119A.390 - Reservation to purchase time share.
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)