2006 Code of Virginia § 55-520 - Time for disclosure; cancellation of contract

55-520. Time for disclosure; cancellation of contract.

A. The owner of residential real property subject to this chapter shalldeliver to the purchaser the written disclosures or disclaimer required bythis chapter prior to the acceptance of a real estate purchase contract. Forthe purposes of this chapter, a "real estate purchase contract" means acontract for the sale, exchange, or lease with option to buy of real estatesubject to this chapter, and "acceptance" means the full execution of areal estate purchase contract by all parties. The residential propertydisclaimer statement or residential property disclosure statement may beincluded in the real estate purchase contract, in an addendum thereto, or ina separate document.

B. If the disclosure or disclaimer required by this chapter is delivered tothe purchaser after the acceptance of the real estate purchase contract, thepurchaser's sole remedy shall be to terminate the real estate purchasecontract at or prior to the earliest of (i) three days after delivery of thedisclosure or disclaimer in person; or (ii) five days after the postmark ifthe disclosure or disclaimer is deposited in the United States mail, postageprepaid, and properly addressed to the purchaser; or (iii) settlement uponpurchase of the property; or (iv) occupancy of the property by the purchaser;or (v) the execution by the purchaser of a written waiver of the purchaser'sright of termination under this chapter contained in a writing separate fromthe real estate purchase contract; or (vi) the purchaser making writtenapplication to a lender for a mortgage loan where such application contains adisclosure that the right of termination shall end upon the application forthe mortgage loan. In order to terminate a real estate purchase contract whenpermitted by this chapter, the purchaser must, within the times required bythis chapter, give written notice to the owner either by hand delivery or byUnited States mail, postage prepaid, and properly addressed to the owner. Ifthe purchaser terminates a real estate purchase contract in compliance withthis chapter, the termination shall be without penalty to the purchaser, andany deposit shall be promptly returned to the purchaser. Any rights of thepurchaser to terminate the contract provided by this chapter shall end if notexercised prior to the earlier of (i) the making of a written application toa lender for a mortgage loan where the application contains a disclosure thatthe right of termination shall end upon the application for the mortgage loanor (ii) settlement or occupancy by the purchaser, in the event of a sale, oroccupancy, in the event of a lease with option to purchase.

C. Notwithstanding the provisions of subsection B or of subdivision B 2 of 55-524, no purchaser of residential real property located in a noise zonedesignated on the official zoning map of the locality as having a day-nightaverage sound level of less than 65 decibels shall have the right toterminate a real estate purchase contract pursuant to this section forfailure of the property owner to timely provide any disclosure required by 55-519.1.

(1992, c. 717; 1993, c. 818; 2005, c. 510.)