721.07Public Offering Statement.—Prior to offering a timeshare plan, the developer must file a statement of public offering which will be submitted to the department for approval as required in s.721.03, S.721,55, or this section. Until such filing is approved by the Department, any contract relating to the sale of this timeshare plan is subject to termination by the purchaser pursuant to s.721.10. (1)Upon receipt of a Public Offering Statement submitted by a Developer, the Department must send the Developer an acknowledgment of receipt. The Department's failure to provide such acknowledgment does not relieve Developer of its obligation to comply with this Section. (2)(a)Within 45 days of receipt of any filed statement of public offering subject only to this part and filed in the proper form required by the Rules, or within 120 days of receipt of any filed statement of public offering subject to this part is subject to II and has been duly filed in accordance with the regulation, the Department must determine whether the proposed public offering statement submitted is suitable to satisfy the requirements of this section and notify the Developer by mail that the Department has approved the statement or found deficiencies in the Expression. If the Department does not approve the declaration or finds deficiencies in the declaration within the period specified in this paragraph, the submission will be deemed approved. (B)If the property developer does not respond to the stated defects within 20 days of receipt of the department's notification of defects, the department may reject the notification. After such a refusal, any new application or further examination of the refused application will be subject to a new filing fee under subsection (4) and a new initial sub-area examination period under paragraph (a). (C)Within 20 days of receipt of Developer's timely and complete response to a Deficiency Notice, the Department will notify Developer by email that the Department has approved the submission, found additional identified deficiencies therein, or determined that the identified deficiencies have not previously been corrected . If the department does not approve or specify additional defects within 20 days of receiving the developer's complete and timely response, the submission will be deemed approved. (D)A developer must be authorized to provide buyers with a public offering statement from the buyer that has not yet been approved by the department, provided that: 1.At the time Developer provides an unauthorized public offering statement to a Buyer pursuant to this paragraph, Developer must provide a completed, signed copy of the Purchase Agreement issued pursuant to s.721.06contains the following declaration in conspicuous print essentially in the following form, which according to s.721.06(1)(g): The developer gives you a public offering statement that has been filed with but not yet approved by the Florida Division of Condominiums, Timeshares and Mobile Homes. Any revisions to the unauthorized public offering statement received by you must be delivered to you, but only if the revisions materially alter or modify the offering in a manner disadvantageous to you. After the department approves the public offering statement, you will receive a notification of developer approval and any required revisions, if any. Your statutory right to cancel this transaction without penalty or obligation will expire 10 calendar days after the date you sign your contract of sale or receive the last of all documents required to be provided under Section721.07(6), Florida Statutes or 10 calendar days after receipt of necessary revisions for delivery to you, if applicable, whichever is later. If you decide to cancel this Agreement, you must notify Seller in writing of your intention to cancel. Your cancellation will be effective on the date it is posted and will be sent to(name of seller)NO(Seller's address). Any attempt to obtain a waiver of your right of withdrawal will be null and void. While you may execute any closing documents in advance, a closing evidenced by the delivery of the certificate or other document before the 10-day cooling-off period has expired is prohibited. 2.Upon receipt of shared approval and prior to completion, if changes to the documents contained in Buyer's public offering statement materially alter or modify the Offering in a manner adverse to Buyer, Developer shall communicate such changes to Buyer, along with a notification containing a visible type declaration essentially as follows: The previously unauthorized public offering statement made available to you, along with accompanying revisions, has been approved by the Florida Division of Condominiums, Timeshares and Mobile Homes. Therefore, your right of withdrawal expires 10 calendar days after signing the purchase agreement or 10 calendar days after receipt of these changes, whichever is later. If you have any questions about your right of withdrawal, please contact the department at [insert current department address]. 3.Upon receipt of Shared Approval and prior to Closing, if no revisions have been made to the documents included in Buyer's Statement of Unapproved Public Offering, or if such revisions do not materially alter or modify the Offering to Buyer's disadvantage, The Developer shall provide the Buyer with a notice that in prominent writing shall contain, substantially, the following: The previously unauthorized public offering statement made available to you has been approved by the Florida Division of Condominiums, Timeshares and Mobile Homes. Revisions, if any, made to the unauthorized public offering statement need not be made available to you or, in the opinion of the Developer, materially alter or modify the Offering in a manner adverse to you. Your right of withdrawal therefore expires 10 days after signing the purchase contract. A complete copy of the approved public offering statement is available for inspection as part of the Scheme's books and records from the Administrator. If you have any questions about your right of withdrawal, please contact the department at [insert current department address]. (3)(a)1.Any amendment to the filing of an approved public offering statement must be submitted to the Department for approval as an amendment before it becomes effective. The department has 20 days after receiving a proposed change to approve the proposed change or to identify deficiencies in the proposed change. If the division does not decide within 20 days, the change is considered approved. If the proposed change adds a new component location to an approved multi-site timeshare plan, the Division's initial time limit to approve or address deficiencies is 45 days. If the developer does not adequately respond to a notice of defects within 30 days, the department may reject the change. After such rejection, a new filing fee under subsection (4) and a new initial split review period under this paragraph will apply to each new filing or additional review of the rejected amendment. 2.For Submissions subject solely to this Part, any approved amendment to the Approved Buyer's public offering statement, except for an amendment made solely for the purpose of adding a phase or phases to the timeshare plan in the manner described in the Timeshare Instrument, or a change that does not change the offer significantly or to the detriment of the buyer must be sent to the buyer no later than 10 days before the conclusion of the contract. For registrations made pursuant to Part II, any approved amendment to the public offering statement of the multi-site timeshare plan purchaser shall apply, except for an amendment made solely for the purpose of adding, replacing or deleting a component site pursuant to Part II or the addition of a phase or phases at a sub-site of a multi-site timeshare scheme in the manner described in the Timeshare Instrument, or any change that does not materially alter the Offering or modify it in a manner adverse to a Buyer must be notified to a Buyer No later than 10 days before closing. 