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Public offering statement; time shares - 68 Pa. Cons. Stat. § 4405

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     § 4405.  Public offering statement; time shares.
        If the declaration provides that ownership of cooperative
     interests or occupancy of any units is or may be in time shares,
     the public offering statement shall disclose, in addition to the
     information required by section 4403 (relating to public
     offering statement; general provisions):
            (1)  The number and identity of units in which time
        shares may be created.
            (2)  The total number of time shares that may be created
        in the cooperative.
            (3)  The minimum duration of any time shares that may be
        created.
            (4)  The extent to which the creation of time shares will
        or may affect the enforceability of the association's lien
        for assessments provided in section 4315 (relating to lien
        for assessments).
            (5)  The projected common expense assessment for each
        time share and whether those assessments may vary seasonally.
            (6)  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.
            (7)  The extent to which time share owners are jointly
        and severally liable for the payment of common expenses
        assessments and other charges levied against that cooperative
        interest.
            (8)  The extent to which a suit for partition may be
        maintained against a cooperative interest owned in time
        shares.
            (9)  The extent to which a time share may become subject
        to lien arising out of claims against other time share owners
        of the same cooperative interest.
            (10)  In lieu of the statement required under section
        4403(a)(11), 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 purchaser's receipt of a
            public offering statement or any amendment thereto that
            would have a material and adverse effect on the rights or
            obligations of that purchaser, a purchaser, before
            conveyance, may cancel any contract for purchase of a
            time share from a declarant.
                (ii)  If a person required to deliver a public
            offering statement under this subpart fails to provide a
            public offering statement to a purchaser before conveying
            a time share or if the public offering statement or any
            amendment does not comply with the requirements of this
            subpart, the purchaser may recover from such person
            damages, described in detail, as provided in section
            4408(f) (relating to purchaser's right to cancel).
                (iii)  If a purchaser receives the public offering
            statement more than seven days before signing a contract,
            he cannot cancel the contract, except that, in accordance
            with subparagraph (i), he shall have the right to cancel
            the contract within seven days after receipt of any
            amendment thereto that would have a material and adverse
            effect on the rights or obligations of that purchaser.

        Cross References.  Section 4405 is referred to in sections
     4102, 4401, 4402, 4403 of this title.

Last modified: November 27, 2007