{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2228.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2228.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2228.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2228.html"}],"law_id":81261,"edition_id":1,"section_id":81261,"structure_id":14946,"section_number":"55.1-2228","catch_line":"Required resale disclosures","history":"2012, c. 751, \u00a7 55-380.1; 2019, c. 712.","full_text":"A\n\nIn addition to the requirements of \u00a7 55.1-2242, before receiving anything of value for providing or offering to provide a resale service, a reseller shall disclose in writing to the owner of a resale time-share:1\n\nThe name and permanent business address of the reseller;2\n\nA commencement and transaction date for such resale service;3\n\nThe names and addresses of any affiliates and the primary website address used by the reseller and such affiliates to be used to promote the resale time-share;4\n\nWhether the reseller’s rights are exclusive and, if so, the scope of such rights and length of the exclusivity period;5\n\nWhether any person, other than the owner, may occupy, rent, exchange, or use the resale time-share during the resale service;6\n\nThe name of any person other than the owner who will receive any rent or other consideration from the use of the resale time-share during the resale service;7\n\nA description of each resale service to be provided and the fees, costs, or commissions for each;8\n\nA description sufficient to identify the resale time-share;9\n\nThe jurisdiction issuing the license for any services by a licensed real estate broker or salesperson; and10\n\nThe following in at least 10-point boldface type:\n\t\t\t\ta. The ratio of (i) the number of resale time-shares listed for sale to the number of resale time-shares actually sold by the reseller for each of the past two calendar years or (ii) the total amount of advance fees collected compared with the total amount of fees and commissions received by the reseller upon sale of resale time-shares for the past two calendar years, followed by this statement: “Do not rely on past performance as an indicator of the likelihood of sale of your time-share.”; and\n\t\t\t\tb. If the retail service is limited to the placement of advertisements, this statement: “There is no guarantee that you will sell your time-share at all or within any period of time by placing this advertisement. Our only obligation to you is to post your advertisement on our website for the agreed length of time and forward all inquiries we receive to you.”B\n\nA resale transfer contract shall include the following disclosures by the reseller:1\n\nThe disclosures required by subdivisions A 1 through 7;2\n\nA description legally sufficient for the transfer of the resale time-share;3\n\nA description of the document by which the owner is to (i) grant rights in the resale time-share to the reseller or any other person, including a power of attorney or similar document, and (ii) transfer the resale time-share to a subsequent purchaser;4\n\nAny fees or costs the time-share owner is required to pay or reimburse to the reseller or transfer company to complete the transfer;5\n\nThe date by which the transfer of the resale time-share from the owner to the reseller, a third person, or a subsequent purchaser will be completed, not to exceed 180 days from the effective date of the resale transfer contract;6\n\nIf the resale time-share will be transferred to a transferee other than a subsequent purchaser, the contact information of such transferee;7\n\nA statement that the reseller will (i) provide the owner written evidence of transfer of the resale time-share to a subsequent purchaser within 30 days of such transfer and (ii) send notice of the transfer to the association and managing entity of the time-share program for the resale transfer and any exchange company in which the resale time-share was enrolled; and8\n\nThe following statements in 10-point boldface type:\n\t\t\t\ta. “No later than 180 days from the date of this agreement, we will transfer your time-share to another person. If transfer does not occur within that period, we will pay or reimburse to you the cost of ownership of your time-share for that period. If we breach our agreement, you will continue to be responsible for such cost of ownership.”; and\n\t\t\t\tb. “Your time-share may be sold at any price by us without your approval. If sold for a price in excess of our fee, we have no obligation to send you the excess.”C\n\nA resale purchase contract shall require the reseller to obtain the certificate of resale described in subsection A of \u00a7 55.1-2227 and shall also include the following:1\n\nA description legally sufficient for transfer of the resale time-share;2\n\nThe name and address of the developer or managing agent for a time-share use project or the association for a time-share estate project;3\n\nIdentification of the party responsible for notifying the developer, managing entity, association, or exchange company, as the case may be, of the transfer of the resale time-share;4\n\nIdentification of the first year in which