Nevada Administrative Code
Chapter 119A - TIME SHARES
STANDARDS AND DUTIES
Section 119A.255 - Contracts and other documents used in sale of project

Universal Citation: NV Admin Code 119A.255

Current through December 12, 2024

1. Each contract, agreement and other document used in the sale of a time-share plan is subject to the standards for advertising that are set forth in this chapter.

2. Each contract for the sale of a time share or purchase agreement must be printed with text that is not smaller than 11-point font and have a margin of approximately 1 inch on the left and right sides and at the top and bottom of each page.

3. The following words must be printed clearly and conspicuously in a 12-point boldface type at the top of each contract for the sale of a time share:

This is a binding contract by which you agree to purchase an interest in a time-share project. You should examine the statement of your right to revoke this contract within 5 days which is contained elsewhere in this contract.

4. The following words or words of a similar import may not be used in a contract of sale for a project, time-share unit or interest in a project:

The purchaser agrees that no representation, oral or implied, has been made to the purchaser other than what is contained in this contract.

5. The following words must be printed clearly and conspicuously above the purchaser's signature line in each contract for the sale of a time share:

(a) "The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day after the date of execution of the contract."

(b) "The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser."

(c) "The notice of cancellation may be delivered personally to the developer, sent by certified mail, return receipt requested, or sent by express, priority or recognized overnight delivery service, with proof of service, to the business address of the developer."

(d) "The developer shall, within 20 calendar days after receipt of the notice of cancellation, return all payments made by the purchaser."

6. Each contract of sale for a time-share property located outside Nevada which is sold within this State must contain one of the following sentences:

(a) "This contract is to be construed according to the laws of Nevada and specifically chapter 119A of NRS"; or

(b) "This contract is to be construed according to the laws of (name of the state or country). Any purchaser solicited in Nevada retains those rights granted under chapter 119A of NRS."

7. A developer, real estate licensee or other agent shall not make any written or oral statement which seeks to change the true nature or legal rights or obligations of any contract or legal document approved by the Division.

8. Each major improvement which is promised in an offer must be stated in the contract so as to legally bind the developer to provide it. The Administrator will determine which improvements are considered to be subject to this requirement. With the prior approval of the Division, a major improvement which is promised in a project may be included in the contract by reference to another document.

9. The Administrator will schedule an informal meeting to attempt to resolve a question regarding an advertisement or a document as provided in NAC 119A.215.

Added to NAC by Real Estate Div., eff. 12-3-84; A by R135-01, 12-13-2001; A by R130-16A, eff. 11/13/2017; A by R130-16AP, eff. 8/30/2018

NRS 119A.190

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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