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2018 Georgia Code 44-3-189 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 44-3-189 Case Law from Google Scholar Amendments to OCGA 44-3-189

TITLE 44 PROPERTY

Section 3. Regulation of Specialized Land Transactions, 44-3-1 through 44-3-250.

ARTICLE 5 TIME-SHARE PROJECTS AND PROGRAMS

44-3-189. Protection of purchasers from developer's underlying blanket encumbrance.

The developer whose project is subject to an underlying blanket lien or encumbrance shall protect nondefaulting purchasers from foreclosure by the lienholder by obtaining from the lienholder a nondisturbance clause, subordination agreements, partial release of the lien as the time-share intervals are sold, or an agreement in writing that the lienholder will purchase nondefaulting purchasers' intervals in an amount equal to the amount agreed to by the parties but in no event less than the amount actually paid by the purchaser toward the purchase price of the time-share interval.

(Code 1981, §44-3-190, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1984, p. 22, § 44; Code 1981, §44-3-189, as redesignated by Ga. L. 1995, p. 1260, § 1.)

Cross references.

- Purchase of time-share interval is free of liens, § 44-3-180.

Editor's notes.

- Ga. L. 1995, p. 1260, § 1, renumbered former Code Section 44-3-189 as present Code Section 44-3-188.

PART 6 R EGISTRATION

44-3-190. Real estate broker's license requirement; collection of compensation for real estate brokerage services from persons reselling time-share intervals.

  1. It shall be unlawful for any person to engage in the business of, act in the capacity of, advertise, or assume to act as a sales agent or managing agent within this state without first obtaining a license to act as a real estate broker if required by Chapter 40 of Title 43.
  2. Prior to the closing of a resale of a time-share interval owned by a person other than the developer of the time-share program, no person may charge or collect any compensation for real estate brokerage services from the person reselling the time-share interval; provided, however, that such person providing real estate brokerage services may charge an advertising fee if:
    1. Such person can document that said advertising fee was paid to a firm which regularly provides advertising services to promote the sale of real property and with which such person providing real estate brokerage services has no personal, familial, or business relationship; and
    2. The party reselling the time-share interval signs an agreement authorizing the advertising fee and such agreement identifies the party to whom the advertising fee will be paid.

      If the person offering real estate brokering services on the resale of a time-share interval also offers a guaranteed sale of the interval, such person may not charge or collect any compensation for any purpose prior to the closing of the resale of the time-share interval.

(Code 1981, §44-3-192, enacted by Ga. L. 1983, p. 1255, § 1; Code 1981, §44-3-190, as redesignated by Ga. L. 1995, p. 1260, § 1.)

Cross references.

- Financial requirements for licensing and registration, § 7-1-1003.2. Application for registration, § 7-1-1003.3.

Editor's notes.

- Ga. L. 1995, p. 1260, § 1, renumbered former Code Section 44-3-190 as present Code Section 44-3-189.

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