Code of Virginia - Title 55 Property And Conveyances - Chapter 21 The Virginia Real Estate Time-Share Act

55-360 Title
This chapter shall be known and may be cited as the "Virginia Real Estate Time-Share Act." (1981, c. 462.) ...
55-361 Description unavailable
Repealed by Acts 1985, c. 517. ...
55-361.1 Applicability
A. This chapter shall have exclusive jurisdiction and shall apply to any product offering or disposition made within this Commonwealth after July 1, 1985, in ...
55-362 Definitions
When used in this chapter, or in a time-share instrument, unless the context requires a different meaning: "Additional land" has the meaning ascribed to it ...
55-362.1 Administrative agency
This chapter shall be administered by the Common Interest Community Board, which is herein called the "Board." (1985, c. 517; 2008, cc. 851, 871.) ...
55-363 Status of time-share estates with respect to real property interests
A. A document transferring or encumbering a time-share estate shall not be rejected for recordation within this Commonwealth because of the nature or duration of ...
55-364 Applicability of local ordinances, regulations, and building codes
A zoning, subdivision, or other ordinance or regulation may not impose any requirement upon a time-share project which it would not otherwise impose upon a ...
55-364.1 Use of terms
A developer in its offering or disposition of a time-share may use interchangeably any term recognized in the industry, including without limitation: "time-share," "time-share interest," ...
55-365 Description unavailable
Repealed by Acts 1985, c. 517. ...
55-365.1 Severability of provisions of time-share instruments
All provisions of the time-share instruments shall be deemed severable, and any unlawful provision thereof shall be void. (Code 1950, § 55-365; 1981, c. 462; ...
55-366 Time-sharing permitted
A time-share project shall be permitted on any land or improvement thereon lying within the Commonwealth unless prohibited by zoning then in effect or by ...
55-367 Instruments
A. In order to create a time-share program for a time-share estate project, the developer shall execute a time-share instrument prepared and executed in accordance ...
55-368 Time-share instrument for time-share estate project
In addition to the requirements of § 55-367, the time-share instrument for a time-share estate project shall outline or prescribe reasonable arrangements for the management ...
55-369 Developer control in time-share estate program
A. The time-share instrument for a time-share estate program shall provide for a period of time, to be called the "developer control period," during which ...
55-370 Time-share estate owners' association control liens
A. The board of directors of the association shall have the authority to adopt regular annual assessments and to levy periodic special assessments against each ...
55-370.01 Time-share owners' association books and records; meetings; use of e-mail
A. Subject to the provisions of subsection B, all books and records, or copies thereof, kept by or on behalf of the association shall be ...
55-370.1 Time-share estate owners' association annual report
A. Commencing with the time-share estate program and within 120 days after the close of each fiscal year thereafter, an annual report shall be prepared ...
55-371 Time-share instrument for project
In addition to the requirements of § 55-367, the time-share instrument for a time-share use program shall prescribe and outline reasonable arrangements for the management ...
55-372 Partition
No action for partition of a unit may be maintained except as permitted by the time-share instrument, or by subsection C of § 55-373. (1981, ...
55-373 Termination of certain time-shares
A. This section applies to all time-share estate programs and, when provided by the time-share instrument, to time-share use programs. B. A time-share project may ...
55-374 Public offering statement
A. The developer shall prepare and distribute to each prospective purchaser prior to the execution of a contract for the purchase of a time-share, a ...
55-374.1 Certain advertising practices regulated
A. Any offering which includes a gift or prize must disclose therein, with the same prominence as such offer: 1. The retail value of each ...
55-374.2 Exchange programs
A. Any exchange company which offers an exchange program in the Commonwealth shall prepare and register with the Board a disclosure document including, but not ...
55-375 Escrow of deposits
A. Any deposit made in connection with the purchase or reservation of a product shall be held in escrow. All cash deposits shall be held ...
55-376 Purchaser's rights of cancellation
A. A purchaser shall have the right to cancel the contract until midnight of the seventh calendar day following the execution of such contract. If ...
55-376.1 Possibility of reverter
A. A possibility of reverter contained in a reverter deed for a time-share estate subject to reverter is valid, enforceable in law and in equity, ...
55-376.2 Recording and delivery of deed.
