What is the maximum time a developer has to refund a buyer's money after the buyer exercises the right to rescission?

When a buyer exercises the right to rescission, particularly under Virginia law, the developer is required to process the refund in a timely manner. This timeframe is established to protect the buyer's interests and ensure that they are not left waiting unnecessarily for their funds, which is crucial in ensuring consumer confidence in real estate transactions.

In Virginia, the law stipulates that the maximum time allowed for a developer to refund the buyer's money after the right to rescission is exercised is 45 days. This period allows the developer sufficient time to handle the administrative aspects of the refund while providing a clear and reasonable expectation for the buyer. Understanding this timeframe is essential for both buyers and real estate professionals to ensure compliance with state regulations and uphold the rights of consumers in real estate transactions.