                                 CODE OF VIRGINIA

INSTRUMENTS (§ 55.1-2208)

A. In order to create a time-share program for a time-share estate project, the
developer shall execute a time-share instrument prepared and executed in
accordance with this chapter and record it in the clerk&#8217;s office where
such time-share project is located. The time-share instrument shall contain the
following:

   1. The name of the time-share project, which shall include or be followed by a
   qualifying adjective or term outlined in &#xA7; 55.1-2205;

   2. The name of the locality and the state or situs in which the time-share
   project is situated;

   3. The legal description, street address, or other description sufficient to
   identify the time-share project;

   4. A legally sufficient description of the real estate constituting the
   time-share project;

   5. A statement of the form of time-share program, i.e., whether it is a
   time-share estate or time-share use;

   6. Identification of time periods by letter, name, number, or combination
   thereof;

   7. Identification of time-shares and, where applicable, the method by which
   additional time-shares may be created or withdrawn;

   8. The formula, fraction, or percentage of the common expenses and any voting
   rights assigned to each time-share;

   9. Any restrictions on the use, occupancy, enjoyment, alteration, or
   alienation of time-shares;

   10. The ownership interest, if any, in personal property available to
   time-share owners;

   11. The program by which the managing entity, if any, will provide management
   of the project;

   12. The period for which units are designated and committed to the time-share
   program and the property classification of the units at the expiration of such
   period;

   13. Any provision for amending the time-share instrument;

   14. A description of the events, including condemnation and damage or
   destruction, upon which the time-share program may or shall be terminated
   before the expiration of its full term and the consequences of such
   termination, including the manner in which the time-share project or the
   proceeds from the disposition of such project shall be held or distributed
   among owners;

   15. A statement of whether or not the developer reserves the right to add to
   or delete any incidental benefit; and

   16. Such other matters as the developer deems appropriate.

B. In order to create a time-share program for a time-share use project, the
developer shall (i) execute and record a time-share instrument as required by
subsection A or (ii) execute a time-share instrument that takes the form of and
is a part of the contract that contains the information required by subsection
A.

C. If the developer explicitly reserves the right to develop additional
time-shares, the time-share instrument shall also contain the following:

   1. A legally sufficient description of all land that may be added to the
   time-share project, which shall be referred to as &#8220;additional
   land&#8221;;

   2. A statement outlining the order in which portions of the additional land
   may be subjected to the exercise of each development right or a statement that
   no assurances are made in that regard;

   3. A statement of the time limit upon which the option to develop shall
   expire, together with a statement of the circumstances, if any, that will
   terminate that option prior to the expiration of the specified time limit;

   4. A statement of the maximum number of units that may be added to the
   time-share project, if known, or, if the maximum number of units that may be
   added to the time-share project is not known, a statement to that effect; and

   5. A statement of the property classification of the additional land if the
   developer fails to exercise the development rights as reserved in the
   time-share instrument.

HISTORY: 2023, cc. 52, 53.