{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/55.1-2208.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/55.1-2208.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/55.1-2208.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/55.1-2208.html"}],"law_id":369625,"edition_id":2,"section_id":369625,"structure_id":52654,"section_number":"55.1-2208","catch_line":"Instruments","history":"2023, cc. 52, 53.","full_text":"A\n\nIn order to create a time-share program for a time-share estate project, the developer shall execute a time-share instrument prepared and executed in accordance with this chapter and record it in the clerk’s office where such time-share project is located. The time-share instrument shall contain the following:\n\n1\n\nThe name of the time-share project, which shall include or be followed by a qualifying adjective or term outlined in § 55.1-2205;\n\n2\n\nThe name of the locality and the state or situs in which the time-share project is situated;\n\n3\n\nThe legal description, street address, or other description sufficient to identify the time-share project;\n\n4\n\nA legally sufficient description of the real estate constituting the time-share project;\n\n5\n\nA statement of the form of time-share program, i.e., whether it is a time-share estate or time-share use;\n\n6\n\nIdentification of time periods by letter, name, number, or combination thereof;\n\n7\n\nIdentification of time-shares and, where applicable, the method by which additional time-shares may be created or withdrawn;\n\n8\n\nThe formula, fraction, or percentage of the common expenses and any voting rights assigned to each time-share;\n\n9\n\nAny restrictions on the use, occupancy, enjoyment, alteration, or alienation of time-shares;\n\n10\n\nThe ownership interest, if any, in personal property available to time-share owners;\n\n11\n\nThe program by which the managing entity, if any, will provide management of the project;\n\n12\n\nThe period for which units are designated and committed to the time-share program and the property classification of the units at the expiration of such period;\n\n13\n\nAny provision for amending the time-share instrument;\n\n14\n\nA description of the events, including condemnation and damage or destruction, upon which the time-share program may or shall be terminated before the expiration of its full term and the consequences of such termination, including the manner in which the time-share project or the proceeds from the disposition of such project shall be held or distributed among owners;\n\n15\n\nA statement of whether or not the developer reserves the right to add to or delete any incidental benefit; and\n\n16\n\nSuch other matters as the developer deems appropriate.\n\nB\n\nIn order to create a time-share program for a time-share use project, the developer shall (i) execute and record a time-share instrument as required by subsection A or (ii) execute a time-share instrument that takes the form of and is a part of the contract that contains the information required by subsection A.\n\nC\n\nIf the developer explicitly reserves the right to develop additional time-shares, the time-share instrument shall also contain the following:\n\n1\n\nA legally sufficient description of all land that may be added to the time-share project, which shall be referred to as “additional land”;\n\n2\n\nA statement outlining the order in which portions of the additional land may be subjected to the exercise of each development right or a statement that no assurances are made in that regard;\n\n3\n\nA statement of the time limit upon which the option to develop shall expire, together with a statement of the circumstances, if any, that will terminate that option prior to the expiration of the specified time limit;\n\n4\n\nA statement of the maximum number of units that may be added to the time-share project, if known, or, if the maximum number of units that may be added to the time-share project is not known, a statement to that effect; and\n\n5\n\nA statement of the property classification of the additional land if the developer fails to exercise the development rights as reserved in the time-share instrument.\n\n","order_by":null,"text":{"0":{"id":1378899,"text":"In order to create a time-share program for a time-share estate project, the developer shall execute a time-share instrument prepared and executed in accordance with this chapter and record it in the clerk’s office where such time-share project is located. The time-share instrument shall contain the following:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1378900,"text":"The name of the time-share project, which shall include or be followed by a qualifying adjective or term outlined in § 55.1-2205;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1378901,"text":"The name of the locality and the state or situs in which the time-share project is