Nevada Revised Statutes 119A.4775 – Cancellation of contract of sale; disclosure of certain information before resale; purchaser to be provided copies of time-share instruments upon signing contract; regulations
1. If the purchaser of a previously sold time share purchases the time share through a time-share resale broker, the contract of sale must provide, in not less than 12-point boldface type, that the purchaser may cancel, by written notice, the contract of sale until midnight of the fifth calendar day after the date of execution of the contract.
Terms Used In Nevada Revised Statutes 119A.4775
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. Regardless of whether a time-share resale broker charges or collects an advance fee, before a purchaser signs any contract to purchase a time share that is offered for resale through a time-share resale broker, the time-share resale broker, other than a developer, shall disclose in the contract to purchase the time share:
(a) The period during which the purchaser may use the time share;
(b) A legal description of the interest in the time share;
(c) The earliest date that the prospective purchaser may use the time share;
(d) The name, address and telephone number of the agent managing the time-share plan and the project;
(e) The place where the documents of formation of the association and documents governing the time-share plan and the project may be obtained;
(f) The amount of the annual assessment of the association of the time share for the current fiscal year, if any;
(g) Whether all assessments against the time share are paid in full, and the consequences of failure to pay any assessment;
(h) Whether participation in any program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans is mandatory;
(i) Any other information required to be disclosed pursuant to the regulations adopted by the Administrator pursuant to subsection 4; and
(j) The right to cancel the contract in subsection 1.
3. The purchaser must be provided, in either paper or electronic form, at the time the contract to purchase the previously sold time share is signed, copies of the time-share instruments governing the time-share plan.
4. The Administrator shall adopt regulations prescribing the form and contents of the disclosures described in this section.