21 NCAC 58B .0202. PUBLIC OFFERING STATEMENT SUMMARY

Every public offering statement shall contain a one page cover prescribed by the Commission and completed by the developer entitled Public Offering Statement Summary.  The Public Offering Statement Summary shall read as follows:

 

PUBLIC OFFERING STATEMENT

 

SUMMARY

 

NAME OF PROJECT:

 

NAME AND REAL ESTATE LICENSE NUMBER OF BROKER:

 

This Public Offering Statement contains information which deserves your careful study, as you decide whether or not to purchase a time share.

The Public Offering Statement includes general information about the real estate type, the term, and the size of this time share project.  It also includes a general description of the recreational and other facilities existing now, or to be provided in the future.  The Public Offering Statement will tell you how maintenance and management of the project will be provided and how the costs of these services will be charged to purchasers.  From the Public Offering Statement, you will also learn how the project will be governed and whether purchasers will have a voice in that government.  You will also learn that a time share instrument will be recorded to protect your real estate interest in your time share.

The Public Offering Statement contains important information, but is not a substitute for the detailed information contained in the contract of purchase and the legal documents which create and affect the time share program at this project.

Please study this Public Offering Statement carefully.  Satisfy yourself that any questions you may have are answered before you decide to purchase.  If a salesperson or other representative of the developer has made a representation which concerns you, and you cannot find that representation in writing, ask that it be pointed out to you.

 

NOTICE

 

UNDER NORTH CAROLINA LAW, YOU MAY CANCEL YOUR TIME SHARE PURCHASE WITHOUT PENALTY WITHIN FIVE DAYS AFTER SIGNING YOUR CONTRACT.  TO CANCEL YOUR TIME SHARE PURCHASE, YOU MUST MAIL OR HAND DELIVER WRITTEN NOTICE OF YOUR DESIRE TO CANCEL YOUR PURCHASE TO (name and address of project).  IF YOU CHOOSE TO MAIL YOUR CANCELLATION NOTICE, THE NORTH CAROLINA REAL ESTATE COMMISSION RECOMMENDS THAT YOU USE REGISTERED OR CERTIFIED MAIL AND THAT YOU RETAIN YOUR POSTAL RECEIPT AS PROOF OF THE DATE YOUR NOTICE WAS MAILED.  UPON CANCELLATION, ALL PAYMENTS WILL BE REFUNDED TO YOU.

 

History Note:        Authority G.S. 93A‑44; 93A‑51;

Eff. March 1, 1984;

Amended Eff. April 1, 2006; October 1, 2000; February 1, 1989; April 1, 1987.