3.For submissions subject only to Part II of this chapter, changes made to a timeshare instrument for a component location in that state will only be delivered to buyers who receive an interest in a specific multi-site timeshare plan at that location . Changes made by a timeshare instrument to a component page that is not in this condition need not be communicated to buyers. (B)At the time the modifications to be delivered to Buyers pursuant to paragraph (a) are delivered to Buyers, Developer shall provide uncompleted Buyers with a written statement that the Buyer or lessee has 10 days' prior notice. (4)(a)Upon filing a public offering statement, the developer will pay a registration fee of $2 for every 7 days of annual usage availability for each timeshare unit that may be offered as part of the proposed timeshare plan. (B)Upon filing an amendment to an approved submitted public offer statement, the developer must pay a $100 filing fee. (5)Any offer statement submitted for a timeshare plan that is not a multi-site timeshare plan must include the information required in this subsection. The department is empowered to establish, by rule, the method by which a developer must provide such information to the department. (A)A cover that only says: 1.The name of the timeshare plan; Is 2.The following statement in conspicuous writing:This Public Offering Statement contains important considerations to consider when purchasing a Timeshare Ownership. The statements contained in this public offer statement are of a summary nature only. A prospective buyer should consult all references, addenda, contract documents and sales materials. You should not rely on oral representations as correct. Please see this document and accompanying exhibits for accurate representations. The Seller is prohibited from making any declarations other than those contained in the Contract and this Public Offer Statement. (B)A list of all statements that must be prominently printed in the public offer statement and any related exhibits. (C)A separate index to the contents and exhibits of the Public Offering Statement. (D)Text to include the information provided in paragraphs (e)-(hh), if any. (mi)A description of the timeshare plan, including but not limited to: 1.Your name and location. 2.An explanation of the form of timeshare ownership being offered, including a statement of whether any interest in the underlying property will pass to the buyer. If the plan is prepared or sold under a lease, a description of the essential terms of the lease must be included. If the scheme is a scheme in which timeshare properties or timeshare interests in private property are sold as interests in a trust in accordance with the requirements of this chapter, a full and accurate description of the trust deed must accompany the trustee. If the plan is a private property timeshare plan, a description of the essential terms of the private property ownership or use agreement must be included. 3.Explanation of how the allocation of shared expenses and ownership of shared items was determined. 4.If ownership or use of the timeshare plan is based on a points system, a statement stating the circumstances in which point values may change, the extent of such changes, and the person or entity responsible for making the changes. 5.If any of the accommodations or facilities are part of a privately owned timeshare scheme where the accommodations or facilities are on a documented vessel or a foreign vessel as described in s.721.08(2)(c)3.e., by s.721.08(2)(c)3.e.(IV). (F)A description of the accommodations including but not limited to: 1.The number of timeshare units in each building, the total number of timeshare periods declared as part of the timeshare plan and registered with the department, and the number of bathrooms and bedrooms in each type of timeshare unit. 2.The latest estimated date of completion of construction, completion and furnishing of the timeshare units declared as part of the timeshare plan and on file with the department. 3.The estimated maximum number of timeshare units and periods during which the accommodations and facilities will be used. If the maximum number of timeshare units or timeshare periods varies, a description of the basis for the variation. 4.The term of the timeshare plan in years. 5.If any of the Accommodations is part of a privately owned timeshare plan, the name, vehicle plate number, title certificate number, or any other identifying registration number associated with the Accommodation in the privately owned timeshare plan is the personal property of a state, federal, or international governmental agency. 6.If either accommodation is part of a privately owned timeshare scheme, the fire detection system and equipment, and a description of the method of complying with any applicable fire or safety code. (Gramm)A description of the facilities to be used by plan purchasers, including but not limited to: 1.The purpose of use, if not apparent from the description. 2.The estimated date that each facility will be available for the buyer's use. 3.A statement of whether the facilities will be used solely by timeshare plan buyers, and if not, a statement of whether timeshare plan buyers will be required to pay a portion of the maintenance and expense of those facilities. (h)1.If any of the facilities offered by the developer for use by buyers are rented or have associated club memberships, other than vacation club memberships, one of the following statements in bold type:There is a lease associated with one or more timeshare features;Ö,There is a club membership associated with one or more features of the timeshare plan. 2.If buyers are required to pay fees, rent, levies or other charges under a rental agreement or club membership for use of the facilities that are not membership of a vacation club, the relevant written statement must identify substantially as follows: A.Home decorating club membership is compulsory for buyers; B.Buyer or condominium association(s) must be tenants as a condition of ownership in accordance with the terms of the lease of the premises; C.The buyers or the association(s) of owners are obliged to pay their share of the rent or the costs and expenses of maintenance, administration, maintenance and replacement arising from the rent of the premises (or other instruments making the premises available). ;Ö D.A similar explanation of the nature of the organization or manner in which usage rights are created and which buyers must pay. Immediately following the relevant statement, a description of the lease or other instrument must be provided, including a description of the terms of rent payment or the costs and expenses of maintaining, managing, maintaining and replacing the facilities. 3.If buyers are required to pay a usage fee or other payment for use of the Facilities, excluding rent or maintenance, administrative, servicing, or replacement costs and expenses, the following statement in bold type:Buyers or homeowners associations must pay usage fees for one or more facilities.A description of the usage fees must appear immediately after this statement. 