What is required from the developer to assure completion of a timeshare project?

The requirement for a bond or cash deposit from the developer is crucial to assure the completion of a timeshare project. This bond serves as a financial assurance that funds will be available to complete the construction and fulfill the project's promises. By having a bond or cash deposit in place, it creates a level of security for potential buyers, ensuring that, in the event the developer fails to complete the project, there are funds that can be used to compensate the buyers or pay for the completion of the project through another developer.

A report of estimated costs could provide transparency regarding the financial aspects of the project, but it does not guarantee that the project will actually be completed. An insurance policy for the project may protect against certain risks, but it does not address the financial obligation to complete the project itself. Approval from previous buyers does not impact the developer's obligation or ability to complete the project; rather, it would pertain to customer satisfaction or trust in the developer's track record. Thus, the bond or cash deposit is the most reliable requirement to ensure that a timeshare project is completed as promised.