NAC119A.255. Contracts and other documents used in sale of project.

     1. Each contract, agreement and other document used in the sale of the project is subject to the standards for advertising that are set forth in this chapter.

     2. The following words must be printed clearly and conspicuously in a 12-point boldface type at the top of each contract for the sale of a time share:

     This is a binding contract by which you agree to purchase an interest in a time-share project. You should examine the statement of your right to revoke this contract within 5 days which is contained elsewhere in this contract.

     3. The following words or words of a similar import may not be used in a contract of sale for a project, time-share unit or interest in a project:

     The purchaser agrees that no representation, oral or implied, has been made to the purchaser other than what is contained in this contract.

     4. The following words must be printed clearly and conspicuously above the purchaser’s signature line in each contract for the sale of a time share:

     (a) “The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day after the date of execution of the contract.”

     (b) “The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.”

     (c) “The notice of cancellation may be delivered personally to the developer or sent by certified mail or telegraph to the business address of the developer.”

     (d) “The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.”

     5. Each contract of sale of a time-share property located outside Nevada which is sold within this State must contain one of the following sentences:

     (a) “This contract is to be construed according to the laws of Nevada and specifically chapter 119A of NRS”; or

     (b) “This contract is to be construed according to the laws of (name of the state or country). Any purchaser solicited in Nevada retains those rights granted under chapter 119A of NRS.”

     6. A developer, real estate licensee or other agent shall not make any written or oral statement which seeks to change the true nature or legal rights or obligations of any contract or legal document approved by the Division.

     7. Each major improvement which is promised in an offer must be stated in the contract so as to legally bind the developer to provide it. The Administrator will determine which improvements are considered to be subject to this requirement. With the prior approval of the Division, a major improvement which is promised in a project may be included in the contract by reference to another document.

     8. The Administrator will schedule an informal meeting to attempt to resolve a question regarding an advertisement or a document as provided in NAC 119A.215.

     (Added to NAC by Real Estate Div., eff. 12-3-84; A by R135-01, 12-13-2001)