the subsequent purchaser is entitled to use and occupy the resale time-share; and5\n\nThe following statement in 10-point boldface type: “A certificate of resale is required to be provided to you containing important documents concerning the time-share project for your review. Settlement waives the right to receipt of such information.”","order_by":null,"text":{"0":{"id":291251,"text":"In addition to the requirements of \u00a7 55.1-2242, before receiving anything of value for providing or offering to provide a resale service, a reseller shall disclose in writing to the owner of a resale time-share:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":291252,"text":"The name and permanent business address of the reseller;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":291253,"text":"A commencement and transaction date for such resale service;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":291254,"text":"The names and addresses of any affiliates and the primary website address used by the reseller and such affiliates to be used to promote the resale time-share;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":291255,"text":"Whether the reseller’s rights are exclusive and, if so, the scope of such rights and length of the exclusivity period;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":291256,"text":"Whether any person, other than the owner, may occupy, rent, exchange, or use the resale time-share during the resale service;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":291257,"text":"The name of any person other than the owner who will receive any rent or other consideration from the use of the resale time-share during the resale service;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":291258,"text":"A description of each resale service to be provided and the fees, costs, or commissions for each;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":291259,"text":"A description sufficient to identify the resale time-share;","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":291260,"text":"The jurisdiction issuing the license for any services by a licensed real estate broker or salesperson; and","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":291261,"text":"The following in at least 10-point boldface type:\n\t\t\t\ta. The ratio of (i) the number of resale time-shares listed for sale to the number of resale time-shares actually sold by the reseller for each of the past two calendar years or (ii) the total amount of advance fees collected compared with the total amount of fees and commissions received by the reseller upon sale of resale time-shares for the past two calendar years, followed by this statement: “Do not rely on past performance as an indicator of the likelihood of sale of your time-share.”; and\n\t\t\t\tb. If the retail service is limited to the placement of advertisements, this statement: “There is no guarantee that you will sell your time-share at all or within any period of time by placing this advertisement. Our only obligation to you is to post your advertisement on our website for the agreed length of time and forward all inquiries we receive to you.”","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"B"},"11":{"id":291262,"text":"A resale transfer contract shall include the following disclosures by the reseller:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A10","next_prefix":"B1"},"12":{"id":291263,"text":"The disclosures required by subdivisions A 1 through 7;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"13":{"id":291264,"text":"A description legally sufficient for the transfer of the resale time-share;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"14":{"id":291265,"text":"A description of the document by which the owner is to (i) grant rights in the resale time-share to the reseller or any other person, including a power of attorney or similar document, and (ii) transfer the resale time-share to a subsequent purchaser;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"15":{"id":291266,"text":"Any fees or costs the time-share owner is required to pay or reimburse to the reseller or transfer company to complete the transfer;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"16":{"id":291267,"text":"The date by which the transfer of the resale time-share from the owner to the reseller, a third person, or a subsequent purchaser will be completed, not to exceed 180 days from the effective date of the resale transfer contract;","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"17":{"id":291268,"text":"If the resale time-share will be transferred to a transferee other than a subsequent purchaser, the contact information of such transferee;","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"B7"},"18":{"id":291269,"text":"A statement that the reseller will (i) provide the owner written evidence of transfer of the resale time-share to a subsequent purchaser within 30 days of such transfer and (ii) send notice of the transfer to the association and managing entity of the time-share program for the resale transfer and any exchange company in which the resale time-share