situated;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":1378902,"text":"The legal description, street address, or other description sufficient to identify the time-share project;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":1378903,"text":"A legally sufficient description of the real estate constituting the time-share project;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":1378904,"text":"A statement of the form of time-share program, i.e., whether it is a time-share estate or time-share use;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":1378905,"text":"Identification of time periods by letter, name, number, or combination thereof;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":1378906,"text":"Identification of time-shares and, where applicable, the method by which additional time-shares may be created or withdrawn;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":1378907,"text":"The formula, fraction, or percentage of the common expenses and any voting rights assigned to each time-share;","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":1378908,"text":"Any restrictions on the use, occupancy, enjoyment, alteration, or alienation of time-shares;","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":1378909,"text":"The ownership interest, if any, in personal property available to time-share owners;","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"A11"},"11":{"id":1378910,"text":"The program by which the managing entity, if any, will provide management of the project;","type":"section","prefixes":["A","11"],"prefix":"11","entire_prefix":"A11","prefix_anchor":"A11","level":2,"prior_prefix":"A10","next_prefix":"A12"},"12":{"id":1378911,"text":"The period for which units are designated and committed to the time-share program and the property classification of the units at the expiration of such period;","type":"section","prefixes":["A","12"],"prefix":"12","entire_prefix":"A12","prefix_anchor":"A12","level":2,"prior_prefix":"A11","next_prefix":"A13"},"13":{"id":1378912,"text":"Any provision for amending the time-share instrument;","type":"section","prefixes":["A","13"],"prefix":"13","entire_prefix":"A13","prefix_anchor":"A13","level":2,"prior_prefix":"A12","next_prefix":"A14"},"14":{"id":1378913,"text":"A description of the events, including condemnation and damage or destruction, upon which the time-share program may or shall be terminated before the expiration of its full term and the consequences of such termination, including the manner in which the time-share project or the proceeds from the disposition of such project shall be held or distributed among owners;","type":"section","prefixes":["A","14"],"prefix":"14","entire_prefix":"A14","prefix_anchor":"A14","level":2,"prior_prefix":"A13","next_prefix":"A15"},"15":{"id":1378914,"text":"A statement of whether or not the developer reserves the right to add to or delete any incidental benefit; and","type":"section","prefixes":["A","15"],"prefix":"15","entire_prefix":"A15","prefix_anchor":"A15","level":2,"prior_prefix":"A14","next_prefix":"A16"},"16":{"id":1378915,"text":"Such other matters as the developer deems appropriate.","type":"section","prefixes":["A","16"],"prefix":"16","entire_prefix":"A16","prefix_anchor":"A16","level":2,"prior_prefix":"A15","next_prefix":"B"},"17":{"id":1378916,"text":"In order to create a time-share program for a time-share use project, the developer shall (i) execute and record a time-share instrument as required by subsection A or (ii) execute a time-share instrument that takes the form of and is a part of the contract that contains the information required by subsection A.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A16","next_prefix":"C"},"18":{"id":1378917,"text":"If the developer explicitly reserves the right to develop additional time-shares, the time-share instrument shall also contain the following:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"19":{"id":1378918,"text":"A legally sufficient description of all land that may be added to the time-share project, which shall be referred to as “additional land”;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"20":{"id":1378919,"text":"A statement outlining the order in which portions of the additional land may be subjected to the exercise of each development right or a statement that no assurances are made in that regard;","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"21":{"id":1378920,"text":"A statement of the time limit upon which the option to develop shall expire, together with a statement of the circumstances, if any, that will terminate that option prior to the expiration of the specified time limit;","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"22":{"id":1378921,"text":"A statement of the maximum number of units that may be added to the time-share project, if known, or, if the maximum number of units that may be added to the time-share project is not known, a