Nev. Rev. Stat. § 119A.390

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 119A.390 - Reservation to purchase time share

A reservation to purchase a time share must:

1. Be on a form approved by the Division;

2. Include a provision which grants the prospective purchaser the right to cancel the reservation at any time before the execution of the contract of sale with the full refund of any deposit;

3. Provide for the placement of any deposit in escrow until a permit is issued by the Administrator pursuant to 119A.320;

4. Guarantee the purchase price for the time share for a certain period after the issuance of the permit to sell time shares; and

5. Require that any interest earned on the deposit for the reservation be paid to the prospective purchaser.

NRS 119A.390

Added to NRS by 1983, 979; A 2013, 1585

Amended by 2013, Ch. 334,§21, eff. 10/1/2013.

Added to NRS by 1983, 979