A. The application for registration of an alternative purchase shall be filed in a form prescribed by the Board and shall include the following:
1. A general description of the types of alternative purchases offered;
2. A copy of the terms and conditions applicable to the alternative purchases; and
3. The name, address, and contact information of the developer offering the alternative purchases.
B. Any material change to the standard terms and conditions applicable to an alternative purchase shall be filed with the Board within 30 days of such change being effective. Changes to the length of stay, location, or price shall not require an amendment of the registration, provided that the terms and conditions applicable to such alternative purchases are on file with the Board.
C. The provisions of §§ 55.1-2217 and 55.1-2220 shall not apply to alternative purchases registered under this section.
2014, c. 623, § 55-394.5; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 22 - Virginia Real Estate Time-Share Act
§ 55.1-2202. Administrative agency
§ 55.1-2203. Status of time-share estates with respect to real property interests
§ 55.1-2204. Applicability of local ordinances, regulations, and building codes
§ 55.1-2206. Severability of provisions of time-share instruments
§ 55.1-2207. Time-sharing permitted
§ 55.1-2209. Time-share instrument for time-share estate project
§ 55.1-2210. Developer control in time-share estate program
§ 55.1-2211. Time-share estate owners' association control liens
§ 55.1-2212. Time-share owners' association books and records; meetings; use of email
§ 55.1-2213. Time-share estate owners' association annual report
§ 55.1-2214. Time-share instrument for project
§ 55.1-2216. Termination of certain time-shares
§ 55.1-2217. Public offering statement
§ 55.1-2218. Certain advertising practices regulated
§ 55.1-2219. Exchange programs
§ 55.1-2220. Escrow of deposits; use of corporate surety bond or irrevocable letter of credit
§ 55.1-2221. Purchaser's rights of cancellation
§ 55.1-2222. Possibility of reverter
§ 55.1-2223. Recording and delivery of deed
§ 55.1-2224. Liability limited; liability actions prohibited
§ 55.1-2226. Buyer's Acknowledgment
§ 55.1-2227. Resale of time-shares
§ 55.1-2228. Required resale disclosures
§ 55.1-2231. Statute of limitations; actions; limitation on rescission rights
§ 55.1-2233. Financial records
§ 55.1-2234. Developer's obligation to complete
§ 55.1-2235. Financing of time-share programs
§ 55.1-2236. Purchaser's rights under developer's foreclosure
§ 55.1-2237. Protection of lien holder
§ 55.1-2238. Registration of time-share program required
§ 55.1-2239. Application for registration
§ 55.1-2241. Receipt of application; effectiveness of registration
§ 55.1-2242. Annual report; amendments
§ 55.1-2243. Termination of registration
§ 55.1-2244. Registration required for time-share resellers; exemptions; prohibited practices
§ 55.1-2245. Recordkeeping by resellers
§ 55.1-2246. Alternative purchase; registration
§ 55.1-2247. General powers and duties of Board
§ 55.1-2248. Cancellation of cease and desist order; reinstatement of registration of developer
§ 55.1-2249. Board regulation of public offering statement