Need help reviewing a real estate contract? Chat with an attorney and protect your rights.

Terms Used In 21 Guam Code Ann. § 47305

  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
(a) The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the following:

(1) Securities and Exchange Act of 1933;

COL120106
21 Guam Code Ann. REAL PROPERTY
CH. 47 TIME-SHARE OWNERSHIP

(2) Federal Interstate Land Sales Full Disclosure Act in which the time-share program is made a part of the subdivision that is being registered; or

(3) any other Federal or local act which requires a Federal or local public offering statement or similar disclosure document to be prepared and provided to purchasers.

(b) A public offering statement need not be prepared or delivered in the case of:
(1) any transfer of a time-share interval by any time-share interval owner other than the developer or his agent;
(2) any disposition pursuant to court order;

(3) a disposition by a government or governmental agency; (4) a disposition by foreclosure or deed in lieu of foreclosure;
(5) a disposition of a time-share interval in a time-share project situated wholly outside this Territory provided that all solicitations, negotiations and contracts took place wholly outside this Territory and the contract was executed wholly outside this Territory;

(6) a gratuitous transfer of a time-share interval; or

(7) group reservations made for fifteen (15) or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations, where deposits are made and held for more than three (3) years in advance.