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