4.If any person other than the HOA has the right to pledge timeshare interests to secure payment of fees, rent or other extortion, a statement in prominent writing substantially in the following format: A.There is a lien or right on each timeshare unit to secure payment of rent and other encroachment upon the lease of the premises. Buyer's failure to make such payments may result in foreclosure of the security;Ö B.A lien or lien exists against any timeshare interest to secure payment of assessments or other extortions due for the use, upkeep, maintenance or repair of one or more facilities. Buyer's failure to make these payments could result in foreclosure. A description of the warranty claim must be attached immediately after the relevant statement. (UE)If the developer or any other person has the right to expand or add to the facilities at any time after the timeshare plan has been established without requiring the consent of the buyers or homeowners association, a statement in prominent writing shall be included in the following way:Systems may be expanded or supplemented without the consent of the buyer or the homeowners association(s).A description of copyright must be included immediately after this statement. (j)1.For a real estate timeshare plan, a statement of the ownership status of the property underlying the timeshare plan, including a statement of any liens, deficiencies, judgments, mortgages or other liens affecting title and how such lien, deficiencies, Judgments, mortgages or other liens will be removed or satisfied prior to closing. 2.For a private property timeshare plan, an explanation of the status of the personal title title underlying the timeshare plan, including a statement of any liens, deficiencies, judgments, or other encumbrances affecting the title, and thus any liens, deficiencies, judgments, or other Liens will be removed or satisfied prior to closing. (k)A description of any judgment against the sponsor, management company, owner of the underlying interest rate, or owner of the underlying personal property whose judgment is relevant to the timeshare plan; the status of any pending proceedings involving the Promoter, Management Company, underlying rate holder or underlying personal property owner, whose proceedings are material to the timeshare plan; and all other processes relevant to the timeshare plan of which the promoter, the management company, the owner of the underlying share or the owner of the underlying movable property have actual knowledge. If no lawsuits or legal proceedings are pending, there will be a finding of fact. (UE)A description of all significant and unusual circumstances, features and characteristics of real estate or personal property underlying or comprising the timeshare plan. (Metro)A detailed explanation of the financial arrangements made to implement all of the promised improvements. (Nord)name and address of the administrative office; A statement of whether the seller may change the entity or its control and, if so, how the seller may change the entity; a statement of arrangements for the management, maintenance and operation of the accommodation and facilities and other property which will serve the buyers; and a description of the management contract and related contracts with a term of more than 1 year, including the names of the parties to the contract, the duration of the contract, the nature of the benefits included and the remuneration fixed at one month and for one year and provisions for salary increases. In the case of a privately owned timeshare plan where the accommodations or facilities are on a documented vessel or on a foreign vessel as set out in s.721.08(2)(c)3.e, must be accompanied by a statement describing the manager's or condominium association's access to the classification certificates and that the classification certificate will be made available to buyers upon request. (Ö)Whether any person other than the purchaser is entitled to retain control of the homeowners association board, if any, for a period which may exceed 1 year after the completion of the sale of the majority of the timeshare interests in that timeshare plan to persons who have no successors or are concurrent developers and the plan is one where all buyers automatically become members of the community of owners, a prominent statement essentially in the following format:The developer (or anyone else) has the right to retain control of the HOA after the majority of the timeshare shares have been sold.A description of the applicable transfer of control of the timeshare plan provisions must be included immediately after this statement. (if) 1.If the sale, transfer, assignment or lease of a timeshare unit is restricted, a statement in prominent writing substantially in the following format:The sale, rental or transfer of timeshare rights is restricted or controlled.Immediately following this statement must be a description of the nature of the restriction, restriction or control over the sale, rental or transfer of the timeshare rights. 2.The following statement in bold in essentially the following form:The purchase of a timeshare interest should be based on its value as a vacation or leisure experience and should not be considered for the purpose of purchasing an appreciation investment or with the expectation that the timeshare interest can be resold. (Q)If the timeshare plan is part of a phased project, an appropriate explanation and a full description of the phase. Without prejudice to the provisions of art.718.110o s.719.1055A developer may develop a condominium or condominium cooperative in phases where the original condominium or cooperative ownership deed represents the initial phase of ownership of the condominium or cooperative or an amendment to the condominium or cooperative deed approved by all the owners of shares and share mortgages provides for staggering . Without prejudice to the provisions of art.718.403o s.719.403Otherwise, the original Condominium or Cooperative Declaration Documents, or amendments to the Condominium or Cooperative Declaration Documents adopted pursuant to this Subsection, need only generally describe the developer's phase plan and the land that may join the condominium or cooperative, and so on with which the developer may engage also reserve all rights to change your phase plan with respect to phase boundaries, lot and floor plans, timeshare unit types, time unit size proportions and mixtures of timeshare unit types, timeshare unit numbers and facilities with respect to any subsequent phase. There is no time limit during which a condominium or timeshare cooperative developer must complete its phased plan, and the developer need not notify existing timeshare owners of its decision not to add one or more proposed phases. . (R)A description of the material restrictions, if any, imposed on the timeshare in connection with the use of any of the accommodations or facilities, including whether there are restrictions on children and pets, or a reference to a copy of the documentation to be attached the restrictions. If there are no restrictions, there must be a finding of fact. (S)If the developer is offering land or personal property for the use of the buyer and it is not owned or leased by the developer, homeowners association or entity controlled by the buyers, a statement stating the land or personal property as in Timeshare plan is described serves as well as type and length of service. (T)An estimated operating budget for the timeshare plan and purchaser's expense list must be attached and include the following information: 1.The estimated annual cost of the timeshare plan billed to buyers for reviews. The buyer's estimated payments for appraisals should also be expressed in estimated amounts for the due dates. The expenses for the shortest term of the timeshare offered for sale by the developer must also be accounted for. If the timeshare plan provides for the offering and sale of units for use on a timeshare basis, the estimated monthly and annual charges for those units will be set forth in a separate plan. 2.The estimated weekly, monthly and annual expenses of the purchaser of each timeshare right, excluding dues due to the administrative entity. Personal expenses of buyers that are not common to all buyers or that are not anticipated or accounted for in the timeshare plan documents may be excluded from this estimate. 