(a)        A consumer timeshare reseller, or any agent of a reseller, must use a resale purchase contract which must contain all of the following:

(1)        An identification of the timeshare.

(2)        The name and address of the timeshare program and of the managing entity of the timeshare program.

(3)        Immediately prior to the disclosure required by subdivision (5) of this subsection, a statement in conspicuous type in substantially the following form:

“The current year’s assessment allocable to the timeshare you are purchasing is [insert amount]. This assessment, which may be increased from time to time by the managing entity of the timeshare program, is payable in full each year on or before [insert date]. This assessment [includes/does not include] yearly real estate taxes, which [are/are not] billed and collected separately. Each owner is personally liable for the payment of assessments, and failure to timely pay these assessments may result in restriction or loss of your use or ownership rights. There are many important documents relating to the timeshare program which you should review prior to purchasing a timeshare, including the timeshare declaration, the timeshare owners’ association articles and bylaws, the current year’s operating and reserve budgets, and any rules and regulations affecting the use of timeshare units and amenities.”

(4)        If there are any delinquent assessments or real estate taxes outstanding with respect to the timeshare, the following statement must be included in the statement described in subdivision (3) of this subsection:

“A delinquency in the amount of [insert amount] for unpaid assessments or real estate taxes currently exists with respect to the timeshare you are purchasing, together with a per diem charge of [insert amount] for interest and late charges.”

(5)        A statement in conspicuous type located immediately prior to the space in the contract reserved for the signature of the purchaser in the following form:

“You may cancel this contract without any penalty or obligation within five days after the date you sign this contract. If you decide to cancel this contract, you must notify the seller in writing of your intent to cancel. Your notice of cancellation shall be effective upon the date sent and shall be sent to the seller at [insert address]. Any attempt to obtain a waiver of your cancellation right is void and of no effect. While you may execute all closing documents in advance, the closing before expiration of your five-day cancellation period is prohibited.”

(6)        The year in which the purchaser will first be entitled to reserve, use, or occupy a timeshare unit.

(b)        If a resale purchase contract is not used or does not comply with the provisions of this section, the transaction shall be voidable at the option of the purchaser for a period of one year after the date of transfer.

(c)        It is unlawful for any resale broker to collect any advance fee for the listing of any timeshare. ?(2021-163, s. 1(c); 2021-192, s. 5(a).)

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Terms Used In North Carolina General Statutes 93A-65

  • Assessment: The share of funds required for the payment of common expenses which is assessed from time to time against each owner by the managing entity. See North Carolina General Statutes 93A-41
  • Conspicuous type: A print type that is separated on all sides from other type and print and that is either (i) print type in upper- and lowercase letters two point sizes larger than the largest non-conspicuous type, exclusive of headings, on the page on which it appears, but not less than 10-point type, or (ii) where the use of 10-point type would be impractical or impossible, a different style of type or print that is conspicuous under the circumstances. See North Carolina General Statutes 93A-41
  • Consumer timeshare reseller: An owner who acquires a timeshare for their own use and occupancy and later offers the timeshare or the occupancy rights associated with the timeshare for resale or rental, or who contracts with a transfer service provider. See North Carolina General Statutes 93A-41
  • Contract: A legal written agreement that becomes binding when signed.
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
  • Managing entity: Any developer, timeshare owners' association, or third-party management firm that has the duties, responsibilities, and obligations of managing a timeshare project or timeshare program. See North Carolina General Statutes 93A-41
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Owner: Any person, other than a developer, who has acquired a timeshare. See North Carolina General Statutes 93A-41
  • Purchaser: Any person, other than a developer, who is advertised or solicited to acquire a timeshare, offered a timeshare, or enters into a timeshare instrument to acquire a timeshare. See North Carolina General Statutes 93A-41
  • Resale broker: Any person who is issued a broker's license by the North Carolina Real Estate Commission under the provisions of Article 1 of this Chapter and who offers or provides resale brokerage services to consumer timeshare resellers for compensation or other valuable consideration, regardless of whether the offer is made in person, by mail, by telephone, through the internet, or by any other medium of communication. See North Carolina General Statutes 93A-41
  • Timeshare: A timeshare estate or timeshare use. See North Carolina General Statutes 93A-41
  • Timeshare declaration: One or more documents, by whatever name denominated, establishing, creating, or governing the operation of a timeshare program. See North Carolina General Statutes 93A-41
  • Timeshare program: Any arrangement, plan, program, scheme, or similar device, other than an exchange program, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, or right-to-use agreement, or by any other means whereby an owner receives the right to use timeshare units for a period of time less than a full year during any given year, but not necessarily for consecutive years. See North Carolina General Statutes 93A-41
  • Timeshare unit: The real property or real property improvement in a project which is divided into timeshares and designated for separate occupancy and use. See North Carolina General Statutes 93A-41