                                 CODE OF VIRGINIA

DEVELOPER CONTROL IN TIME-SHARE ESTATE PROGRAM (§ 55.1-2210)

A. The time-share instrument for a time-share estate program shall provide for a
developer control period. All costs associated with the control, management, and
operation of the time-share estate project during the developer control period
shall belong to the developer, except for time-share estate occupancy expenses
that shall, if required by the developer in the time-share instrument, be
allocated only to and paid by time-share estate owners other than the developer.
Nothing shall preclude the developer, during the developer control period and at
any time after the lapse of a purchaser&#8217;s right of cancellation and
without regard to the recordation of the deed, provided that the deed has been
delivered to the purchaser or the purchaser&#8217;s agent, from collecting an
annual or specially assessed charge from each time-share estate owner for the
payment of the time-share estate occupancy expenses by way of a maintenance fee.
However, any such funds received and not spent, or any other funds received and
allocated to the benefit of the association, shall be transferred to the
association by the developer at the termination of the developer control period.

B. Except to the extent that the purchase contract or time-share instrument
expressly provides otherwise, fee simple title to the common elements shall be
transferred to the time-share estate owners&#8217; association, free of charge,
no later than at such time as the developer (i) transfers to purchasers legal or
equitable ownership of at least 90 percent of the time-share estates, excluding
any reacquisitions by the developer; (ii) is no longer the beneficiary on deeds
of trust secured on at least 20 percent of the time-share estates; or (iii) has
completed all of the promised common elements and facilities that the time-share
estate project comprises, whichever occurs last. The developer may make such
transfer when the period has ended for a phase or portion of the time-share
estate project. The transfer required of the developer by this subsection shall
not exonerate the developer from the responsibility of completion of the
promised and incomplete common elements once the transfer occurs. Upon transfer
of the time-share project or portion to the association, the developer control
period for such project or portion of such project shall terminate.

HISTORY: 1981, c. 462, § 55-369; 1985, c. 517; 1989, c. 637; 1991, c. 704;
1993, c. 842; 1994, c. 580; 1998, c. 460; 2001, c. 543; 2008, c. 376; 2013, cc.
259, 327; 2019, c. 712.