Real Estate Time Share Act; obligation for fees and limitation on actions. (HB1077)

Introduced By

Del. Terrie Suit (R-Virginia Beach)

Description

Virginia Real Estate Time Share Act; obligation for fees; limitation on actions; powers of Real Estate Board. Allows a developer, during the developer control period and at any time after the lapse of a purchaser's right of cancellation, and without regard to the recordation of the deed, to collect an annual or specially assessed charge from each time-share estate owner for the payment of the time-share estate occupancy expenses by way of a maintenance fee. The bill also provides that prior to the commencement of any action alleging a failure to comply with the provisions relating to escrow of deposits or the developer's obligation to complete common elements, an aggrieved owner shall first seek a determination from the Real Estate Board as to whether compliance with such provisions has occurred. The Board shall make such determination within 120 days of the request therefore. The bill contains technical amendments. Finally, the bill provides that rescission of a contract shall not be granted by a court unless the inaccuracy of the public offering statement or the insufficiency of the time-share instrument directly and adversely affected the purchaser's right to participate in the time-share program or to own his time-share. Further, if damages are awarded, the amount of the damages shall be limited to actual damages sustained notwithstanding any other law to the contrary. Read the Bill »

Outcome

History