A buyer in Northern Virginia is purchasing a resale condominium unit. The buyer's agent explains that under Virginia law, the seller must provide the buyer with a resale certificate from the condominium association. The buyer receives the complete resale certificate on a Friday afternoon. The buyer later decides to rescind the contract. Under the Virginia Condominium Act, what is the latest the buyer can exercise the right of rescission?
Correct Answer
B) By midnight on the following Monday, which is 3 calendar days after receipt
Under the Virginia Condominium Act (Va. Code § 55.1-1900 et seq.), a buyer purchasing a resale condominium unit has 3 calendar days to rescind after receiving the complete resale certificate. Receipt on Friday means the 3-calendar-day period runs Saturday, Sunday, and Monday. The rescission deadline is therefore the end of Monday. Calendar days include weekends.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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