§ 3403. Public offering statement; time-share estates.

543 words·~2 min read·/pa/title-68/chapter-34/3403

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Definition.-- For purposes of this section, "time-share estate" means either:

(1)an "interval estate," meaning a combination of:

(i)an estate for years in a unit, during the term of which title to the unit rotates among the time-share owners thereof, vesting in each of them in turn for periods established by a fixed recorded schedule, with the series thus established recurring regularly until the term expires, coupled with

(ii)a vested undivided fee simple interest in the remainder in that unit, the magnitude of that interest having been established by the declaration or by the deed creating the interval estate; or

(2)a "time-span estate," meaning a combination of:

(i)an undivided interest in a present estate in fee simple in a unit, the magnitude of that interest having been established by the declaration or by the deed conveying the time-span estate, coupled with

(ii)the exclusive right to possession and occupancy of that unit during a regularly recurring period designated by that deed or by a recorded document referred to therein.

(b)General rule.-- If the declaration provides that ownership or occupancy of any units are or may be owned in time-shares, the public offering statement shall contain or disclose in addition to the information required by section 3402 (relating to public offering statement; general provisions):

(1)The total number of units in which time-share estates may be created.

(2)The total number of time-share estates that may be created in the condominium.

(3)The projected common expense assessment for each time-share estate and whether those assessments may vary seasonally.

(4)A statement of any services not reflected in the budget which the declarant provides, or expenses which he pays, and which he expects may become at any subsequent time a common expense of the association, and the projected common expense assessment attributable to each of those services or expenses for each time-share estate.

(5)The extent to which the time-share owners of a unit are jointly and severally liable for the payment of real estate taxes and all assessments and other charges levied against that unit.

(6)The extent to which a suit for partition may be maintained against a unit owned in time-share estates.

(7)The extent to which a time-share estate may become subject to a tax or other lien arising out of claims against other time-share owners of the same unit.

(8)A statement in at least ten-point bold face type, appearing on the first page of the public offering statement, that:

(i)Within seven days after receipt of a public offering statement a purchaser, before conveyance, may cancel any contract for purchase of a unit from a declarant.

(ii)If a declarant fails to provide a public offering statement to a purchaser before conveying a unit, the purchaser may recover from the declarant damages as provided in section 3406(c) (relating to purchaser's right to cancel) and a description of such damages.

(iii)If a purchaser receives the public offering statement more than seven days before signing a contract, he cannot cancel the contract.

68c3403v

(Dec. 18, 1992, P.L.1279, No.168, eff. 45 days)

Cross References. Section 3403 is referred to in sections 3102, 3205, 3401 of this title.

68c3404s