reglab/housing_qa huggingface dataset:
VA Code § 55.1-2221 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2221. Purchaser's rights of cancellation

A. A purchaser shall have the right to cancel the contract until midnight of the seventh calendar day following the execution of such contract. If the seventh calendar day falls on a Sunday or legal holiday, then the right to cancel the contract shall expire on the day immediately following that Sunday or legal holiday. Cancellation shall be without penalty, and all payments made by the purchaser before cancellation shall be refunded within 45 days after receipt of the notice of cancellation.B. If the purchaser elects to cancel a contract pursuant to subsection A, he shall do so only (i) by hand-delivering the notice to the developer at its principal office or at the project or (ii) by mailing the notice by certified United States mail, return receipt requested, to the developer or its agent designated in the contract. Any such notice sent by certified mail shall be effective on the date postmarked.C. If, because of the occurrence of a material change, the public offering statement is amended between the time of contracting to purchase a time-share and the time of settlement, the developer shall provide the amended public offering statement to the purchaser and the right of cancellation shall renew from the date of delivery of such amended public offering statement. This subsection shall not apply if the public offering statement is amended by the developer because of a change that is not material or to disclose any change that is an aspect or result of the orderly development of the time-share project in accordance with the project instrument.D. The right to cancel the contract as provided by this section shall not be waivable by the time-share purchaser and any provision in the contract or time-share documents indicating a waiver shall be void.E. A statement of the purchaser's right of cancellation as set forth in subsections A and B shall appear in the contract above the purchaser's signature line. Such statement shall appear in type no smaller than any other provisions of the contract, and the caption "PURCHASER'S NONWAIVABLE RIGHT TO CANCEL" shall appear immediately preceding it in conspicuous, boldface type.1981, c. 462, § 55-376; 1983, c. 147; 1984, c. 572; 1985, c. 517; 1991, c. 704; 1994, c. 580; 1998, c. 460; 2019, c. 712.
VA Code § 55.1-2223 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2223. Recording and delivery of deed

At such time as the time-share estate purchaser has fulfilled all of his obligations under the contract and is entitled to a deed for his time-share estate, the developer shall file or cause to be filed within 180 days after such date, with the clerk of the circuit court where the time-share project is located, such deed for recordation. Upon receipt of the recorded deed returned from the clerk's office, the developer shall, within 45 days after such receipt, send or cause to be sent the original deed to the time-share estate purchaser.2006, c. 653, § 55-376.2; 2019, c. 712.
VA Code § 55.1-2224 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2224. Liability limited; liability actions prohibited

A. Except as provided in subsection B, a project professional is not liable for injury to or death of a participant resulting from the inherent risks of project activity, so long as the warning contained in § 55.1-2225 is posted as required. Except as provided in subsection B, no participant or participant's representative may maintain an action against or recover from a project professional for injury, loss, damage, or death of the participant resulting exclusively from any of the inherent risks of project activity, provided that in any action for damages against a project professional for a project activity, the project professional shall plead the affirmative defense of assumption of the inherent risks of project activity by the participant.B. Nothing in subsection A shall prevent or limit the liability of a project professional if the project professional does any one or more of the following:1. Commits an act or omission that constitutes negligence or willful or wanton disregard for the safety of the participant, and that act or omission proximately causes injury, damage, or death to the participant;2. Has actual knowledge or reasonably should have known of a dangerous condition on the land or in the facilities or equipment used in the project activity, or the dangerous propensity of a particular animal used in such activity, and does not make the danger known to the participant, and the danger proximately causes injury, damage, or death to the participant; or3. Intentionally injures the participant.C. Any limitation on legal liability afforded by this section to a project professional is in addition to any other limitations of legal liability otherwise provided by law.2007, c. 267, § 55-376.3; 2019, c. 712.
VA Code § 55.1-2225 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2225. Warning required

