18 Va. Admin. Code § 48-45-190

Current through Register Vol. 41, No. 6, November 4, 2024

Section 18VAC48-45-190 - Narrative sections; description of time-share project

A. The public offering statement shall contain a section captioned "Description of the Time-Share Project." The section shall provide a general description of any time-share project included in the time-share program 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.

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 water, electricity, telephone, and sewerage facilities.

18 Va. Admin. Code § 48-45-190

Derived From Virginia Register Volume 32, Issue 10, eff. 3/1/2016; Amended, Virginia Register Volume 37, Issue 03, eff. 12/1/2020; Amended, Virginia Register Volume 40, Issue 6, eff. 1/1/2024.

Statutory Authority: §§ 54.1-2349 and 55.1-2247 of the Code of Virginia.