2006 Code of Virginia § 55-380 - Resale of time-shares

55-380. Resale of time-shares.

A. In the event of any resale of a time-share by a time-share owner, otherthan the developer, such owner shall obtain from the developer or managingagent in the case of a time-share use program or from the time-share estateowners' association in the case of a time-share estate program and furnish tothe purchaser prior to settlement on an executed agreement to purchase thetime-share, a certificate of resale which shall include the following:

1. A statement disclosing the effect on the proposed transfer of any right offirst refusal or other restraint on transfer of the time-share or any portionthereof;

2. A copy of the time-share instrument;

3. A copy of the current bylaws and rules and regulations of the time-shareestate owners' association, if any, and the amendments thereto;

4. A copy of the current annual report prepared pursuant to 55-370.1;

5. A statement setting forth the amount of any expense liability and unpaidtime-share expense or special assessment currently due and payable from theselling time-share owner, including the disclosures of any liens against thetime-share due to the nonpayment of such fees or charges; and

6. A statement of the nature and status of any known and pending suits orjudgments against the developer, managing entity, or time-share owners'association with reference to the time-share project.

B. The developer, managing agent, or such officer of the time-share owners'association as the bylaws may specify, shall furnish the certificate ofresale prescribed by subsection A hereof upon the written request of anypurchaser within thirty days of the receipt of such request. Payment of thereasonable costs of preparing the certificate may be required as aprerequisite to the issuance of the certificate, but such fee shall notexceed fifty dollars.

C. A time-share owner providing a certificate pursuant to subsection A is notliable to the purchaser for any erroneous information included in thecertificate, other than for judgment liens against the time-share being sold.

D. A purchaser is not liable for any unpaid time-share expense liability orfee greater than the amount set forth in the certificate prepared inconformity with subsection A. A time-share owner is not liable to a purchaserfor the failure or delay of the provider to provide the certificate in atimely manner, but the purchase contract is voidable by the purchaser untilthe certificate has been provided and for five days thereafter or untiltransfer, whichever occurs first.

E. All rights of redress of a purchaser against a selling time-share owner,the developer, managing agent, or the association for the failure to obtainor receive the statement required by subsection A are conclusively waivedupon settlement on the time-share occurring.

F. The responsibilities imposed by this section on the developer, managingagent, time-share estate owners' association or selling time-share ownershall not be waived.

(1981, c. 462; 1985, c. 517; 1989, c. 637; 1994, c. 580; 1998, c. 460.)