West Virginia Code 36-9-14 – Assessment of common expenses
(a) Until a managing entity is created or provided, the developer shall pay all common expenses.
Terms Used In West Virginia Code 36-9-14
- Assessment: means the share of funds required for the payment of common expenses which is assessed from time to time against each purchaser by the managing entity. See West Virginia Code 36-9-4
- Common expenses: means those expenses properly incurred for the maintenance, operation and repair of all accommodations or facilities, or both, constituting the time- sharing plan. See West Virginia Code 36-9-4
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means any agreement conferring the rights and obligations of the time-sharing plan on the purchaser. See West Virginia Code 36-9-4
- Developer: means the person creating a time-sharing plan. See West Virginia Code 36-9-4
- Managing entity: means the person responsible for operating and maintaining the time-sharing plan. See West Virginia Code 36-9-4
- Purchaser: means any person who is buying or who has bought a time-share period in a time-sharing plan. See West Virginia Code 36-9-4
- Seller: means any developer or any other person, or agent or employee thereof, who is offering time-share periods for sale to the public in the ordinary course of business, except a person who has acquired a time-share period for his own occupancy and later offers it for resale. See West Virginia Code 36-9-4
(b) After the creation or provision of a managing entity, the managing entity shall make an annual assessment against each purchaser for the payment of common expenses, based on the projected annual budget, in the amount specified by the contract between the seller and the purchaser. The seller shall be assessed for the share of common expenses allocated to all time-share periods still owned by the seller at the time such assessment is made, unless the seller guarantees all common expenses of the time- share plan pursuant to the provisions of the contract or until the time control is turned over to the purchasers.
(c) Past-due assessments may bear interest at the legal rate or at some lesser rate established by the managing entity.
(d) Unless otherwise specified in the contract between the seller and the purchaser, any common expenses benefiting fewer than all purchasers shall be assessed only against those purchasers benefited.
(e) Any assessments for common expenses which have not been spent for common expenses during the year for which such assessments were made shall be shown as an item on the annual budget.