Rules Adopted
The Real Estate Commission has adopted three new rules governing time share sales and operations which became effective September 1, 1984.
Under Rule B .0301, if a person wishes to cancel his time share purchase by mail within the statutory 5-day "cooling off period" following signing of the purchase contract, the postmark date on his notice to cancel his purchase will be presumed to be the date that the notice was mailed to the developer. Also, developers are required to retain the notice and envelope in their files for three years.
Rule B .0401 requires time share developers and their salesmen to retain for at least three years records relating to their transactions and operations including offers, trust account records and employment records.
Rule B .0501 requires developers and their salesmen to deposit time share trust funds in a trust account not later than three banking days following receipt and, in the case of monies received on account of time share purchases, to keep these funds in their trust account for at least 10 days following the date of sale or until cancellation of the purchase by the purchaser, whichever occurs first. Furthermore, if a purchaser makes a timely and proper cancellation of his purchase, the developer must refund all monies paid by the purchaser not later than 30 days following the date that the contract was executed.
A copy of the complete text of these and other rules regarding time share sales and operations is available without charge from the Commission Office.
Registered Time Share Projects
Under the North Carolina Time Share Act, time share developers must register their North Carolina time share projects with the Real Estate Commission. Deputy Legal Counsel Thomas R. Miller and Time Share Clerk Martha Neeley report that the projects listed on this page had registered with the Real Estate Commission as of September 1, 1984. Information concerning time share sales activities at projects not shown on this list should be reported to the Commission.Office.