3.Estimated expense items of the timeshare plan and management company, except as excluded in sub-paragraph 2., including but not limited to, where applicable, the following items to be reported as attributable management expenses for valuations or buyer expenses paid to persons other than the to be paid administrative unit: A.Management unit costs: (UE)administration of the administrative unit. (II)Management Fees. (III)Maintenance. (4)Rental of premises. (V)Property taxes for timeshares. (VI)Taxes on leased land. (VIII)Secure. (VII)safety regulations. (IX)Other expenses. (X)working capital. (XI)Reserves for deferred maintenance and reserves for capital expenditures, including: (A)Reserves for deferred maintenance or capital expenditures for housing and facilities of a real estate timeshare plan, if any. All accruals for timeshare property plan accommodations and facilities located in that state must be calculated using a formula based on the estimated useful life and replacement cost of each item in the accrual and funds equal to the estimated total cost for the accrued maintenance costs or the estimated lifetime provides total. Useful life and replacement cost of an asset or group of assets over the remaining useful life of the asset or group of assets. Reserve funding formulas are based on the separate analysis of each of the assets required by the straight-line method of accounting, or the joint analysis of two or more assets required by the common method of accounting. Provisions for deferred maintenance of such dwellings and facilities should include bills for roof replacement, building painting, floor replacement, replacement of timeshare unit furniture and equipment, and any other components that have a shorter useful life than the useful life of the structure in general. For all timeshare plan dwellings and facilities located outside of that state, the developer must disclose the amount of reserves for deferred maintenance or capital expenditures required by host state law, if applicable, and for such dwellings and facilities be entertained. (B)Reserves for deferred maintenance or capital expenditures for housing and facilities of a privately owned timeshare plan, if applicable. If such reserves are maintained, the estimated operating budget should disclose the method used to calculate the reserves. When reservations are not required for a privately owned timeshare plan, the following statement must appear in prominent type on the listing and public offering statement: The estimated operating budget for this privately owned timeshare plan does not include any reserves for deferred maintenance or capital expenditures; Any timeshare interest may be subject to significant special scrutiny from time to time in the absence of such reserves. (XIII)Fees payable to the department. B.Cost for a buyer: (UE)Renting the timeshare unit if it is the subject of a lease. (II)Rent payable by the buyer directly to the landlord or agent under a lease agreement for the use of premises, the use and payment of which is a mandatory condition of ownership and is not included in the common expenses or common maintenance fees payable by the buyers to the be paid to trustees of the company. 4.The estimated values must be expressed for a period of at least 12 months and can be distinguished between the period before the date when the buyers elect the majority of the board of directors and the period after that date. 5.If the developer intends to guarantee the level of the ratings, that guarantee must be based on a good faith estimate of the income and expenses of the timeshare plan. The guarantee must contain a description of the following items: A.The specific period of time, measured in one or more calendar or fiscal years, during which the warranty is in effect. B.A statement that the developer will pay all incidental ordinary expenses in addition to the total income of the timeshare plan pursuant to s.721,15(2) if the developer has refused to pay the fees during the warranty period. C.The level, expressed in total dollars, at which the developer allocates the budget. If the developer has requested an extension or increase of the warranty according to para.721,15(2) a corresponding statement must be made. 6.If the founder intends to provide a trust fund to defer or reduce the payment of annual dues, a copy of the trust deed must be attached and contain a description of this agreement, including but not limited to: A.The specific value of these trusts and the origin of the funds. B.Name and address of trustee. C.The investment methods permitted in the trust deed. D.A statement in prominent writing that the balance in the escrow account may not cover all investments and that there is no guarantee that buyers will not be subject to future taxes. 7.The offering for a staged timeshare plan may include a notice stating the number of timeshares covered by the offering, the number of timeshare rights, if any, estimated to be claimed as part of the timeshare plan during that timeshare calendar year, and the forecast of common expenses for the timeshare plan, based on the estimated number of timeshare shares to be declared as part of the timeshare plan during that calendar year. (Of)For timeshare plans for which the purchase or closure of timeshare rights does not meet the requirements of the Liquidation Procedures Act, 12 U.S.C. HH 2601 et seq., a list of estimated closing costs to be paid by a buyer or lessee of a timeshare interest. (v)A statement of whether a title appraisal or insurance policy is available to the buyer and, if so, by whom. (C)The identity of the developer and the COO or principal responsible for the creation and sale of the timeshare plan and a statement of each individual's experience in the area, or if no experience, a statement of that fact. (X)A statement of the buyer's full financial obligations, including the purchase price and any additional costs to which the buyer may be subject. (y)The name of any person who has or may have the right to change, amend or amend the charges to which Buyer may be subject and the conditions under which such changes, amendments or amendments may be imposed. (z)A statement of the buyer's right to cancel the contract of sale. (AA)A description of the insurance coverage for the timeshare plan. (Bed and breakfast)A statement of whether the timeshare plan participates in an exchange program and, if so, the name and address of the exchange company offering the exchange program. (cc)The existence of rules and regulations relating to booking features governing a buyer's ability to make reservations for a timeshare, including, where applicable, a prominent disclaimer of warranties substantially of the following form: The right to reserve a timeshare is subject to the rules and regulations of the timeshare reservation system. (tt)If a developer submits a timeshare plan that contains a timeshare instrument or component location document that conforms to the laws and rules in effect at the time the timeshare plan is created, but does not conform to the laws and existing rules applicable to the timeshare plan and the Developer is not authorized or authorized to modify or amend the Timeshare Instrument or Components Website Document to comply with any existing law