How many separated time periods must a time-share cover to qualify under Virginia law?

To qualify as a time-share under Virginia law, a time-share must cover five or more separate time periods. This requirement is in place to ensure that the time-share arrangement provides sufficient time for various owners to use the property. The notion of five or more time periods allows for a fair rotation amongst owners while promoting a more structured and organized use of the property. This also reflects the intent of time-share programs to offer flexibility and accessibility to multiple parties, thereby enhancing the overall experience of ownership in shared real estate. Understanding this specific requirement is crucial for compliance and for individuals or entities considering entering into a time-share agreement within the state.