Washington Code 64.36.130 – Impoundment of proceeds from sales authorized — Establishment of trusts, escrows, etc
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(1) The director may by rule require as a condition of registration under this chapter that the proceeds from the sale of the timeshares be impounded until the promoter receives an amount established by the director. The director may by rule determine the conditions of any impoundment required under this section, including the release of moneys for promotional purposes.
Terms Used In Washington Code 64.36.130
- Director: means the director of licensing. See Washington Code 64.36.010
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Promoter: means any person directly or indirectly instrumental in organizing, wholly or in part, a timeshare offering. See Washington Code 64.36.010
- Purchaser: means any person, other than a promoter, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare, other than as security for an obligation. See Washington Code 64.36.010
- Timeshare: means a right to occupy a unit or any of several units during three or more separate time periods over a period of at least three years, including renewal options, whether or not coupled with an estate in land. See Washington Code 64.36.010
- Unit: means the real or personal property, or portion thereof, in which the timeshare exists and which is designated for separate use. See Washington Code 64.36.010
(2) The director, in lieu of or in addition to requiring impoundment under subsection (1) of this section, may require that the registrant establish trusts, escrows, or any other similar arrangement that assures the timeshare purchaser quiet enjoyment of the timeshare unit.
(3) Impounding will not be required for those timeshare offerors who are able to convey fee simple title, along with title insurance: PROVIDED, That no other facilities are promised in the offering.