was enrolled; and","type":"section","prefixes":["B","7"],"prefix":"7","entire_prefix":"B7","prefix_anchor":"B7","level":2,"prior_prefix":"B6","next_prefix":"B8"},"19":{"id":291270,"text":"The following statements in 10-point boldface type:\n\t\t\t\ta. “No later than 180 days from the date of this agreement, we will transfer your time-share to another person. If transfer does not occur within that period, we will pay or reimburse to you the cost of ownership of your time-share for that period. If we breach our agreement, you will continue to be responsible for such cost of ownership.”; and\n\t\t\t\tb. “Your time-share may be sold at any price by us without your approval. If sold for a price in excess of our fee, we have no obligation to send you the excess.”","type":"section","prefixes":["B","8"],"prefix":"8","entire_prefix":"B8","prefix_anchor":"B8","level":2,"prior_prefix":"B7","next_prefix":"C"},"20":{"id":291271,"text":"A resale purchase contract shall require the reseller to obtain the certificate of resale described in subsection A of \u00a7 55.1-2227 and shall also include the following:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B8","next_prefix":"C1"},"21":{"id":291272,"text":"A description legally sufficient for transfer of the resale time-share;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"22":{"id":291273,"text":"The name and address of the developer or managing agent for a time-share use project or the association for a time-share estate project;","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"23":{"id":291274,"text":"Identification of the party responsible for notifying the developer, managing entity, association, or exchange company, as the case may be, of the transfer of the resale time-share;","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"24":{"id":291275,"text":"Identification of the first year in which the subsequent purchaser is entitled to use and occupy the resale time-share; and","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"C5"},"25":{"id":291276,"text":"The following statement in 10-point boldface type: “A certificate of resale is required to be provided to you containing important documents concerning the time-share project for your review. Settlement waives the right to receipt of such information.”","type":"section","prefixes":["C","5"],"prefix":"5","entire_prefix":"C5","prefix_anchor":"C5","level":2,"prior_prefix":"C4"}},"ancestry":[{"id":14946,"edition_id":1,"name":"Protection of Purchasers","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13543,"metadata":{},"date_created":"2026-06-26 03:50:59","date_modified":"2026-06-26 03:50:59","permalink":{"id":247543,"object_type":"structure","relational_id":14946,"identifier":"3","token":"55.1\/IV\/22\/3","url":"\/55.1\/IV\/22\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13543,"edition_id":1,"name":"Virginia Real Estate Time-Share Act","identifier":"22","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:10","date_modified":"2026-06-26 03:45:10","permalink":{"id":247469,"object_type":"structure","relational_id":13543,"identifier":"22","token":"55.1\/IV\/22","url":"\/55.1\/IV\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12914,"edition_id":1,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:01","date_modified":"2026-06-26 03:44:01","permalink":{"id":246473,"object_type":"structure","relational_id":12914,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":64589,"structure_id":14946,"section_number":"55.1-2217","catch_line":"Public offering statement","url":"\/55.1-2217\/","token":"55.1\/IV\/22\/3\/55.1-2217","metadata":false},{"id":70516,"structure_id":14946,"section_number":"55.1-2218","catch_line":"Certain advertising practices regulated","url":"\/55.1-2218\/","token":"55.1\/IV\/22\/3\/55.1-2218","metadata":false},{"id":82622,"structure_id":14946,"section_number":"55.1-2219","catch_line":"Exchange programs","url":"\/55.1-2219\/","token":"55.1\/IV\/22\/3\/55.1-2219","metadata":false},{"id":65782,"structure_id":14946,"section_number":"55.1-2220","catch_line":"Escrow of deposits; use of corporate surety bond or irrevocable letter of credit","url":"\/55.1-2220\/","token":"55.1\/IV\/22\/3\/55.1-2220","metadata":false},{"id":57032,"structure_id":14946,"section_number":"55.1-2221","catch_line":"Purchaser's rights of cancellation","url":"\/55.1-2221\/","token":"55.1\/IV\/22\/3\/55.1-2221","metadata":false},{"id":58820,"structure_id":14946,"section_number":"55.1-2222","catch_line":"Possibility of reverter","url":"\/55.1-2222\/","token":"55.1\/IV\/22\/3\/55.1-2222","metadata":false},{"id":64333,"structure_id":14946,"section_number":"55.1-2223","catch_line":"Recording and delivery of deed","url":"\/55.1-2223\/","token":"55.1\/IV\/22\/3\/55.1-2223","metadata":false},{"id":57283,"structure_id":14946,"section_number":"55.1-2224","catch_line":"Liability limited; liability actions prohibited","url":"\/55.1-2224\/","token":"55.1\/IV\/22\/3\/55.1-2224","metadata":false},{"id":67991,"structure_id":14946,"section_number":"55.1-2225","catch_line":"Warning required","url":"\/55.1-2225\/","token":"55.1\/IV\/22\/3\/55.1-2225","metadata":false},{"id":70835,"structure_id":14946,"section_number":"55.1-2226","catch_line":"Buyer's