18VAC48-45-255: Narrative sections; governmental reviews

The public offering statement shall contain a section captioned "Governmental Reviews." The section shall discuss governmental approvals required for the development of each time-share project included in the time-share program. In addition, the section shall discuss approval of the zoning application and site plan and issuance of building permits by appropriate governmental authorities. The section shall state the current zoning classification for each time-share project property included in the time-share program. The section shall also include a statement regarding zoning, subdivision, or land use obligations or proffers that would be imposed on the time-share owner or the association, but need not disclose zoning, subdivision, or land use obligations or proffers that do not impose any obligation on the association.