At such time as the time-share estate purchaser has fulfilled all of his obligations under the contract and is entitled to a deed for his ...
55-376.3 Liability limited; liability actions prohibited
A. Except as provided in subsection B, a project professional is not liable for injury to or death of a participant resulting from the inherent ...
55-376.4 Warning required
A. The developer, association, or other project professional shall post and maintain signs that contain the warning notice specified in subsection B. One sign shall ...
55-377 , 55-378
Repealed by Acts 1985, c. 517. ...
55-379 Description unavailable
Repealed by Acts 1994, c. 580. ...
55-380 Resale of time-shares
A. In the event of any resale of a time-share by a time-share owner, other than the developer, such owner shall obtain from the developer ...
55-381 Liens
A. In the case of time-share estate transfers, unless the purchaser expressly agrees to take subject to or assume a lien prior to transferring a ...
55-382 Effect of violations on rights of action; attorney's fees; prior determination of Real Estate Boar...
A. If a developer or any other person subject to this chapter violates any provision hereof or any provision of the time-share instrument, any person ...
55-383 Statute of limitations; actions; limitation on rescission rights
A. Except as otherwise provided in § 55-389, a judicial proceeding where the sufficiency of the time-share instrument, the accuracy of the public offering statement, ...
55-384 Class actions
A. No time-share owner can bring an action on behalf of other time-share owners unless he has received the written authorization to represent all other ...
55-385 Financial records
The person or entity responsible for either making or collecting common expense assessments or maintenance assessments shall keep detailed financial records. All financial and other ...
55-386 Developer's obligation to complete
A. The developer shall complete all promised and incomplete units and common elements being offered and described in the time-share instrument and the public offering ...
55-387 Financing of time-share programs
In the developer's financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the ...
55-388 Purchaser's rights under developer's foreclosure
The developer whose project is subject to an underlying blanket lien or encumbrance shall protect a nondefaulting purchaser from foreclosure or cancellation by the lien ...
55-389 Protection of lien holder
Any lien holder of a time-share interest in any time-share program shall have the following rights: 1. The lien holder shall have its lien rights ...
55-390 Registration of time-share program required
A. A developer may not offer or dispose of any interest in a time-share program unless the time-share project and its program have been properly ...
55-391 Description unavailable
Repealed by Acts 1985, c. 517. ...
55-391.1 Application for registration
A. The application for registration shall be filed in a form prescribed by the Board's regulations and shall include the following: 1. An irrevocable appointment ...
55-392 Description unavailable
Repealed by Acts 1985, c. 517. ...
55-392.1 Filing fee
The Board may by regulation establish reasonable fees for registration. Until such regulations are adopted by the Board, the fee shall be in an amount ...
55-393 Description unavailable
Repealed by Acts 1985, c. 517. ...
55-393.1 Receipt of application; effectiveness of registration
A. Upon receipt of the application for registration in proper form, the Board, within five business days, shall issue a notice of filing to the ...
55-394 Description unavailable
Repealed by Acts 1985, c. 517. ...
55-394.1 Annual report; amendments; termination of registration
A. The developer shall file a report in the form prescribed by the Board's regulations by June 30 of each year the registration is effective. ...
55-395 Description unavailable
Repealed by Acts 1985, c. 517. ...
55-396 General powers and duties of Board
A. The Board may adopt, amend, and repeal rules and regulations and issue orders consistent with and in furtherance of the objectives of this chapter. ...
55-397 Cancellation of cease and desist order; reinstatement of registration of developer
A. The Board shall stipulate to the developer the reason for any cease and desist order, or revocation of registration as outlined in § 55-396, ...
55-398 Board regulation of public offering statement
The Board may at any time require a developer to alter or supplement the form or substance of a public offering statement to assure adequate ...
55-399 Investigations
A. The Board may: 1. Make necessary public or private investigations within or outside this Commonwealth to determine whether any person has violated or is ...
55-399.1 Proceedings before the Board
A. Any proceeding or hearing of the Board under this chapter wherein witnesses are subpoenaed and their attendance required for the taking of evidence or ...
55-400 Penalties
A. Any person who willfully violates any of the provisions of §§ 55-374, 55-374.1, 55-374.2, 55-375, 55-376, 55-381, 55-385, or 55-390, or any order issued ...

Last modified: April 3, 2009