Acknowledgment","url":"\/55.1-2226\/","token":"55.1\/IV\/22\/3\/55.1-2226","metadata":false},{"id":80782,"structure_id":14946,"section_number":"55.1-2227","catch_line":"Resale of time-shares","url":"\/55.1-2227\/","token":"55.1\/IV\/22\/3\/55.1-2227","metadata":false},{"id":81261,"structure_id":14946,"section_number":"55.1-2228","catch_line":"Required resale disclosures","url":"\/55.1-2228\/","token":"55.1\/IV\/22\/3\/55.1-2228","metadata":false},{"id":60659,"structure_id":14946,"section_number":"55.1-2229","catch_line":"Liens","url":"\/55.1-2229\/","token":"55.1\/IV\/22\/3\/55.1-2229","metadata":false},{"id":80677,"structure_id":14946,"section_number":"55.1-2230","catch_line":"Effect of violations on rights of action; attorney fees; prior determination of Common Interest Community Board required for certain violations","url":"\/55.1-2230\/","token":"55.1\/IV\/22\/3\/55.1-2230","metadata":false},{"id":85586,"structure_id":14946,"section_number":"55.1-2231","catch_line":"Statute of limitations; actions; limitation on rescission rights","url":"\/55.1-2231\/","token":"55.1\/IV\/22\/3\/55.1-2231","metadata":false},{"id":75281,"structure_id":14946,"section_number":"55.1-2232","catch_line":"Class actions","url":"\/55.1-2232\/","token":"55.1\/IV\/22\/3\/55.1-2232","metadata":false},{"id":62762,"structure_id":14946,"section_number":"55.1-2233","catch_line":"Financial records","url":"\/55.1-2233\/","token":"55.1\/IV\/22\/3\/55.1-2233","metadata":false},{"id":64251,"structure_id":14946,"section_number":"55.1-2234","catch_line":"Developer's obligation to complete","url":"\/55.1-2234\/","token":"55.1\/IV\/22\/3\/55.1-2234","metadata":false}],"previous_section":{"id":80782,"structure_id":14946,"section_number":"55.1-2227","catch_line":"Resale of time-shares","url":"\/55.1-2227\/","token":"55.1\/IV\/22\/3\/55.1-2227","metadata":false},"next_section":{"id":60659,"structure_id":14946,"section_number":"55.1-2229","catch_line":"Liens","url":"\/55.1-2229\/","token":"55.1\/IV\/22\/3\/55.1-2229","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2228\/","history_text":"

This law was first created in 2012. The record of its establishment is cataloged in chapter 751<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter 712<\/a>.<\/p>","references":[{"id":67895,"section_number":"55.1-2244","catch_line":"Registration required for time-share resellers; exemptions; prohibited practices","order_by":null,"url":"\/55.1-2244\/"},{"id":54508,"section_number":"55.1-2252","catch_line":"Penalties","order_by":null,"url":"\/55.1-2252\/"}],"refers_to":[{"id":80782,"section_number":"55.1-2227","catch_line":"Resale of time-shares","order_by":null,"url":"\/55.1-2227\/"},{"id":63273,"section_number":"55.1-2242","catch_line":"Annual report; amendments","order_by":null,"url":"\/55.1-2242\/"}],"permalink":{"id":247589,"object_type":"law","relational_id":81261,"identifier":"55.1-2228","token":"55.1\/IV\/22\/3\/55.1-2228","url":"\/55.1-2228\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2228\/","token":"55.1\/IV\/22\/3\/55.1-2228","dublin_core":{"Title":"Required resale disclosures","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2228","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In addition to the requirements of \u00a7 55.1-2242<\/a>, before receiving anything of value for providing or offering<\/span> to provide a resale service<\/span>, a reseller<\/span> shall disclose in writing to the owner<\/span> of a resale time-share<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The name and permanent business address of the reseller<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A commencement and transaction date for such resale service<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The names and addresses of any affiliates<\/span> and the primary website address used by the reseller<\/span> and such affiliates<\/span> to be used to promote the resale time-share<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Whether the reseller<\/span>’s rights are exclusive and, if so, the scope of such rights and length of the exclusivity period; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Whether any person<\/span>, other than the owner<\/span>, may occupy, rent, exchange, or use the resale time-share<\/span> during the resale service<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The name of any person<\/span> other than the owner<\/span> who will receive any rent or other consideration from the use of the resale time-share<\/span> during the resale service<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> A description of each resale service<\/span> to be provided and the fees, costs, or commissions for each; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> A description sufficient to identify the resale time-share<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> The jurisdiction<\/span> issuing the license for any services by a licensed real estate broker or salesperson; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> The following in at least 10-point boldface type:\n\t\t\t\ta. The