Maria signs a contract to purchase a resale condominium unit in Richmond. On Monday morning, her agent delivers the complete condominium resale certificate to her. By what time must Maria act if she wishes to rescind the contract under the Virginia Condominium Act?
Correct Answer
A) By midnight on Thursday, three calendar days after receipt
Under the Virginia Condominium Act (Va. Code § 55.1-1967), a buyer has 3 calendar days to rescind the contract after receiving the complete resale certificate. If the complete certificate is delivered on Monday, the 3-day period begins the following day (Tuesday), and the rescission deadline is midnight at the end of Thursday. The day of receipt does not count as one of the three days.
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Related Topics & Key Terms
Key Terms:
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The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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