Many consumers think that they have 3 days to cancel a contract for a major purchase (house, car, boat, etc.). This is not true in Virginia. The rule is that the buyer is bound by the contract once he/she signs it. There typically is no cooling-off period or buyer's remorse relief.
Some exceptions to this rule exist. Under Virginia law, a consumer has 3 days to cancel a health club contract. Under Federal law (the Federal Trade Commission's Cooling-Off Rule), a 3-day cooling-off period applies to sales of items for $25 or more that take place in your home or at a location that is not the seller's permanent place of business. The Cooling-Off Rule requires the seller to notify the buyer of his/her cancellation rights verbally and in writing. The Cooling-Off Rule is narrow, however, and does not apply to the purchase of homes, cars, boats, etc.
Of course, a seller may grant a cooling-off period in the contract, even if the law doesn't require it.
Buyer's should beware and enter into contracts under the assumption that they will not have a cooling-off period, unless the contract specifically allows for one.