ratio of (i) the number of resale time-shares<\/span> listed for sale to the number of resale time-shares<\/span> actually sold by the reseller<\/span> for each of the past two calendar years or (ii) the total amount of advance fees collected compared with the total amount of fees and commissions received by the reseller<\/span> upon sale of resale time-shares<\/span> for the past two calendar years, followed by this statement: “Do not rely on past performance as an indicator of the likelihood of sale of your time-share.”; and\n\t\t\t\tb. If the retail service is limited to the placement of advertisements, this statement: “There is no guarantee that you will sell your time-share at all or within any period of time by placing this advertisement. Our only obligation to you is to post your advertisement on our website for the agreed length of time and forward all inquiries we receive to you.” <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A resale transfer contract<\/span> shall include the following disclosures by the reseller<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The disclosures required by subdivisions A 1 through 7; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A description legally sufficient for the transfer of the resale time-share<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A description of the document by which the owner<\/span> is to (i) grant rights in the resale time-share<\/span> to the reseller<\/span> or any other person<\/span>, including a power of attorney<\/span> or similar document, and (ii) transfer the resale time-share<\/span> to a subsequent purchaser<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Any fees or costs the time-share owner<\/span> is required to pay or reimburse to the reseller<\/span> or transfer company to complete the transfer; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The date by which the transfer of the resale time-share<\/span> from the owner to the reseller<\/span>, a third person<\/span>, or a subsequent purchaser<\/span> will be completed, not to exceed 180 days from the effective date of the resale transfer contract<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> If the resale time-share<\/span> will be transferred to a transferee other than a subsequent purchaser<\/span>, the contact information<\/span> of such transferee; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> A statement that the reseller<\/span> will (i) provide the owner written evidence<\/span> of transfer of the resale time-share<\/span> to a subsequent purchaser<\/span> within 30 days of such transfer and (ii) send notice of the transfer to the association<\/span> and managing entity<\/span> of the time-share program<\/span> for the resale transfer and any exchange company<\/span> in which the resale time-share<\/span> was enrolled; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> The following statements in 10-point boldface type:\n\t\t\t\ta. “No later than 180 days from the date of this agreement, we will transfer your time-share to another person<\/span>. If transfer does not occur within that period, we will pay or reimburse to you the cost of ownership<\/span> of your time-share for that period. If we breach our agreement, you will continue to be responsible for such cost of ownership<\/span>.”; and\n\t\t\t\tb. “Your time-share may be sold at any price by us without your approval. If sold for a price in excess of our fee, we have no obligation to send you the excess.” <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A resale purchase contract<\/span> shall require the reseller<\/span> to obtain the certificate of resale described in subsection A of \u00a7 55.1-2227<\/a> and shall also include the following: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A description legally sufficient for transfer of the resale time-share<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The name and address of the developer<\/span> or managing agent<\/span> for a time-share use<\/span> project<\/span> or the association<\/span> for a time-share estate<\/span> project<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Identification of the party<\/span> responsible for notifying the developer<\/span>, managing entity<\/span>, association<\/span>, or exchange company<\/span>, as the case may be, of the transfer of the resale time-share<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Identification of the first year in which the subsequent purchaser<\/span> is entitled to use and occupy the resale time-share<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The following statement in 10-point boldface type: “A certificate of resale is required to be provided to you containing important documents concerning the time-share project<\/span> for your review. Settlement<\/span> waives<\/span> the right to receipt of such information.” <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREQUIRED RESALE DISCLOSURES (\u00a7 55.1-2228)\n\nA. In addition to the requirements of \u00a7 55.1-2242, before receiving anything of\nvalue for providing or offering to provide a resale service, a