If you are a resident of the state of Virginia and you are the weary owner of a timeshare property that you no longer want and would like to cancel, then our team is available to help you. We help timeshare owners find and connect with reputable timeshare exit solution providers who work towards helping timeshare property owners cancel their unwanted timeshares.
Virginia Timeshare Laws
Timeshare laws for the state of Virginia can be found within the Virginia Code starting at Title 55.1, Chapter 22. This section is known as the Virginia Real Estate Time-Share Act. This act provides many protections for timeshare purchasers and was updated and made effective starting October 1, 2019. The laws in this act that are related to timeshare creation instruments can be found at Title 55.1, Chapter 22, Sec. 55.1-2208, while the laws relating to escrow requirements can be found at Title 55.1, Chapter 22, Sec. 55.1-2220. The rules within the Virginia Real Estate Time-Share Act are designed to regulate timeshare sales and protect consumers. A violation of the rules listed can result in legal liability for developers.
In the state of Virginia, timeshare developers are required to provide timeshare purchasers with a public offering statement. A public offering statement contains a number of important disclosures relating to the timeshare being sold, and include:
- The name and address of the developer
- The name and address of any person controlling a 20% or more interest in the timeshare project
- A general description of the timeshare project
- If the developer uses the possibility of reverter, this must be described
The laws that describe all of the mandatory disclosures that need to be made to timeshare property buyers in a public offering statement can be found at Title 55.1, Chapter 22, Sec. 55.1-2217 of the Virginia Code.
In the state of Virginia, you have seven calendar days to rescind a timeshare purchase from the date of the execution of the purchase contract. If the seventh day falls on a Sunday or legal holiday, then the right to cancel will extend one more day. This Virginia timeshare law can be found in the Virginia Real Estate Time-Share Act at Title 55.1, Chapter 22, Sec. 55.1-2221. If you have any questions about Virginia timeshare law, then you should seek the advice of an experienced timeshare attorney. We can help you find that attorney. Give us a call at 833-416-8796 or fill out a form on the right side of the page.
Frequently Asked Questions from Virginia Timeshare Owners
1. Are there laws in Virginia that protect consumers like me from misrepresentation and high-pressure sales tactics that can occur during timeshare sales?
Answer: Yes, Virginia timeshare law regulates certain advertising practices under Title 55.1, Chapter 22, Sec. 55.1-2218. Generally, these provisions regulate how gifts and prizes are promoted and awarded in the connection with timeshare sales. Penalties for violations of the Virginia Real Estate Time-Share Act are described at Title 55.1, Chapter 22, Sec. 55.1-2252. If you feel you have been the victim of misrepresentation or other unfair sales practices, then there may be other areas of law that can help you. It is important to speak to an experienced timeshare attorney who can best guide you.
2. What types of financial harm can I face as a timeshare owner if I simply stopped paying my timeshare maintenance fees?
Answer: Multiple types, while it might be possible that the ownership of a timeshare can just revert to the timeshare company if you stop paying your maintenance fees if your timeshare agreement contains a reverter clause, many timeshare agreements allow timeshare companies to foreclose the timeshare in court which would likely result in a money judgement against you. Not paying fees or other money owed can damage your credit and can result in garnishment. Virginia foreclosure law can be found starting at Title 55.1, Chapter 3, Sec. 320 of the Virginia Code which describes the procedures for foreclosure sales.
3. Will my heirs be responsible for my timeshare when I die?
Answer: Yes, heirs will most likely be fully responsible for any timeshare that is inherited. Under Virginia law, however, you may able to give up ownership of a timeshare by filing for a disclaimer of interest in property. The law on disclaimers in Virginia can be found at the Uniform Disclaimer of Property Interests Act within the Virginia Code starting at Title 64.2, Chapter 26. It is best to speak to an experienced and qualified attorney to find out if you are eligible to file for a disclaimer of interest in property. We can help you find that attorney, call 833-416-8796 or fill out a form on the right side of the page.
4. Are there any laws pending in the Virginia legislature that can help timeshare owners in the future?
Answer: No, not at the current time.
Our team of professionals is standing by to help you start the process of getting rid of your Virginia timeshare. In Virginia, our team’s network of timeshare exit solution providers have helped countless timeshare owners cancel their timeshare contracts legally and permanently without harming the timeshare owner’s credit. At Timeshare Exit Companies, we lean on our past experience to help you achieve future success. We help you discover the best timeshare exit companies that can help you get rid of your timeshare once and for all.
Disclaimer: This page is for informational purposes only. Timeshare Exit Companies does not provide legal services, and none of the information provided in this article should be considered legal advice.