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2012 SESSION

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HB 1209 Virginia Real Estate Time-Share Act; developer control period.

Introduced by: John A. Cosgrove | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Real Estate Time-Share Act; developer control period.  Provides that, except to the extent the time-share instruments expressly provide otherwise, the developer control period shall terminate when the developer (i) transfers to purchasers legal or equitable ownership of at least 90 percent of the time-share estates, excluding any reacquisition by the developer; (ii) is no longer the beneficiary on deeds of trust secured of at least 10 percent of the time-share estates; or (iii) has completed all of the promised common elements and facilities comprising the time-share estate project, whichever occurs later.

FULL TEXT

• 01/19/12  House: Presented and ordered printed 12103906D  pdf | impact statement

HISTORY

• 01/19/12  House: Presented and ordered printed 12103906D
• 01/19/12  House: Referred to Committee on General Laws
• 01/27/12  House: Assigned GL sub: #1 Housing
• 02/08/12  House: Subcommittee recommends continuing to 2013 by voice vote
• 02/09/12  House: Continued to 2013 in General Laws by voice vote