or rule as required by the Department, a brief explanation of applicable law and conflicts with the Timeshare Components -Website instrument or document, preceded by a conspicuous disclaimer, essentially as follows: Florida law has changed and certain provisions in [insert appropriate reference to timeshare instrument or component website document] were consistent with Florida law as it existed at the time the timeshare plan was prepared , do not comply with current Florida law. These documents may only be modified by [insert appropriate reference to the person or entity having the right to amend or modify the Timesharing Instrument or Component Site Document]. Developer does not warrant that such documents are technically compliant with all applicable Florida laws and regulations. Any questions regarding the modification of these documents should be directed to [insert appropriate reference to the person or entity that has the right to modify or add to the Timesharing Instrument or Component Site Document]. (von)Any other information that a seller wishes to include in the public offering statement, with department approval. (ff)Copies of the following documents and plans, as applicable, must be attached to the submitted offer to purchase as attachments, if the timeshare plan has not yet been declared or prepared at the time of submission, the developer must provide the offer documentation: 1.property settlement. 2.Cooperative Documents. 3.The Statement of Agreements and Restrictions. 4.The charter of incorporation of the community of owners. 5.The statutes of the community of owners. 6.Any ground leases or other underlying real estate leases related to the timeshare plan. In the case of a privately owned timeshare plan, all personal property leases associated with the privately owned timeshare plan. 7.The management contract and all maintenance contracts and others related to the management and operation of the timeshare property with terms in excess of 1 year. 8.Estimated operating budget for the timeshare plan and buyers' required spending plan. 9.Floor plans of each dwelling type and property plan showing the location of all dwellings and facilities declared as part of the timeshare plan and submitted to the department. 10The rental of premises. 11An easement for land used for housing and facilities but not owned or leased to the buyer or condominium association. 12According to Art.721.03(3)(e) as a result of the incorporation of a timeshare scheme into the conversion of the building to condominium or cooperative ownership. 13The form of contract for the sale or rental of timeshare. 14The signed agreement to escrow payments to Developer prior to completion and the form of any agreement to escrow ad valorem tax escrow payments to be deposited into an ad valorem tax escrow account pursuant to s.192.037(6). 15.Documents containing any restrictions on use of the property required under subsection (r). sixteen.A letter from the trustee or solicitor certifying that the trustee and its officers, directors or other employees are independent as required by this chapter. 17Any instrument of non-interruption and notice to creditors pursuant to Art.721.08. 18In the case of a privately owned timeshare plan where accommodation and facilities are on a documented vessel or on a foreign vessel as in s.721.08(2)(c)3.e, a copy of the Vessel Certificate of Ownership and a copy of the Vessel Documentation Certificate or Certificate of Registration. 19A sworn affidavit from a lawyer licensed to practice in a United States jurisdiction that the lawyer will research the applicable laws of the jurisdiction in which the applicable law was determined and the laws of the jurisdiction in which the boat is located has lain. registered and determined that the timeshare instrument conforms with the provisions of s.721.08(2)(c)3.e.(II)(C) and (III). 20Any other documents or instruments creating the timeshare plan. (gg)1.Other information necessary to fairly, meaningfully and effectively disclose all aspects of the timeshare plan, including but not limited to disclosures necessary for the operation of s.721.03(8). 2.If a developer has made a good faith attempt to comply with this chapter, and if the developer has in fact substantially complied with this chapter, then immaterial errors or omissions will not be prosecuted, will not constitute a violation of this chapter, and will not provide the buyer with any right of withdrawal. The developer has the burden of proof for the purposes of this paragraph. (SS)Notwithstanding the provisions of this Subsection, the public offering statement submitted pursuant to this Subsection for a partial site of a multi-site timeshare plan may contain cross-references to the information contained in the public offering statement submitted for the timeshare plan. Site timeshare presented in this subsection.721,55rather than repeating such information. (ii)A statement that the owner's obligation to pay contributions continues as long as he/she owns the interest in the timeshare and that if a person inherits a interest in a timeshare, that person will be responsible for paying those contributions. (J)The following statement in bold: The Management Entity has a lien on each Timeshare to ensure the payment of Fees, Ad Valorem Fees, Fees and Special Fees. Failure to make the required payments may result in the enforcement of a valuation lien in court or in trust and the loss of your timeshare interest. If the Management Company enters into an escrow proceeding, you have the opportunity to object to the application of the escrow proceeding and the Management Company's only remedy is to bring an action for foreclosure. (6)The Department has the right to prescribe by rule the form of the Approved Buyer's Offer Statement that the Developer shall submit to each Buyer. The buyer's tender offer statement form must provide fair, meaningful and effective disclosure of all aspects of the timeshare plan. For timeshare plans submitted pursuant to this part, the developer must provide each buyer with: (A)A copy of the text of the buyer's offer statement in the format approved by the department for transmission to buyers. (B)Copies of the exhibits are to be filed in the department specified in paragraphs (5) (ff) 1., 2., 4., 5., 8. and 20. (C)A receipt for the timeshare plan documents and a list detailing any public offering statement attachments filed with the department that were not provided to the purchaser. The department is authorized to prescribe by rule the manner of obtaining the timeshare plan documentation and the description of the exhibit list to be provided to the purchaser. A description of the list of documents used by a developer must be submitted to the Department for review as part of the public offering statement filed pursuant to this Section. The Developer will provide the Management Entity with a copy of the submitted and approved Tender Offer Statement and any approved amendments that the Management Entity shall consider as part of the timeshare plan's books and records pursuant to s.721.13(3)(d). (D)Any other attachments that Developer includes as part of Buyer's public offering statement, provided that Developer first submits the attachment to the Department. (mi)A signed copy of a document signed by the buyer. (F)Each buyer receives a fully signed paper copy of the sales contract. (7)The department may accept an alternative form of timeshare disclosure statement under an agreement with another state. The alternative form of timeshare disclosure statement must contain at least provisions that are substantially similar to this section. The department can, according to Art.120.536(1) mi120,54to implement this subsection.
