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2013 SESSION

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SB 772 Virginia Real Estate Time-Share Act; developer control in time-share estate program, etc.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Real Estate Time-Share Act; developer control in time-share estate program; control liens; foreclosure procedure. Provides that in addition to the current developer control termination provisions and to the extent that the purchase contract or time-share instrument does not expressly provide otherwise, the developer control period shall terminate when the developer is no longer the beneficiary on deeds of trust secured on at least 20 percent of the time-share estates. Under current law, the transfer must occur when the developer has (i) transferred to purchasers legal or equitable ownership of at least 90 percent of the time-share estates or (ii) completed all of the promised common elements and facilities comprising the time-share estate project, whichever occurs last. Under the bill, the commissioner of accounts to whom an account of sale is returned in connection with a foreclosure shall be entitled to a fee, not to exceed (a) $70, on each foreclosure of a lien on a time-share estate for unpaid past due regular and special assessments and (b) $125 per foreclosure of a purchase money deed of trust taken back by the developer. The bill includes a second enactment clause stating the intent of the General Assembly that the provisions of the bill relating to the developer control period shall apply retroactively to all registered time-share projects to the extent that the purchase contract or time-share instrument does not expressly provide otherwise. The bill is a recommendation of the Virginia Housing Commission. This bill is identical to HB 1630.


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