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Public offering statement; time-share estates - 68 Pa. Cons. Stat. § 3403

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

Last modified: November 27, 2007