Story.—S. 1, Cape. 81-172; P. 156, Chap. 83-216; S. 6, Chap. 83-264; S. 3, Cape. 84-256; S. 48, Chap. 85-62; S. 53, Ch. 90-339; S. 6, Chap. 91-236; S. 4, Cape. 93-58; S. 5, Cape. 95-274; P. 893, Ch. 97-102; S. 4, Cape. 98-36; S. 12, Chap. 2000-302; S. 6, Chap. 2004-279; S. 3, Cape. 2007-75; P. 66, Chap. 2008-240; S. 8, Chap. 2009-133; S. 1, Cape. 2010-134; S. 3, Cape. 2013-159; S. 2, Cape. 2015-144.
FAQs
What is Section 721 of the Florida Statutes? ›
Chapter 721 of the Florida Statutes, also known as The Florida Vacation Plan and Timesharing Act, is a chapter of law that governs timeshares in the State of Florida. The Florida Vacation Plan and Timesharing Act should be read in conjunction with Chapters 61B-37 through 41, Florida Administrative Code.
What laws in fl impact the resale of timeshares? ›Florida Statutes 721.20 (7) Collection of Advance Fees: Timeshare resale law in Florida declares that is prohibited for any broker, broker-salesperson, or salesperson to collect an advance fee for the listing of a timeshare property. Collection of such advanced fee shall be deemed unlawful under Florida timeshare law.
How long is the rescission period for timeshare in Florida? ›Florida state law has a “cooling off” rescission period of 10 days from the date you receive the signed purchase documents, during which you can make a timeshare cancellation and have your money refunded.
What is the statute of limitations for real estate in Florida? ›95.12 Real property actions. —No action to recover real property or its possession shall be maintained unless the person seeking recovery or the person's ancestor, predecessor, or grantor was seized or possessed of the property within 7 years before the commencement of the action.
What is property exempt from claims of creditors in Florida? ›Your home and Florida's homestead exemption
If you own the home you live in, your home is protected from all creditors except those holding a mortgage or lien on your residence. You can exempt or protect your home and up to one-half acre of land from any forced sale if you live in an incorporated area.
Homeowners' Association Act
§720.301, et. seq., governs the formation, management, powers, and operation of HOAs in Florida. The law specifically applies to not-for-profit organizations operating residential homeowners associations in Florida. Fla.
Ask the Resort to Take It Back
Some are surprisingly simple, like a timeshare deed-back. This is a legal, low-cost way to give the property back to the resort. Look through your timeshare's paperwork to see if this is an option for you.
721.855 Procedure for the trustee foreclosure of assessment liens. —The provisions of this section establish a trustee foreclosure procedure for assessment liens.
Will my children inherit my timeshare? ›If you die owning a timeshare, it does become part of your estate and obligations are indeed passed onto the next-of-kin or the estate's beneficiaries. However, they do not have to accept it, in the same way that anyone has the right to refuse any part of an inheritance.
Is there a 3 day right of rescission in Florida? ›A sale for future services can be cancelled by the buyer by notifying the seller within three business days from the date the buyer signs the contract. There is no requirement that the notice be made in writing. However, it is a better practice for the buyer to send written notice to the seller by certified mail.
How many days can a purchaser of a timeshare cancel the contract without penalty? ›
So, if you wish to cancel your resort timeshare purchase, you generally have a period of 5-15 days after purchase wherein you may legally rescind the contract. After the rescission period has expired, you can no longer cancel your purchase without penalty.
Why is it so hard to cancel a timeshare contract? ›It is very hard to cancel your timeshare as there are very few options available. The Timeshare company has designed the contract in such a way that it is almost difficult to solve. Timeshare owners don't have many options to get out of the timeshare contract.
How long do you have to file a claim against an estate in Florida? ›Even with formal administration, most estates are resolved within 18 months. However, all claims against an estate must be filed within 2 years of the person's death.
How long before a debt becomes uncollectible in Florida? ›Statute of Limitations in Florida for Debt
The statute of limitations for debt in Florida is five years. A creditor has five years to sue you for the money you owe. Most debts are based on written agreements and the statute of limitations period for contract actions is five years.
Finally, one little known fact is that two years from the date of death of a decedent, creditors claims against the estate are barred. In other words, these claims fall away and are not enforceable (mortgages, secured loans and perfected liens are exceptions).
What assets are protected from creditors in Florida? ›- A homestead property, with some acreage limitations.
- The wages of someone who qualifies as head of household.
- Annuities.
- Life Insurance cash value.
- Retirement Accounts. ...
- Tenants by entireties property when the judgment is against one spouse in a marriage.
- Risk Mitigation.
- Appropriate Insurance.
- Florida Homestead.
- Tenants by Entireties.
- Limited Liability Companies.
- Head of Household Exemption.
- Financial Products.
- Offshore Planning.
Florida debt collection law exempts some types of debts from garnishment. For example, wages payable to a head of household are exempt without limitation from continuing wage garnishments. Periodic payments due to the debtor from social security, annuities, and retirement plans also cannot be garnished in Florida.
How do I fight my HOA in Florida? ›- Research Your HOA's Regulations and Guidelines. ...
- Understand Your Rights as The Homeowner. ...
- Contact Your HOA. ...
