Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-160 - Contents of public offering statement

Current through Register Vol. 40, No. 24, July 15, 2024
A. A cover, if
				  used, must be blank or bear identification information only.
B. The developer may include as part of the
				  public offering statement a receipt page printed in such a way that the
				  developer may obtain verification that a prospective purchaser has received the
				  public offering statement. The receipt page shall include the effective date of
				  the public offering statement as well as a place for the date of delivery and
				  signature lines for the prospective purchaser. The authorized receipt page in
				  proper form, duly executed, shall be evidence that the public offering
				  statement was delivered.
C. The
				  first page of the public offering statement shall be substantially as follows:
PURCHASER SHOULD READ THIS DOCUMENT FOR THE PURCHASER'S
					 PROTECTION
PUBLIC OFFERING STATEMENT
NAME OF TIME-SHARE PROGRAM:
_______________
LOCATION OF TIME-SHARE PROJECT:
_______________
NAME OF DEVELOPER:
_______________
ADDRESS OF DEVELOPER:
_______________
EFFECTIVE DATE OF PUBLIC OFFERING STATEMENT:
_______________
REVISED:
_______________
THE PURCHASER OF A TIME-SHARE MAY CANCEL THE CONTRACT UNTIL
					 MIDNIGHT OF THE SEVENTH CALENDAR DAY FOLLOWING THE EXECUTION OF SUCH CONTRACT.
					 THE PURCHASER SHOULD READ THIS DOCUMENT FOR THE PURCHASER'S OWN
					 PROTECTION.
Purchasing a time-share carries with it certain rights,
					 responsibilities, and benefits, including certain financial obligations,
					 rights, and restrictions concerning the use and maintenance of units and common
					 elements. The purchaser will be bound by the provisions of the time-share
					 instruments and should review the Public Offering Statement, the time-share
					 instruments, and other exhibits carefully prior to purchase.
This Public Offering Statement presents information
					 regarding time-share(s) being offered for sale by the developer. The Virginia
					 Real Estate Time-Share Act (§
											55.1-2200 et seq. of the Code of
					 Virginia) requires that a Public Offering Statement be given to every Purchaser
					 in order to provide full and accurate disclosure of the characteristics of and
					 material circumstances affecting the time-share program and the characteristics
					 of the time-share(s) being offered. The Public Offering Statement is not
					 intended, however, to be all-inclusive. The Purchaser should consult other
					 sources for details not covered by the Public Offering Statement.
The Public Offering Statement summarizes information and
					 documents furnished by the developer to the Virginia Common Interest Community
					 Board. The Board has carefully reviewed the Public Offering Statement but does
					 not guarantee the accuracy or completeness of the Public Offering Statement. In
					 the event of any inconsistency between the Public Offering Statement and the
					 material it is intended to summarize, the material shall control.
If the Purchaser elects to cancel the contract within the
					 seven-day cancellation period, all payments made in connection with the
					 purchase contract shall be refunded to the Purchaser within 45 days. If the
					 Purchaser elects to cancel the contract, the Purchaser shall do so either by
					 (i) hand-delivering the notice to the developer at its principal office or at
					 the project or (ii) mailing the notice by certified United States mail, return
					 receipt requested, to the developer or its agent designated in the
					 contract.
Allegations of violation of any law or regulation contained
					 in the Virginia Real Estate Time-Share Act or the Time-Share Regulations
					 (18VAC48-45) should be reported to the Common Interest Community Board,
					 Perimeter Center, Suite 400, 9960 Mayland Drive, Richmond, Virginia
					 23233.
D. A summary of
				  important considerations shall immediately follow the first page for the
				  purpose of reinforcing the disclosure of significant information. The summary
				  shall be titled as such and shall be introduced by the following statement:
				  "The following are important matters to be considered in acquiring a
				  time-share. They are highlights only. The Public Offering Statement should be
				  examined in its entirety to obtain detailed information." Appropriate
				  modifications shall be made to reflect facts and circumstances that may vary.
				  The summary shall consist of, but not be limited to, the following, as
				  applicable:
1. A brief description of the
				  time-share program and any time-share project included in the time-share
				  program.
2. A statement regarding
				  all incidental benefits or alternative purchases that may be offered by the
				  developer.
3. A brief description
				  of all amenities located within or outside of any time-share project included
				  in the time-share program and available to time-share owners by virtue of
				  ownership in the time-share program. If such amenities are not common elements
				  of the time-share project, identify who owns the amenities and whether
				  time-share owners are required to pay to access and use.
4. A statement describing any exchange
				  program that may be offered to the purchaser.
5. A statement describing (i) the purchaser's
				  responsibility to make principal and interest payment in connection with the
				  purchase of the time-share as well as to pay maintenance fees or assessments,
				  special assessments, user fees, insurance premiums, and real estate taxes and
				  (ii) that a time-share owner cannot reduce the amount of any owner obligation
				  for any reason.
6. A statement
				  regarding the consequences for failure to pay maintenance fees or any special
				  assessment when due. The statement may reference the enforcement mechanisms
				  available to the developer, and if applicable the association, by describing
				  (i) any declaration of an owner being an "Owner Not in Good Standing"; (ii) any
				  civil action taken for the collection of a debt; (iii) means for pursuing
				  foreclosure or obtaining a lien against the time-share unit; and (iv) denial of
				  access to the time-share project and participation in the time-share
				  program.
7. A statement indicating
				  whether the developer or managing agent has indictments, convictions,
				  judgments, decrees, or order of any court or administrative agency for matters
				  related to fraud or consumer protection violations that may be required to be
				  disclosed by subdivisions A 1 c and A 1 d of §
											55.1-2217 of the Code of
				  Virginia.
8. A statement indicating
				  the period of time the developer will retain control of the
				  association.
9. A statement
				  disclosing any management agreement with a managing agent to perform certain
				  duties for any time-share project included in the time-share program.
10. A statement indicating whether the
				  developer may expand the time-share program.
11. A statement indicating whether the right
				  of the time-share owner to resell or transfer the time-share is subject to
				  restrictions.
12. A statement
				  indicating the time-share units are restricted to lodging only.
13. A statement indicating that the
				  time-share owner may not alter the interior or exterior of the time-share
				  unit.
14. A statement regarding the
				  obligation of the developer or association to obtain certain insurance
				  benefiting the time-share owner.
15. A statement regarding a time-share estate
				  and time-share owner's obligation to pay real estate taxes.