NRS119A.390. Reservation to purchase time share.  


Latest version.
  •   A reservation to purchase a time share must:

          1.  Be on a form approved by the Division;

          2.  Include a provision which grants the prospective purchaser the right to cancel the reservation at any time before the execution of the contract of sale with the full refund of any deposit;

          3.  Provide for the placement of any deposit in escrow until a permit is issued by the Administrator pursuant to NRS 119A.320;

          4.  Guarantee the purchase price for the time share for a certain period after the issuance of the permit to sell time shares; and

          5.  Require that any interest earned on the deposit for the reservation be paid to the prospective purchaser.

      (Added to NRS by 1983, 979; A 2013, 1585)