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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 18. Professional and Occupational Licensing |
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Agency 48. Common Interest Community Board |
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Chapter 45. Time-Share Regulations |
Section 190. Narrative sections; description of time-share project
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A. The public offering statement shall contain a section captioned "Description of the Time-Share Project." The section shall provide a general description of the time-share project registered with the board and the units and common elements promised available to purchasers. This section shall also provide the developer's estimated schedule of commencement and completion of all promised and incomplete units and common elements.
B. The section shall state whether the developer has reserved the right to add and delete from the time-share program a time-share project or any incidental benefit or alternative purchase.
C. The section shall refer the purchaser to the reverter deed for an explanation if the developer utilized the possibility of a reverter.
D. The section shall indicate all provisions that have been made for public utilities in the time-share project, including but not limited to water, electricity, telephone, and sewerage facilities.
Historical Notes
Derived from Volume 32, Issue 10, eff. March 1, 2016.