119A.390 - Reservation to purchase time share. - Nevada Statutes

119A.390  Reservation to purchase time share.  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.300;

      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)