Sec. 42-103ccc. Time share resale disclosure requirements.
321 words·~1 min read·
/ct/title-42/chapter-734b-time-shares/42-103ccc·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Before a purchaser signs any contract to purchase a time share resale, the person who is reselling the time share shall disclose in conspicuous type in the contract to purchase the time share resale the following information:
(1)The name, address and telephone number of the time share plan and the managing entity of the time share plan;
(2)The period of time or the duration of time during which the purchaser may use the time share interest;
(3)A legal description of the time share interest being acquired;
(4)The earliest date that the purchaser may use the time share interest;
(5)The name, address, telephone number and Internet web site address, if applicable, of the entity from which the governing documents of the association, if any, and the time share instrument may be obtained, together with the following disclosure:
“THERE ARE MANY IMPORTANT DOCUMENTS RELATING TO THE TIME SHARE PLAN WHICH YOU SHOULD REVIEW PRIOR TO PURCHASING A TIME SHARE INTEREST, INCLUDING THE DECLARATION OF CONDOMINIUM OR COVENANTS AND RESTRICTIONS; THE OWNERS' ASSOCIATION ARTICLES AND BYLAWS; THE CURRENT YEAR'S OPERATING AND RESERVE, IF ANY, BUDGETS; AND ANY RULES AND REGULATIONS AFFECTING THE USE OF THE TIME SHARE PLAN ACCOMMODATIONS AND AMENITIES.”;
(6)The amount of the annual assessment for the time share interest for the current fiscal year and a statement indicating whether or not ad valorem real property taxes are included in the annual assessment;
(7)If ad valorem real property taxes are not included in the annual assessment, the amount of ad valorem real property taxes for the most recent tax year for which a bill has been issued;
(8)Whether all assessments against the time share interest are paid in full, and if not, the amount owed, and the consequences of failure to pay any assessment or real property taxes; and
(9)Any other information required to be disclosed pursuant to regulations adopted by the commissioner.