South Carolina Code of Regulations
Chapter 105 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA REAL ESTATE COMMISSION
Section 105-2 - Vacation Time Sharing Ownership Plans Defined
Current through Register Vol. 47, No. 12, December 22, 2023
Vacation time sharing ownership plans shall specifically include:
A. time sharing ownership plans, whereby purchasers are deeded an undivided interest in the facilities with a right to use designated accommodations for a specific period of time during any given year, but not necessarily for consecutive years, which extends for a period of more than one (1) year; and
B. interval ownership plans, whereby purchasers are deeded title to designated time sharing units, accommodations, or facilities for a specific period of time during any given year, but not necessarily for consecutive years, which extends for a period of more than one (1) year, with remainder after such period to interval owners as tenants in common.
Added by State Register Volume 23, Issue No. 5, eff May 28, 1999; State Register Volume 41, Issue No. 05, eff. 5/26/2017.