Virginia Real Estate Time-Share Act; developer control period. (HB1209)
Introduced By
Del. John Cosgrove (R-Chesapeake)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia Real Estate Time-Share Act; developer control period. Provides that, except to the extent the time-share instruments expressly provide otherwise, the developer control period shall terminate when the developer (i) transfers to purchasers legal or equitable ownership of at least 90 percent of the time-share estates, excluding any reacquisition by the developer; (ii) is no longer the beneficiary on deeds of trust secured of at least 10 percent of the time-share estates; or (iii) has completed all of the promised common elements and facilities comprising the time-share estate project, whichever occurs later. Amends § 55-369 (“Developer control in time-share estate program.”), of the Code of Virginia. View Full Text »
Post a Public Comment About this Bill