                                 CODE OF VIRGINIA

RESALE OF TIME-SHARES (§ 55.1-2227)

A. In the event of any resale of a time-share by a time-share owner, other than
the developer, such owner shall obtain from the developer or managing agent in
the case of a time-share use program or from the time-share estate owners&#8217;
association in the case of a time-share estate program, and furnish to the
purchaser prior to settlement on an executed agreement to purchase the
time-share, a certificate of resale that shall include the following:

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

   2. A copy of the time-share instrument;

   3. A copy of the current bylaws and rules and regulations of the time-share
   estate owners&#8217; association, if any, and the amendments to such bylaws,
   rules, or regulations;

   4. A copy of the current annual report prepared pursuant to &#xA7; 55.1-2213;

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

   6. A statement of the nature and status of any known and pending actions or
   judgments against the developer, managing entity, or time-share owners&#8217;
   association with reference to the time-share project; and

   7. A copy of a Buyer&#8217;s Acknowledgment form required by &#xA7; 55.1-2226.

B. The developer, managing agent, or such officer of the time-share
owners&#8217; association as the bylaws may specify shall furnish the
certificate of resale prescribed by subsection A upon the written request of any
purchaser within 30 days of the receipt of such request. Payment of the
reasonable costs of preparing the certificate may be required as a prerequisite
to the issuance of the certificate, but such fee shall not exceed $50.

C. A time-share owner providing a certificate pursuant to subsection A is not
liable to the purchaser for any erroneous information included in the
certificate, other than for judgment liens against the time-share being sold.

D. A purchaser is not liable for any unpaid time-share expense liability or fee
greater than the amount set forth in the certificate prepared in conformity with
subsection A. A time-share owner is not liable to a purchaser for the failure or
delay of the provider to provide the certificate in a timely manner, but the
purchase contract is voidable by the purchaser until the certificate has been
provided and for five days after the certificate has been provided or until
transfer, whichever occurs first.

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

F. The responsibilities imposed by this section on the developer, managing
agent, time-share estate owners&#8217; association, or selling time-share owner
shall not be waived.

HISTORY: 1981, c. 462, § 55-380; 1985, c. 517; 1989, c. 637; 1994, c. 580;
1998, c. 460; 2012, c. 751; 2019, c. 712.