statement to that effect; and","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"C5"},"23":{"id":1378922,"text":"A statement of the property classification of the additional land if the developer fails to exercise the development rights as reserved in the time-share instrument.","type":"section","prefixes":["C","5"],"prefix":"5","entire_prefix":"C5","prefix_anchor":"C5","level":2,"prior_prefix":"C4"}},"ancestry":[{"id":52654,"edition_id":2,"name":"Creation, Termination, and Management","identifier":"2","label":"article","depth":4,"order_by":2,"parent_id":52652,"metadata":{"child_laws":10,"child_structures":0},"date_created":"2026-08-02 03:02:34","date_modified":"2026-08-02 12:35:31","permalink":{"id":1474503,"object_type":"structure","relational_id":52654,"identifier":"2","token":"55.1\/IV\/22\/2","url":"\/55.1\/IV\/22\/2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52652,"edition_id":2,"name":"Virginia Real Estate Time-Share Act","identifier":"22","label":"chapter","depth":3,"order_by":5,"parent_id":52629,"metadata":{"child_laws":53,"child_structures":6},"date_created":"2026-08-02 03:02:34","date_modified":"2026-08-02 12:35:30","permalink":{"id":1474471,"object_type":"structure","relational_id":52652,"identifier":"22","token":"55.1\/IV\/22","url":"\/55.1\/IV\/22\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52629,"edition_id":2,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":4,"parent_id":52600,"metadata":{"child_laws":309,"child_structures":30},"date_created":"2026-08-02 03:01:58","date_modified":"2026-08-02 12:35:28","permalink":{"id":1473475,"object_type":"structure","relational_id":52629,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52600,"edition_id":2,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":120,"parent_id":null,"metadata":{"child_laws":875,"child_structures":101},"date_created":"2026-08-02 03:01:36","date_modified":"2026-08-02 12:35:20","permalink":{"id":1471771,"object_type":"structure","relational_id":52600,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":369624,"structure_id":52654,"section_number":"55.1-2207","catch_line":"Time-sharing permitted","url":"\/55.1-2207\/","token":"55.1\/IV\/22\/2\/55.1-2207","metadata":{"court_decisions":""}},{"id":369625,"structure_id":52654,"section_number":"55.1-2208","catch_line":"Instruments","url":"\/55.1-2208\/","token":"55.1\/IV\/22\/2\/55.1-2208","metadata":false},{"id":369626,"structure_id":52654,"section_number":"55.1-2209","catch_line":"Time-share instrument for time-share estate project","url":"\/55.1-2209\/","token":"55.1\/IV\/22\/2\/55.1-2209","metadata":false},{"id":369627,"structure_id":52654,"section_number":"55.1-2210","catch_line":"Developer control in time-share estate program","url":"\/55.1-2210\/","token":"55.1\/IV\/22\/2\/55.1-2210","metadata":false},{"id":369628,"structure_id":52654,"section_number":"55.1-2211","catch_line":"Time-share estate owners' association control liens","url":"\/55.1-2211\/","token":"55.1\/IV\/22\/2\/55.1-2211","metadata":false},{"id":369629,"structure_id":52654,"section_number":"55.1-2212","catch_line":"Time-share owners' association books and records; meetings; use of email","url":"\/55.1-2212\/","token":"55.1\/IV\/22\/2\/55.1-2212","metadata":false},{"id":369630,"structure_id":52654,"section_number":"55.1-2213","catch_line":"Time-share estate owners' association annual report","url":"\/55.1-2213\/","token":"55.1\/IV\/22\/2\/55.1-2213","metadata":false},{"id":369631,"structure_id":52654,"section_number":"55.1-2214","catch_line":"Time-share instrument for project","url":"\/55.1-2214\/","token":"55.1\/IV\/22\/2\/55.1-2214","metadata":false},{"id":369632,"structure_id":52654,"section_number":"55.1-2215","catch_line":"Partition","url":"\/55.1-2215\/","token":"55.1\/IV\/22\/2\/55.1-2215","metadata":false},{"id":369633,"structure_id":52654,"section_number":"55.1-2216","catch_line":"Termination of certain time-shares","url":"\/55.1-2216\/","token":"55.1\/IV\/22\/2\/55.1-2216","metadata":false}],"previous_section":{"id":369624,"structure_id":52654,"section_number":"55.1-2207","catch_line":"Time-sharing permitted","url":"\/55.1-2207\/","token":"55.1\/IV\/22\/2\/55.1-2207","metadata":{"court_decisions":""}},"next_section":{"id":369626,"structure_id":52654,"section_number":"55.1-2209","catch_line":"Time-share instrument for time-share estate project","url":"\/55.1-2209\/","token":"55.1\/IV\/22\/2\/55.1-2209","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2208\/","history_text":"

