§ 5403. Public offering statement; time-share estates.

359 words·~2 min read·/pa/title-68/chapter-54/5403

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

If the declarant 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 5402 (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 planned community.

(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 the declarant 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 boldface 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 5406(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, the purchaser cannot cancel the contract.

68c5403v

Cross References. Section 5403 is referred to in sections 5102, 5401 of this title.

68c5404s