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Address
Sovereign Corporate Centre46 Fairwind St., Mt. Royal Ave.P.O. Box CB-12762 Suite #407Nassau, N.P., The Bahamasmmccartney@lexjustis.com www.lexjustis.com www.lexjustis.com/blog
Telephone
[242] 326-1202
Facsimile
[242] 325-4202
APPLYING FOR TIME SHARE LICENSE IN THE BAHAMAS
MATTERS TO BE INCLUDED IN EVERY TIME SHARE AGREEMENT
The developing owner or its managing agent must apply to theregistrar of vacation plans and time-sharing for the purpose of registeringeach purchaser's rights in the Register of Time-Sharing Interests within sixty(60) days of execution of the purchaser’s time share agreement, and holds aduty to inform the Registrar of changes in the ownership of time shareinterests. The contract must be submitted and approved bythe Bahamas Investment Authority, and upon its execution, the developingowner holds the obligation to provide each purchaser with a certificate orother evidence of such purchaser's time share interest within sixty (60) daysof the execution of the contract in a form approved by the BIA. Legislativecommitments held by the time share developer may be delegated tomanagement agent provided that the developing owner will remain jointlyand severally liable for compliance with this requirement. The Vacationing and Time Share Act provides an outline of conditions whichmust be included in a purchaser’s time share agreement including thedisclosure of the purchaser's seven-day rescission right, and any variation tothe conditions of the time share agreement require the written approval of the BIA.
In accordance with the Vacationing and Time Share Act each sellershall utilize and furnish each purchaser with a fully completed and executedcopy of a contract pertaining to the sale which shall include the followinginformation which can be found in the paragraphs below:-Date of Contract: the actual date the contract is executed byeach party;-Names and Address of Parties with Legal/ Equitable Interests: thenames and addresses of the developing owner, any holder of amortgage or other security instrument, and any owner or lessor of any underlying estate in freehold or leasehold;-Purchaser’s Financial Obligations: the total financial obligation of the purchaser, including the initial purchase price and anyadditional charges to which the purchaser may be subject, such as
Address
Sovereign Corporate Centre46 Fairwind St., Mt. Royal Ave.P.O. Box CB-12762 Suite #407Nassau, N.P., The Bahamasmmccartney@lexjustis.com www.lexjustis.com www.lexjustis.com/blog
Telephone
[242] 326-1202
Facsimile
[242] 325-4202
APPLYING FOR TIME SHARE LICENSE IN THE BAHAMAS
financing, reservation, maintenance, management and recreationcharges;-Completion Date: the estimated date of completion of constructionof each accommodation or facility which is not completed at thetime the contract is executed;-Description of Time Share Interests: a description of the nature andduration of the time-sharing interests being sold and of the time-share plan, including the specific number of years constituting theterm of the time-share plan;-Representation Statement: immediately prior to the space reservedin the contract for the signature of the purchaser, in conspicuoustype, substantially the following statement:"YOU MAY CANCEL THIS CONTRACT WITHOUT ANY PENALTY OROBLIGATION WITHIN SEVEN DAYS FROM THE DATE YOU SIGN THISCONTRACT, AND UNTIL SEVEN DAYS AFTER YOU RECEIVE THE PUBLICOFFERING STATEMENT, WHICHEVER IS LATER. IF YOU DECIDE TO CANCEL THIS CONTRACT, YOU MUST NOTIFY THE DEVELOPING OWNER IDENTIFIED IN THIS CONTRACT IN WRITING OF YOUR INTENT TO CANCEL. YOUR NOTICE OFCANCELLATION SHALL BE EFFECTIVE UPON THE DATE SENT AND SHALL BESENT TO (NAME OF DEVELOPING OWNER) AT (ADDRESS OF DEVELOPINGOWNER). ANY ATTEMPT TO OBTAIN A WAIVER OF YOUR CANCELLATIONRIGHT IS UNLAWFUL. WHILE YOU MAY EXECUTE ALL COMPLETIONDOCUMENTS IN ADVANCE, THE COMPLETION, AS EVIDENCED BY DELIVERYOF YOUR OWNERSHIP CERTIFICATE OR OTHER DOCUMENT, BEFOREEXPIRATION OF YOUR SEVEN DAY CANCELLATION PERIOD, IS PROHIBITED.";-Cancellation Statement: a statement that, in the event thepurchaser cancels the contract during the seven day cancellationperiod, the developing owner will refund to the purchaser the totalamount of all payments made by the purchaser under the contract,reduced by the proportion of any contract benefits (such as anovernight stay at the time-sharing project), the purchaser hasactually received under the contract period prior to the effectivedate of the cancellation; the statement shall further provide that therefund will be made within twenty days after receipt of notice of
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