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)

                    
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