Nevada timeshare law has some of the most inclusive statutes in the US. It falls under their property statute under a subpart of the subdivide land section 119A . While the statute is expansive it focuses primarily on the licensing requirements of sellers with a few parts carved out for sale, resale, rights, management, and litigation. One big area to its credit is that it has several sections spelled out specifically for bringing cases and how that can be done in Nevada.
While many states address the sale of timeshares as real property, not many are interested in resale as a place that gets statutory protection. Nevada is the exception and has four parts that are spelled out just for the attempted resale of a timeshare. Resale is especially important because it is where most of the fraud occurs. Timeshares are notoriously difficult to get out of, so many companies come along claiming to be able to resell them and just take an advance fee from owners and disappear into the ether. Nevada has a specific protection for this. Under their law resellers if they take an advance fee are required to keep 80% of that fee in an escrow account until they can sell the timeshare. If they are unable to sell it the owners are entitled to get that money back.
Rescission Period: 5 Days
Disclaimer: These summaries of law are intended only to serve as an information source for consumers. Statutes and laws are subject to constant change and the information listed above may not represent the most recent, or complete information. This does not constitute legal advice and a lawyer should always be contacted to provide you an analysis of your case. If you would like to have your case reviewed, please call us at (360)918-8196 for a free consultation