reseller shall\ndisclose in writing to the owner of a resale time-share:\n\n 1. The name and permanent business address of the reseller;\n\n 2. A commencement and transaction date for such resale service;\n\n 3. The names and addresses of any affiliates and the primary website address\n used by the reseller and such affiliates to be used to promote the resale\n time-share;\n\n 4. Whether the reseller’s rights are exclusive and, if so, the scope of\n such rights and length of the exclusivity period;\n\n 5. Whether any person, other than the owner, may occupy, rent, exchange, or\n use the resale time-share during the resale service;\n\n 6. The name of any person other than the owner who will receive any rent or\n other consideration from the use of the resale time-share during the resale\n service;\n\n 7. A description of each resale service to be provided and the fees, costs, or\n commissions for each;\n\n 8. A description sufficient to identify the resale time-share;\n\n 9. The jurisdiction issuing the license for any services by a licensed real\n estate broker or salesperson; and\n\n 10. The following in at least 10-point boldface type:\n \t\t\t\ta. The ratio of (i) the number of resale time-shares listed for sale to\n the number of resale time-shares actually sold by the reseller for each of the\n past two calendar years or (ii) the total amount of advance fees collected\n compared with the total amount of fees and commissions received by the\n reseller upon sale of resale time-shares for the past two calendar years,\n followed by this statement: “Do not rely on past performance as an\n indicator of the likelihood of sale of your time-share.”; and\n \t\t\t\tb. If the retail service is limited to the placement of advertisements,\n this statement: “There is no guarantee that you will sell your\n time-share at all or within any period of time by placing this advertisement.\n Our only obligation to you is to post your advertisement on our website for\n the agreed length of time and forward all inquiries we receive to you.”\n\nB. A resale transfer contract shall include the following disclosures by the\nreseller:\n\n 1. The disclosures required by subdivisions A 1 through 7;\n\n 2. A description legally sufficient for the transfer of the resale time-share;\n\n 3. A description of the document by which the owner is to (i) grant rights in\n the resale time-share to the reseller or any other person, including a power\n of attorney or similar document, and (ii) transfer the resale time-share to a\n subsequent purchaser;\n\n 4. Any fees or costs the time-share owner is required to pay or reimburse to\n the reseller or transfer company to complete the transfer;\n\n 5. The date by which the transfer of the resale time-share from the owner to\n the reseller, a third person, or a subsequent purchaser will be completed, not\n to exceed 180 days from the effective date of the resale transfer contract;\n\n 6. If the resale time-share will be transferred to a transferee other than a\n subsequent purchaser, the contact information of such transferee;\n\n 7. A statement that the reseller will (i) provide the owner written evidence\n of transfer of the resale time-share to a subsequent purchaser within 30 days\n of such transfer and (ii) send notice of the transfer to the association and\n managing entity of the time-share program for the resale transfer and any\n exchange company in which the resale time-share was enrolled; and\n\n 8. The following statements in 10-point boldface type:\n \t\t\t\ta. “No later than 180 days from the date of this agreement, we will\n transfer your time-share to another person. If transfer does not occur within\n that period, we will pay or reimburse to you the cost of ownership of your\n time-share for that period. If we breach our agreement, you will continue to\n be responsible for such cost of ownership.”; and\n \t\t\t\tb. “Your time-share may be sold at any price by us without your\n approval. If sold for a price in excess of our fee, we have no obligation to\n send you the excess.”\n\nC. A resale purchase contract shall require the reseller to obtain the\ncertificate of resale described in subsection A of \u00a7 55.1-2227 and shall also\ninclude the following:\n\n 1. A description legally sufficient for transfer of the resale time-share;\n\n 2. The name and address of the developer or managing agent for a time-share\n use project or the association for a time-share estate project;\n\n 3. Identification of the party responsible for notifying the developer,\n managing entity, association, or exchange company, as the case may be, of the\n transfer of the resale time-share;\n\n 4. Identification of the first year in which the subsequent purchaser is\n entitled to use and occupy the resale time-share; and\n\n 5. The following statement in 10-point boldface type: “A certificate of\n resale is required to be provided to you containing important documents\n concerning the time-share project for your review. Settlement waives the right\n to receipt of such information.”\n\nHISTORY: 2012, c. 751, \u00a7 55-380.1; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}