2015 Pennsylvania Consolidated Statutes
Title 68 - REAL AND PERSONAL PROPERTY
Chapter 54 - Protection of Purchasers
Section 5403 - Public offering statement; time-share estates
§ 5403. Public offering statement; time-share estates.
If 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.
Cross References. Section 5403 is referred to in sections 5102, 5401 of this title.
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