NRS 119A.4777 Requirements for agreement for resale of time share; time-share resale broker to provide copy of agreement to owner.

294 words·~1 min read·/nv/chapter-119a-time-shares/119a-4777·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. An agreement for the resale of a time share entered into by an owner of that time share and a time-share resale broker who lists or offers to resell that time share must:

(a)Be in writing;

(b)Contain a provision in not less than 12-point boldface type that the owner may cancel, by written notice, the agreement with the time-share resale broker until midnight of the fifth calendar day after the date of execution of the agreement; and

(c)Contain a written 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;

(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; and

(5)The right to cancel the agreement provided pursuant to paragraph (b).

2. The time-share resale broker 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. The time-share resale broker who resells a time share shall make the disclosures required pursuant to paragraph

(c)of subsection 1 before accepting anything of value from the owner.