Section 5403 - Public offering statement; time-share estatesIf 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.1996, Dec. 19, P.L. 1336, No. 180, § 1, effective in 45 days.