- Prepare Your Appeal. ...
- Attend Your Appeal Meeting. ...
- Await the Decision.
Fortunately, Florida does allow HOAs to take action against tenants, up to and including eviction, but only in specific circumstances. There are procedures that must be followed in order for the process to be legal.
Can you sue your HOA in Florida? ›
In most cases, homeowners cannot simply sue their HOA. Florida state law generally requires disputes involving property owners and HOAs to move forward through the dispute resolution process. Instead of beginning with traditional litigation, this generally requires the homeowner to seek a resolution through mediation.
What is the cheapest way to get out of a timeshare? ›Giving your deed back to the resort allows the resort to reclaim and resell the property to someone else. If you're looking for a low-priced way to get rid of your timeshare, a deed back is your best bet.
What is the average cost to cancel a timeshare? ›As we mentioned before, the average cost to get out of a timeshare is estimated to be between $3,000 and $15,000. If you opt for a timeshare cancellation company, exit companies typically charge a fee for their services, ranging from $1,500 to $5,000.
What happens if you stop paying maintenance fees on a timeshare? ›If you stop paying your timeshare maintenance fees, you will likely default on your ownership. This not only hurts the resort, but it hurts you and your credit. Like a home going into foreclosure, the resort takes the ownership back and it will stay on your credit report.
What is chapter 82 Florida Statutes? ›Title VI. CIVIL PRACTICE AND PROCEDURE. Chapter 82. FORCIBLE ENTRY AND UNLAWFUL DETAINER.
What is chapter 727 Florida Statutes? ›727.101 Intent of chapter. —The intent of this chapter is to provide a uniform procedure for the administration of insolvent estates, and to ensure full reporting to creditors and equal distribution of assets according to priorities as established under this chapter.
What is chapter 558 Florida Statutes? ›CHAPTER 558, FLORIDA STATUTES, CONTAINS IMPORTANT REQUIREMENTS YOU MUST FOLLOW BEFORE YOU MAY BRING ANY LEGAL ACTION FOR AN ALLEGED CONSTRUCTION DEFECT IN YOUR HOME.
Can I be forced to inherit a timeshare? ›In short, yes, you can refuse to inherit a timeshare. While the laws for rejecting an inherited timeshare can vary from state to state, the actual process will generally be the same and is known as “Renunciation of Property.”
What happens to a timeshare if the owner dies? ›However, in the case of the owner's death, a timeshare becomes part of the estate, and therefore, the obligations attached to it are passed onto the next-of-kin or the beneficiary of the estate. And depending on the fees and any existing payments, the timeshare can either be a welcomed gift or a financial nightmare.
How do I walk away from my timeshare? ›- Use the rescission period.
- Call the timeshare developer.
- Rent your timeshare out.
- Sell your timeshare on the resale market (but expect to take a hit).
- Gift your timeshare to a friend, family member or stranger.
Does Florida have a buyers remorse law? ›
Unfortunately, the scope of Florida's buyer's remorse law is very limited in which situations it may cover. The law only applies to home solicitation sales. This means that you can exercise your rights under the buyer's remorse law only with regard to purchases made from door-to-door salesmen, also known as solicitors.
What is the statute right to rescind in Florida? ›In Florida, each person has a 3-day right of rescission. During this 3-day period after entering a contract for a loan, a person may cancel the contract without a financial penalty.
Can you back out of buying a house after signing a contract in Florida? ›Yes, buyers can change their minds about buying the house before officially closing on it. However, once both parties have signed the purchase agreement, it becomes a legally binding contract. You are then subject to any and all penalties outlined in the agreement if you then decide to not go through with the purchase.
How do I cancel a timeshare contract in Florida? ݤ 721.10(1)). To cancel the purchase contract, you must notify the seller in writing. Then, the timeshare company must refund you the total amount of payments, reduced by the value of any benefits received, within: twenty days after it receives your notice of cancellation, or.
How do you fight a timeshare foreclosure? ›- Selling the property interest to another person and/or entity;
- Donating the timeshare interest to a non-profit or charity;
- Negotiating with the timeshare company to avoid the foreclosure; and/or.
- Offering the deed of the timeshare in lieu of foreclosure.
Or if you have had your timeshare for years, but they've broken the promises they made (or stopped giving you the quality they promised), you can sue for breach of contract.
Can you legally cancel a timeshare contract? ›Timeshare purchasers usually get the right to rescind the contract within a specific amount of time. Most states and some foreign countries have laws giving timeshare buyers at least a few days to cancel the agreement, usually between 3 and 15 days.
What is the downfall of timeshares? ›One of the biggest problems with timeshares is that there typically is no easy exit. Those annual fees and special assessments are due as long as you own the timeshare. You may not be able to find a buyer if money is tight or you're no longer able to use it.
How do I write a letter to cancel a timeshare? ›On the (add date) I purchased a Timeshare from you, for use between (week/period) at the (resort name and location). Please rescind my contract with immediate effect and provide a written confirmation. I would appreciate your prompt response but request a reply to be provided within 14 days of receipt of this letter.
Do you need an attorney to settle an estate in Florida? ›Yes, in almost all cases you will need a Florida Probate Lawyer. Except for “disposition without administration” (very small estates) and those estates in which the executor (personal representative) is the sole beneficiary, Florida law requires the assistance of an attorney.
What happens when a claim is filed against an estate in Florida? ›
Once you file your statement of claim against an estate, the personal representative of the estate will either pay the claim, object to the claim, or attempt to settle the claim for some reduced amount. Other interested persons, such as beneficiaries, may also file objections to your claim.
What happens if you don't probate an estate in Florida? ›If probate is not filed, the probate court will not distribute the assets of the estate. The probate process provides a legal mechanism for resolving disputes over the estate, and without it, beneficiaries may have to resort to litigation to assert their rights.
