119A.4777 Requirements for agreement for resale of time share; reseller to provide copy of agreement to owner.
1. An agreement for a time-share resale entered into by an owner and a person who resells a time share must:
(a) Be in writing; and
(b) Contain a disclosure that sets forth:
(1) Whether any person other than the purchaser may use the time share during the period before the time share is resold;
(2) Whether any person other than the purchaser may rent the use of the time share during the period before the time share is resold;
(3) The name of any person who will receive any rents or profits generated from the use of the time share during the period before the time share is resold; and
(4) A detailed description of any relationship between the person who resells the time share and any other person who receives any benefit from the use of the time share.
2. A person who resells a time share shall provide a fully executed copy of the written agreement described in subsection 1 to the owner on the date that the owner signs the agreement.
3. A person who resells a time share shall make the disclosures required pursuant to paragraph (b) of subsection 1 before accepting anything of value from the owner.
(Added to NRS by 1999, 2686)
NRS 119A.4779 Advance fee charged or collected by time-share resale broker. In addition to the provisions of NRS 645.322, 645.323 and 645.324, a time-share resale broker who charges or collects an advance fee shall place 80 percent of that fee into his or her trust account. If the time-share resale broker closes escrow on the time-share resale, the time-share resale broker shall be deemed to have earned the advance fee. If the listing of the time share expires before the time-share resale broker closes escrow on the time-share resale, the time-share resale broker must return the money held in the trust account to the owner of the time share within 10 days after the date of the expiration of the listing.
119A.4777 Requirements for agreement for resale of time share; reseller to provide copy of agreement to owner.
1. An agreement for a time-share resale entered into by an owner and a person who resells a time share must:
(a) Be in writing; and
(b) Contain a disclosure that sets forth:
(1) Whether any person other than the purchaser may use the time share during the period before the time share is resold;
(2) Whether any person other than the purchaser may rent the use of the time share during the period before the time share is resold;
(3) The name of any person who will receive any rents or profits generated from the use of the time share during the period before the time share is resold; and
(4) A detailed description of any relationship between the person who resells the time share and any other person who receives any benefit from the use of the time share.
2. A person who resells a time share shall provide a fully executed copy of the written agreement described in subsection 1 to the owner on the date that the owner signs the agreement.
3. A person who resells a time share shall make the disclosures required pursuant to paragraph (b) of subsection 1 before accepting anything of value from the owner.
(Added to NRS by 1999, 2686)
NRS 119A.4779 Advance fee charged or collected by time-share resale broker. In addition to the provisions of NRS 645.322, 645.323 and 645.324, a time-share resale broker who charges or collects an advance fee shall place 80 percent of that fee into his or her trust account. If the time-share resale broker closes escrow on the time-share resale, the time-share resale broker shall be deemed to have earned the advance fee. If the listing of the time share expires before the time-share resale broker closes escrow on the time-share resale, the time-share resale broker must return the money held in the trust account to the owner of the time share within 10 days after the date of the expiration of the listing.
119A.4777 Requirements for agreement for resale of time share; reseller to provide copy of agreement to owner.
1. An agreement for a time-share resale entered into by an owner and a person who resells a time share must:
(a) Be in writing; and
(b) Contain a disclosure that sets forth:
(1) Whether any person other than the purchaser may use the time share during the period before the time share is resold;
(2) Whether any person other than the purchaser may rent the use of the time share during the period before the time share is resold;
(3) The name of any person who will receive any rents or profits generated from the use of the time share during the period before the time share is resold; and
(4) A detailed description of any relationship between the person who resells the time share and any other person who receives any benefit from the use of the time share.
2. A person who resells a time share shall provide a fully executed copy of the written agreement described in subsection 1 to the owner on the date that the owner signs the agreement.
3. A person who resells a time share shall make the disclosures required pursuant to paragraph (b) of subsection 1 before accepting anything of value from the owner.
(Added to NRS by 1999, 2686)
NRS 119A.4779 Advance fee charged or collected by time-share resale broker. In addition to the provisions of NRS 645.322, 645.323 and 645.324, a time-share resale broker who charges or collects an advance fee shall place 80 percent of that fee into his or her trust account. If the time-share resale broker closes escrow on the time-share resale, the time-share resale broker shall be deemed to have earned the advance fee. If the listing of the time share expires before the time-share resale broker closes escrow on the time-share resale, the time-share resale broker must return the money held in the trust account to the owner of the time share within 10 days after the date of the expiration of the listing.
