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Virginia Timeshare Laws
Please be advised that you should not act upon any of this information without seeking proper legal counsel from an attorney experienced in timeshare law. Roberts Law Group makes no representation or warranty regarding the accuracy, reliability, completeness, or timeliness of any information provided. This information is provided for information only. All information posted here should not be used as a substitute for the advice of an appropriately qualified and licensed lawyer.
The statutory basis for regulation of timeshare projects and timeshare programs in Virginia is the Virginia Real Estate Timeshare Act. The Virginia Real Estate Board regulates timeshares under the Act.
Timeshare Cancellation in Virginia
§ 55-376: Timeshare law in Virginia states that a purchaser may reserve the right to cancel a timeshare contract until midnight of the seventh calendar day following execution of the timeshare contract. If the seventh day is either a holiday or a Sunday, then the rescission period will be extended to the next legal day. The purchaser may hand deliver the notice to the developer at its principal office or at the project (resort), or by mailing the notice by certified United States mail, return receipt requested, to the developer or its agent designated in the contract.
Virginia Timeshare Resale Laws
Statute § 55-380.1 declares regulation for Virginia timeshare laws regarding reselling. These contracts must be executed completely and lawfully in ordinance with this code, whether a resale is conducted through a resale company or through a personal buyer. If you are attempting to sell your personal timeshare, it is best to have an attorney draft these documents for you. A timeshare attorney will ensure that the transaction goes through correctly.
Timeshare Sales and Gifts
§ 55-374.1: In Virginia, timeshare law dictates detailed guidelines for any sales presentation or offer which includes a gift, prize, or contest. If a prize is offered in exchange for attending a timeshare presentation, the gift must be provided to the attendee on the day of the presentation, whether they purchase or not. Before the potential buyer attends a presentation the value, odds to win, and conditions to claim the prize must be disclosed to said person.
Learn more about the Virginia Real Estate Timeshare Act.
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