§ 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.
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