Kevin is purchasing a condominium unit in Arlington, Virginia. The seller delivers the Public Offering Statement (POS) to Kevin on a Tuesday. Kevin reviews the POS and decides he no longer wants to purchase the unit. Under the Virginia Condominium Act, what is the last day Kevin can rescind the contract?
Correct Answer
B) The following Sunday, which is 5 calendar days after receiving the POS
Under Va. Code § 55.1-1974, a purchaser may cancel the contract within 5 calendar days after receiving the Public Offering Statement; receipt on Tuesday puts the cancellation deadline on the following Sunday.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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