A. The developer, association, or other project professional shall post and maintain signs that contain the warning notice specified in subsection B. One sign shall be placed in a clearly visible location at the entrance to the project and another at the site of the project activity. The warning notice shall consist of a sign in black letters, with each letter to be a minimum of one inch in height. Every written contract entered into by a project professional for the providing of professional services, instruction, or the rental of equipment to a participant, whether or not the contract involves project activities on or off the time-share project or at the site of the project activity, shall contain in clearly readable print the warning notice specified in subsection B.B. The signs and contracts described in subsection A shall contain the following notice of warning:"WARNING: Under Virginia law, there is no liability for an injury to or death of a participant in a project activity conducted at this location if such injury or death results from the inherent risks of project activity. Inherent risks of project activity include, among others, risks of injury inherent to land, equipment, and animals, as well as the potential for you to act in a negligent manner that may contribute to your injury or death. You are assuming the inherent risks of participating in this project activity."C. Failure to comply with the requirements concerning warning signs and notices provided in this section shall prevent a project professional from invoking the privileges of immunity provided by this chapter.2007, c. 267, § 55-376.4; 2019, c. 712.
VA Code § 55.1-2226 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2226. Buyer's Acknowledgment

A. Prior to the execution of a purchase contract, a purchaser shall be given a separate written document, titled "Buyer's Acknowledgment," to be signed by the purchaser and a representative of the developer other than the salesperson for the transaction.B. The Buyer's Acknowledgment shall contain the following:1. The name and address of the developer;2. The name and address of the time-share project;3. Whether the developer currently offers a resale or rental program or a buy-back program; and4. The following statement in at least 10-point boldface type:"There is no assurance that a purchaser may resell a time-share for a certain price or on particular terms. By signing below, purchaser acknowledges that this purchase is (i) for personal use and enjoyment and not for commercial or investment purposes and (ii) not being made based upon any representation that the time-share has any future market value or resale potential."2012, c. 751, § 55-376.5; 2019, c. 712.
VA Code § 55.1-2229 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2229. Liens

A. In the case of time-share estate transfers, unless the purchaser expressly agrees to take subject to or assume a lien prior to transferring a time-share estate other than by deed in lieu of foreclosure, the developer shall either (i) record or furnish to the purchaser as part of settlement releases of all liens affecting that time-share estate, or (ii) provide a surety bond or title insurance against the lien, as provided for liens on real estate in the Commonwealth.B. Unless a time-share owner or his predecessor in title agrees otherwise with the lienor, if a lien other than an underlying mortgage or deed of trust becomes effective against more than one time-share in a time-share project, any time-share owner is entitled to a release of a time-share from the lien upon payment of the amount of the lien attributable to the time-share. The amount of the payment shall be proportionate to the ratio that the time-share owner's liability bears to the liabilities of all time-share owners whose interests are subject to the lien. Upon receipt of payment, the lien-holder shall promptly deliver to the time-share owner a release of the lien covering that time-share. After payment, the managing entity may not assess or have a lien against that time-share for any portion of the expenses incurred in connection with that lien.1981, c. 462, § 55-381; 1991, c. 704; 2019, c. 712.
VA Code § 55.1-2230 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2230. Effect of violations on rights of action; attorney fees; prior determination of Common Interest Community Board required for certain violations

A. If a developer or any other person subject to this chapter violates any provision of this chapter or any provision of the time-share instrument, any person or class of persons adversely affected by the violation has a claim for appropriate relief. The court may also award reasonable attorney fees to the prevailing party.B. Prior to the commencement of any action alleging a failure to comply with the provisions of § 55.1-2220 or 55.1-2234, however, an aggrieved owner shall first seek a determination from the Board as to whether compliance with § 55.1-2220 or 55.1-2234 has occurred. The Board shall make such determination within 120 days of the request for a determination.1981, c. 462, § 55-382; 1985, c. 517; 1998, c. 460; 2008, c. 376; 2019, c. 712.
VA Code § 55.1-2231 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2231. Statute of limitations; actions; limitation on rescission rights

A. Except as otherwise provided in § 55.1-2237, a judicial proceeding where the sufficiency of the time-share instrument, the accuracy of the public offering statement, or validity of any contract of purchase is in issue and a rescission of the contract or damages is sought shall be commenced within two years after the date of the contract of purchase, notwithstanding that the purchaser's terms of payments may extend beyond this period of limitation; however, with respect to the enforcement of provisions in the contract of purchase that require the continued furnishing of services and the reciprocal payments to be made by the purchaser, the period of bringing a judicial proceeding shall continue for a period of two years for each breach.Rescission of the contract shall not be granted by the court unless (i) the inaccuracy of the public offering statement or the insufficiency of the time-share instrument directly and adversely affected the purchaser's right to participate in the time-share program or to own his time-share or (ii) at the time of the contract, the developer has sold more time-shares than there are time-share units that have been completed or bonded to accommodate such sales. Further, if damages are awarded, the amount of the damages shall be limited to actual damages sustained.B. If a developer has substantially complied in good faith with the provisions of this chapter, a nonmaterial error or omission shall not be actionable. A nonmaterial error or omission shall not be sufficient to permit a purchaser to cancel a contract after the cancellation period provided by § 55.1-2221 has expired.1981, c. 462, § 55-383; 2006, c. 653; 2008, c. 376; 2019, c. 712.
VA Code § 55.1-2232 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2232. Class actions

