condominium unit. The buyer signs the purchase contract and receives the Public Offering Statement (POS) on the same day. Under the Virginia Condominium Act, how many calendar days does the buyer have to rescind the contract after receiving the POS?
Correct Answer
C) 5 calendar days from the date the POS is received
Under the Virginia Condominium Act (Va. Code §55.1-1900 et seq.), a buyer of a new condominium unit from a developer has the right to cancel the contract within five calendar days after receiving the Public Offering Statement. Because the POS was delivered the same day the contract was signed, the five-day clock runs from that delivery date.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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