Fla. Admin. Code Ann. R. 61J2-23.002 - Time-share Resale Contract Disclosures

(1) Pursuant to section 475.42(1)(m), F.S., it shall be a violation of chapter 475, F.S., for any broker or salesperson to utilize any form of contract or purchase and sale agreement in connection with the resale of a time-share period unless the contract or purchase and sale agreement complies in all respects with the following provisions.

(2) All forms of contract or purchase and sale agreement utilized by a broker or salesperson in connection with the resale of a time-share period shall contain all of the following:

(a) An explanation of the form of time-share ownership being purchased and a legally sufficient description of the time-share period being purchased.

(b) The name and address of the managing entity of the time-share plan.

(c) The following statement in at least 10-point, capitalized type located immediately prior to the space in the contract reserved for the signature of the purchaser: THE CURRENT YEAR'S ASSESSMENT FOR COMMON EXPENSES ALLOCABLE TO THE TIME-SHARE PERIOD YOU ARE PURCHASING IS ___. THIS ASSESSMENT, WHICH MAY BE INCREASED FROM TIME TO TIME BY THE MANAGING ENTITY OF THE TIME-SHARE PLAN, IS PAYABLE IN FULL EACH YEAR ON OR BEFORE ___. THIS ASSESSMENT (INCLUDES/DOES NOT INCLUDE) YEARLY AD VALOREM REAL ESTATE TAXES, WHICH (ARE/ARE NOT) BILLED AND COLLECTED SEPARATELY. (If ad valorem real property taxes are not included in the current year's assessment for common expenses, the following statement must be included: THE MOST RECENT ANNUAL ASSESSMENT FOR AD VALOREM REAL ESTATE TAXES FOR THE TIME-SHARE PERIOD YOU ARE PURCHASING IS ___.) EACH OWNER IS PERSONALLY LIABLE FOR THE PAYMENT OF HIS ASSESSMENTS FOR COMMON EXPENSES, AND FAILURE TO TIMELY PAY THESE ASSESSMENTS MAY RESULT IN RESTRICTION OR LOSS OF YOUR USE AND/OR OWNERSHIP RIGHTS. In making the disclosures required by this paragraph, the broker may rely upon information provided in writing by the managing entity of the time-share plan.

(d) The disclosure required by section 721.06(1)(h), F.S., if applicable.

(e) A complete and accurate disclosure of the terms and conditions of the purchase and closing, including the obligations of the seller and/or the purchaser for closing costs and title insurance.

(f) A statement disclosing the existence of any mandatory exchange program membership included in the time-share plan.

Notes

Fla. Admin. Code Ann. R. 61J2-23.002

Rulemaking Authority 475.05, 475.42 FS. Law Implemented 475.42 FS.

New 10-25-89, Formerly 21V-23.002.

New 10-25-89, Formerly 21V-23.002.