A. No time-share owner can bring an action on behalf of other time-share owners unless he has received the written authorization to represent all other time-share owners within the project.B. Notwithstanding the provisions of subsection A, the association may bring an action on behalf of the time-share owners with the authorization of the time-share owners within the project upon the two-thirds majority vote of the board of directors, if such action is found to be in the best interest of the association.C. For purposes of this section, the developer shall not be deemed a time-share owner and his written permission shall not be required.1981, c. 462, § 55-384; 1989, c. 637; 2019, c. 712.
VA Code § 55.1-2233 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2233. Financial records

The person or entity responsible for either making or collecting common expense assessments or maintenance assessments shall keep detailed financial records. All financial and other records shall be made reasonably available at such person's or entity's office for examination by any time-share owner and his authorized agents.1981, c. 462, § 55-385; 2019, c. 712.
VA Code § 55.1-2234 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2234. Developer's obligation to complete

A. The developer shall complete all promised and incomplete units and common elements being offered and described in the time-share instrument and the public offering statement. The developer shall be excused for any period of delay in the completion of such promised units and common elements when delayed, hindered, or prevented from doing so by causes beyond the developer's control, which shall include (i) labor disputes not caused by the developer; (ii) riots; (iii) civil commotion or insurrection; (iv) war or warlike operations; (v) governmental restrictions, regulations, or control; (vi) inability to obtain any materials or services; (vii) fire or other casualties; (viii) acts of God; or (ix) forces not under the control or supervision of the developer.B. The developer shall file with the Board a payment and performance bond in the sum equal to 100 percent of the estimated cost of completing all promised and incomplete units and common elements comprising the time-share project described in the time-share instrument and the public offering statement. Such bond shall be conditioned upon the completion of such units and common elements in conformity with the plans and specifications for such improvements. The bond shall be with a surety company authorized to do business in the Commonwealth. The Board may accept cash or an irrevocable letter of credit in lieu of the bond required by this section. The Board shall be the sole determiner of the form, amount, content, obligee, and conditions of the letter of credit. Should it become necessary for the Board to call upon the letter of credit in order to assure completion of the improvements, the Board shall have the authority to petition a court of competent jurisdiction to appoint a receiver to administer such completion.1981, c. 462, § 55-386; 1983, c. 59; 1985, c. 517; 1994, c. 580; 1998, c. 460; 2019, c. 712.
VA Code § 55.1-2235 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2235. Financing of time-share programs

In the developer's financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the payments made by it to any person or entity that is the holder of an underlying blanket mortgage, deed of trust, contract of sale, or other lien or encumbrance.1981, c. 462, § 55-387; 1985, c. 517; 2019, c. 712.
VA Code § 55.1-2236 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2236. Purchaser's rights under developer's foreclosure

The developer whose project is subject to an underlying blanket lien or encumbrance shall protect a nondefaulting purchaser from foreclosure or cancellation by the lien holder by securing from such lien holder or recording of a nondisturbance clause, subordination agreement, or partial release of the lien as to that time-share sold to such purchaser.1981, c. 462, § 55-388; 1985, c. 517; 2019, c. 712.
VA Code § 55.1-2237 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2237. Protection of lien holder

