What is the time frame for refunding payments made by a time-share buyer prior to cancellation?

In Virginia, the law stipulates that when a time-share buyer cancels their purchase, the seller is required to refund all payments made by the buyer within a specific time frame. The correct answer reflects that this refund must occur within 45 days after the seller receives the notice of cancellation from the buyer.

This provision ensures that buyers have a defined and reasonable period to receive their funds back, promoting consumer protection in real estate transactions involving time-shares. The specified time frame allows both the buyer and the seller to manage their expectations and maintain transparency during the cancellation process. Understanding this timeline is crucial for anyone involved in time-share transactions, as it establishes rights and responsibilities tied to the buyer's ability to rescind their purchase.