This law was first created in 2023. The record of its establishment is cataloged in chapters 52<\/a> and 53<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":369423,"section_number":"55.1-1920","catch_line":"Contents of plats and plans","order_by":null,"url":"\/55.1-1920\/"},{"id":369483,"section_number":"55.1-1976","catch_line":"Public offering statement; condominium securities","order_by":null,"url":"\/55.1-1976\/"},{"id":369626,"section_number":"55.1-2209","catch_line":"Time-share instrument for time-share estate project","order_by":null,"url":"\/55.1-2209\/"},{"id":369631,"section_number":"55.1-2214","catch_line":"Time-share instrument for project","order_by":null,"url":"\/55.1-2214\/"}],"refers_to":[{"id":369622,"section_number":"55.1-2205","catch_line":"Use of terms","order_by":null,"url":"\/55.1-2205\/"}],"permalink":{"id":1474509,"object_type":"law","relational_id":369625,"identifier":"55.1-2208","token":"55.1\/IV\/22\/2\/55.1-2208","url":"\/55.1-2208\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/55.1-2208\/","token":"55.1\/IV\/22\/2\/55.1-2208","dublin_core":{"Title":"Instruments","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2208","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In order<\/span> to create a time-share program<\/span> for a time-share estate<\/span> project, the developer<\/span> shall execute a time-share instrument<\/span> prepared and executed in accordance with this chapter and record it in the clerk’s office where such time-share project<\/span> is located. The time-share instrument<\/span> shall contain the following: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The name of the time-share project<\/span>, which shall include or be followed by a qualifying adjective or term outlined in § 55.1-2205<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The name of the locality and the state or situs<\/span> in which the time-share project<\/span> is situated; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The legal description, street address, or other description sufficient to identify the time-share project<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> A legally sufficient description of the real estate constituting the time-share project<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> A statement of the form of time-share program<\/span>, i.e., whether it is a time-share estate<\/span> or time-share use<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Identification of time periods by letter, name, number, or combination thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Identification of time-shares<\/span> and, where applicable, the method by which additional time-shares<\/span> may be created or withdrawn; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> The formula, fraction, or percentage of the common expenses and any voting rights assigned to each time-share; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Any restrictions on the use, occupancy, enjoyment, alteration, or alienation of time-shares<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> The ownership interest, if any, in personal property available to time-share owners<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> The program by which the managing entity<\/span>, if any, will provide management of the project; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> The period for which units<\/span> are designated and committed to the time-share program<\/span> and the property classification of the units<\/span> at the expiration of such period; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Any provision for amending the time-share instrument<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> A description of the events, including condemnation and damage or destruction, upon which the time-share program<\/span> may or shall be terminated before the expiration of its full term and the consequences of such termination, including the manner in which the time-share project<\/span> or the proceeds from the disposition<\/span> of such project shall be held or distributed among owners; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> A statement of whether or not the developer<\/span> reserves the right to add to or delete any incidental benefit<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> Such other matters as the developer<\/span> deems appropriate. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In order<\/span> to create a time-share program<\/span> for a time-share use<\/span> project, the developer<\/span> shall (i) execute and record a time-share instrument<\/span> as required by subsection A or (ii) execute a time-share instrument<\/span> that takes the form of and is a part of the contract<\/span> that contains the information required by subsection A. