                                 CODE OF VIRGINIA

REQUIRED RESALE DISCLOSURES (§ 55.1-2228)

A. In addition to the requirements of § 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. The name and permanent business address of the reseller;

   2. A commencement and transaction date for such resale service;

   3. 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;

   4. Whether the reseller&#8217;s rights are exclusive and, if so, the scope of
   such rights and length of the exclusivity period;

   5. Whether any person, other than the owner, may occupy, rent, exchange, or
   use the resale time-share during the resale service;

   6. 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;

   7. A description of each resale service to be provided and the fees, costs, or
   commissions for each;

   8. A description sufficient to identify the resale time-share;

   9. The jurisdiction issuing the license for any services by a licensed real
   estate broker or salesperson; and

   10. The following in at least 10-point boldface type:
   				a. 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: &#8220;Do not rely on past performance as an
   indicator of the likelihood of sale of your time-share.&#8221;; and
   				b. If the retail service is limited to the placement of advertisements,
   this statement: &#8220;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.&#8221;

B. A resale transfer contract shall include the following disclosures by the
reseller:

   1. The disclosures required by subdivisions A 1 through 7;

   2. A description legally sufficient for the transfer of the resale time-share;

   3. 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;

   4. Any fees or costs the time-share owner is required to pay or reimburse to
   the reseller or transfer company to complete the transfer;

   5. 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;

   6. If the resale time-share will be transferred to a transferee other than a
   subsequent purchaser, the contact information of such transferee;

   7. 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

   8. The following statements in 10-point boldface type:
   				a. &#8220;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.&#8221;; and
   				b. &#8220;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.&#8221;

C. A resale purchase contract shall require the reseller to obtain the
certificate of resale described in subsection A of § 55.1-2227 and shall also
include the following:

   1. A description legally sufficient for transfer of the resale time-share;

   2. 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;

   3. 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;

   4. Identification of the first year in which the subsequent purchaser is
   entitled to use and occupy the resale time-share; and

   5. The following statement in 10-point boldface type: &#8220;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.&#8221;

HISTORY: 2012, c. 751, § 55-380.1; 2019, c. 712.