Any lien holder of a time-share interest in any time-share program shall have the following rights:1. The lien holder shall have its lien rights preserved as against any purchaser of a time-share who claims that the time-share instrument is invalid, void, or voidable, 30 days after written notice by certified mail or personal delivery has been given by the developer or lien holder to the purchaser. The notice shall state that the developer has assigned the receivables to the lien holder and that the purchaser has 30 days within which to object and specify the invalidity or defect contained within such time-share instrument. The notice required by this section may be included in the blanket encumbrance, in the contract, or in any note, deed of trust, or mortgage executed by the purchaser in connection with the purchaser's deferred purchase of a time-share.2. Any purchaser who fails to indicate that the time-share instrument is invalid, void, or voidable as provided in subdivision 1 waives, or is estopped to raise, the same in any subsequent enforcement of the collection of the receivable by the lien holder.1981, c. 462, § 55-389; 1985, c. 517; 1998, c. 460; 2019, c. 712.
VA Code § 55.1-2238 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2238. Registration of time-share program required

A. A developer may not offer or dispose of any interest in a time-share program unless the time-share program has been properly registered with the Board. A developer may accept a nonbinding reservation together with a deposit if the deposit is placed in an escrow account with an institution having trust powers within the Commonwealth and is refundable at any time at the purchaser's option. In all cases, the reservation shall require a subsequent affirmative act by the purchaser via a separate instrument to create a binding obligation. A developer may not dispose of or transfer a time-share while an order revoking or suspending the registration of the time-share program is in effect.B. The developer shall maintain records of names and addresses of current independent contractors employed by it for time-share sales purposes.1981, c. 462, § 55-390; 1983, c. 59; 1985, c. 517; 1994, c. 580; 2019, c. 712; 2020, c. 1011.
VA Code § 55.1-2240 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2240. Filing fee

The Board may by regulation establish reasonable fees for registration. All fees shall be remitted by the Board to the State Treasurer and shall be placed to the credit of the Common Interest Community Management Information Fund established pursuant to § 54.1-2354.2.Code 1950, § 55-392; 1981, c. 462; 1985, c. 517, § 55-392.1; 2008, cc. 851, 871; 2019, c. 712.
VA Code § 55.1-2241 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2241. Receipt of application; effectiveness of registration

A. Upon receipt of the application for registration in proper form, the Board, within five business days, shall issue a notice of filing to the applicant. Within 20 days after receipt of the application, the Board shall review the application to determine whether the application and supporting documents satisfy the requirements of this chapter and the Board's regulations. Within 60 days from the date of the notice of filing, the Board shall enter an order registering or rejecting the application. If no order of rejection is entered within 60 days from the date of the notice of filing, the time-share program shall be deemed registered unless the applicant has consented in writing to a delay.B. If the Board determines after review of the application and documents provided by the applicant that the requirements of § 55.1-2239 have been met, it shall issue an order registering the time-share program and shall designate the form of the public offering statement.C. If the Board determines that any of the requirements of § 55.1-2239 have not been met, the Board shall notify the applicant that the application for registration shall be corrected in the particulars specified within 20 days. If the requirements are not met within the time allowed, the Board shall enter an order rejecting the registration, which shall include the findings of fact upon which the order is based. The order rejecting the registration shall become effective 20 days after issuance. During this 20-day period, the applicant may petition for reconsideration and shall be entitled to a hearing or to correct the particulars specified in the Board's notice. Such order of rejection shall not take effect, in any event, until such time as the hearing, if requested, is given to the applicant.Code 1950, § 55-393; 1981, c. 462; 1985, c. 517, § 55-393.1; 2019, c. 712; 2020, c. 1011.
VA Code § 55.1-2242 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 22 - Virginia Real Estate Time-Share Act|§ 55.1-2242. Annual report; amendments

A. The developer shall file a report in the form prescribed by the Board's regulations by June 30 of each year the registration is effective. The developer of any time-share program initially registered with the Board between January and June shall not be required to file an annual report for the year in which it was initially registered. The report shall reflect any material changes in information contained in the original application for registration or in the immediately preceding annual report, whichever is later, and shall be accompanied by the appropriate fee established by the Board's regulations or pursuant to § 55.1-2240.B. During the developer control period in a time-share estate program, the developer shall file a copy of the unit owners' association annual report required by § 55.1-2213 along with the annual report required by this section.C. The developer shall amend or supplement its registration with the Board to report any material change in the information required by §§ 55.1-2217 and 55.1-2239. Such amendments or supplemental information shall be filed with the Board within 20 business days after the occurrence of the material change.Code 1950, § 55-394; 1981, c. 462; 1985, c. 517, § 55-394.1; 1998, c. 460; 2006, c. 653; 2012, cc. 481, 797; 2019, c. 712; 2020, c. 1011.