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If the developer<\/span> explicitly reserves the right to develop additional time-shares<\/span>, the time-share instrument<\/span> shall also contain the following: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A legally sufficient description of all land that may be added to the time-share project<\/span>, which shall be referred to as “additional land<\/span>”; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A statement outlining the order<\/span> in which portions of the additional land<\/span> may be subjected to the exercise of each development right<\/span> or a statement that no assurances are made in that regard; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A statement of the time limit upon which the option to develop shall expire, together with a statement of the circumstances, if any, that will terminate that option prior to the expiration of the specified time limit; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> A statement of the maximum number of units<\/span> that may be added to the time-share project<\/span>, if known, or, if the maximum number of units<\/span> that may be added to the time-share project<\/span> is not known, a statement to that effect; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> A statement of the property classification of the additional land<\/span> if the developer<\/span> fails to exercise the development rights<\/span> as reserved in the time-share instrument<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINSTRUMENTS (\u00a7 55.1-2208)\n\nA. In order to create a time-share program for a time-share estate project, the\ndeveloper shall execute a time-share instrument prepared and executed in\naccordance with this chapter and record it in the clerk’s office where\nsuch time-share project is located. The time-share instrument shall contain the\nfollowing:\n\n 1. The name of the time-share project, which shall include or be followed by a\n qualifying adjective or term outlined in § 55.1-2205;\n\n 2. The name of the locality and the state or situs in which the time-share\n project is situated;\n\n 3. The legal description, street address, or other description sufficient to\n identify the time-share project;\n\n 4. A legally sufficient description of the real estate constituting the\n time-share project;\n\n 5. A statement of the form of time-share program, i.e., whether it is a\n time-share estate or time-share use;\n\n 6. Identification of time periods by letter, name, number, or combination\n thereof;\n\n 7. Identification of time-shares and, where applicable, the method by which\n additional time-shares may be created or withdrawn;\n\n 8. The formula, fraction, or percentage of the common expenses and any voting\n rights assigned to each time-share;\n\n 9. Any restrictions on the use, occupancy, enjoyment, alteration, or\n alienation of time-shares;\n\n 10. The ownership interest, if any, in personal property available to\n time-share owners;\n\n 11. The program by which the managing entity, if any, will provide management\n of the project;\n\n 12. The period for which units are designated and committed to the time-share\n program and the property classification of the units at the expiration of such\n period;\n\n 13. Any provision for amending the time-share instrument;\n\n 14. A description of the events, including condemnation and damage or\n destruction, upon which the time-share program may or shall be terminated\n before the expiration of its full term and the consequences of such\n termination, including the manner in which the time-share project or the\n proceeds from the disposition of such project shall be held or distributed\n among owners;\n\n 15. A statement of whether or not the developer reserves the right to add to\n or delete any incidental benefit; and\n\n 16. Such other matters as the developer deems appropriate.\n\nB. In order to create a time-share program for a time-share use project, the\ndeveloper shall (i) execute and record a time-share instrument as required by\nsubsection A or (ii) execute a time-share instrument that takes the form of and\nis a part of the contract that contains the information required by subsection\nA.\n\nC. If the developer explicitly reserves the right to develop additional\ntime-shares, the time-share instrument shall also contain the following:\n\n 1. A legally sufficient description of all land that may be added to the\n time-share project, which shall be referred to as “additional\n land”;\n\n 2. A statement outlining the order in which portions of the additional land\n may be subjected to the exercise of each development right or a statement that\n no assurances are made in that regard;\n\n 3. A statement of the time limit upon which the option to develop shall\n expire, together with a statement of the circumstances, if any, that will\n terminate that option prior to the expiration of the specified time limit;\n\n 4. A statement of the maximum number of units that may be added to the\n time-share project, if known, or, if the maximum number of units that may be\n added to the time-share project is not known, a statement to that effect; and\n\n 5. A statement of the property classification of the additional land if the\n developer fails to exercise the development rights as reserved in the\n time-share instrument.\n\nHISTORY: 2023, cc. 52, 53.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}