Are you obligated to pay a creditor if they sell your debt? ›Unpaid debt doesn't go away. Until the debt is either paid or forgiven, you still owe the money. This is true even if it's a credit card debt that is sold to a collection agency and even if you think it's unfair.
What is the new debt collection rule? ›Debt collection agencies may not threaten legal action against the consumer if their debt has passed the statute of limitations. They can't threaten to file a lawsuit against the consumer, garnish their wages, or seize their property unless they explicitly have the right to do so.
What can restart the debt statute of limitations Florida? ›In the state of Florida, the statute of limitations is 4 years on oral contracts and 5 years on written contracts. The clock typically starts ticking after the first missed payment to the original creditor. However, be aware that the limitations period can “restart” if you make a payment toward a debt.
How long do creditors have to collect after death in Florida? ›Creditors have a limited window to collect after they have been notified of the debtor's death. Creditor claims have to be filed with the probate court 30 days after receiving a Notice to Creditors or three months from the publication date (whichever is later).
Can a creditor go after non probate assets in Florida? ›Creditor claims can only be made against probate assets that were owned individually in the decedent's name and against assets owned by the decedent's revocable trust. Assets distributed by payable-on-death or transferrable-on-death designations are not probate assets.
What is the law regarding credit card debt after death in Florida? ›Debts of the deceased in Florida cannot legally be passed down to the next surviving family member. Florida law does allow for debts to be paid out of the estate before the family receives what is left. In addition, debts such as liens on property that is inherited can become the obligation of the beneficiary.
Can statute of limitations be waived Florida? ›Throughout its history, Florida's Statute Section 775.15 has provided the general rule for when the statute of limitations act as a bar to prosecution. If your case involves a statute of limitations issue, your attorney must raise it at the trial court level or you might waive the issue on appeal.
What Florida statute defines developmental disabilities? ›(9) “Developmental disability” means a disorder or syndrome that is attributable to retardation, cerebral palsy, autism, spina bifida, or Prader-Willi syndrome; that manifests before the age of 18; and that constitutes a substantial handicap that can reasonably be expected to continue indefinitely.
What is the refund policy in Florida? ›
However, section 501.142, Florida Statutes, requires a retail establishment that sells goods to the general public and offers no cash refund, credit refund, or exchange of merchandise to post a “no refund” sign at the point of sale. The absence of such a sign means the store has a refund or exchange policy.
What is Florida Revised Limited Liability Act? ›The FRLLCA is a default statute, meaning that it governs LLCs unless the operating agreement specifies otherwise. Also, the law states that an implied LLC operating agreement is valid, just as written and verbal operating agreements are. The act made it so that an operating agreement may be made by a single member.
What crimes do not have a statute of limitations in Florida? ›As established before, in Florida, not all crimes have a statute of limitation. The Florida Statute § 775.15 indicates that crimes that are classified as a capital felony, life felony, or felonies that resulted in the death of a person do not have a statute of limitation.
How long before a crime Cannot be prosecuted in Florida? ›(a) A prosecution for a felony of the first degree must be commenced within 4 years after it is committed. (b) A prosecution for any other felony must be commenced within 3 years after it is committed. (c) A prosecution for a misdemeanor of the first degree must be commenced within 2 years after it is committed.
What crimes have no statute of limitations in Florida? ›Florida does not have a statute of limitations for murder, capital felonies, life felonies, and other felonies that result in death. As a result, law enforcement and prosecutors may commence a criminal charge for murder at any time.
Which condition is not considered a developmental disability? ›Any condition that is first detected or manifested in the adolescent years or young adult years is typically not considered a developmental disability. For example, if a teenager is struck by a car and is unable to communicate and or becomes disabled, this is typically not considered a developmental disability.
What are three types of developmental disabilities? ›Attention-Deficit/Hyperactivity Disorder (ADHD) Autism Spectrum Disorders. Cerebral Palsy.
What are two examples of a developmental disability? ›Some types of developmental disorders include: ADHD. Autism spectrum disorder. Cerebral palsy.
What are valid reasons for a refund? ›- #1 | The Customer Bought the Wrong Item.
- #2 | The Product is No Longer Needed.
- #3 | The Product Didn't Match the Description.
- #4 | A Gift Purchase Was Incorrect.
- #5 | The Product Was Damaged Upon Arrival.
- #6 | The Merchant Shipped the Wrong Item.
- #7 | The Customer Engages in Return Fraud.
You can get a full refund within 30 days. This is a nice new addition to our statutory rights. The Consumer Rights Act 2015 changed our right to reject something faulty, and be entitled to a full refund in most cases, from a reasonable time to a fixed period (in most cases) of 30 days.
Are customers always entitled to a refund? ›
Businesses can't take away a consumer's right to a refund or replacement for faulty products or services. It's illegal for businesses to rely on store policies or terms and conditions which deny these rights. For example, policies which say 'no refunds' or 'no refunds or exchanges on sale items'.
What is the statute of limitations for LLC in Florida? ݤ 605.0406(4). The statute of limitations on an action against an LLC, member, manager, or any other individual, for improper distributions is two years, meaning that an action is barred unless commenced within two years of when that alleged improper distribution was made. Fla.
Are limitation of liability clauses enforceable in Florida? ›In Florida, limitation of liability clauses are generally enforceable (see, for example, Fotomat Corp. of Fla. v. Chanda, 464 So.
Are limitations of liability enforceable in Florida? ›The language in a limitation of liability clause matters. An exculpatory provision is enforceable if the language is clear, according to the Florida Supreme Court. The clause doesn't have to specifically mention the words “negligence” or negligent acts” to relieve companies of negligence liability.