A reservation to purchase a time share must:

contract signature

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Terms Used In Nevada Revised Statutes 119A.390

  • Contract: A legal written agreement that becomes binding when signed.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.

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.

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