(1) Each seller shall utilize and furnish each purchaser a fully completed and executed copy of a contract pertaining to the sale, which contract shall include the following information:

(a) The actual date the contract is executed by each party.
contract signature

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Terms Used In Florida Statutes 721.06

  • Accommodation: means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, campground, cruise ship cabin, houseboat or other vessel, recreational or other motor vehicle, or any private or commercial structure which is real or personal property and designed for overnight occupancy by one or more individuals. See Florida Statutes 721.05
  • Agreement for deed: means any written contract utilized in the sale of timeshare estates which provides that legal title will not be conveyed to the purchaser until the contract price has been paid in full and the terms of payment of which extend for a period in excess of 180 days after either the date of execution of the contract or completion of construction, whichever occurs later. See Florida Statutes 721.05
  • Agreement for transfer: means any written contract utilized in the sale of personal property timeshare interests which provides that legal title will not be transferred to the purchaser until the contract price has been paid in full and the terms of payment of which extend for a period in excess of 180 days after either the date of execution of the contract or completion of construction, whichever occurs later. See Florida Statutes 721.05
  • Assessment: means the share of funds required for the payment of common expenses which is assessed from time to time against each purchaser by the managing entity. See Florida Statutes 721.05
  • Closing: means :
    (a) For any plan selling timeshare estates, conveyance of the legal or beneficial title to a timeshare estate as evidenced by the delivery of a deed for conveyance of legal title, or other instrument for conveyance of beneficial title, to the purchaser or to the clerk of the court for recording or conveyance of the equitable title to a timeshare estate as evidenced by the irretrievable delivery of an agreement for deed to the clerk of the court for recording. See Florida Statutes 721.05
  • Common expenses: means :
    (a) Those expenses, fees, or taxes properly incurred for the maintenance, operation, and repair of the accommodations or facilities, or both, constituting the timeshare plan. See Florida Statutes 721.05
  • Completion of construction: means :
    (a)1. See Florida Statutes 721.05
  • Component site: means a specific geographic site where a portion of the accommodations and facilities of the multisite timeshare plan are located. See Florida Statutes 721.52
  • Conspicuous type: means :
    (a) Type in upper and lower case letters two point sizes larger than the largest nonconspicuous type, exclusive of headings, on the page on which it appears but in at least 10-point type; or
    (b) Where the use of 10-point type would be impractical or impossible with respect to a particular piece of written advertising material, a different style of type or print may be used, so long as the print remains conspicuous under the circumstances. See Florida Statutes 721.05
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract: means any agreement conferring the rights and obligations of a timeshare plan on the purchaser. See Florida Statutes 721.05
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Developer: includes :
    (a)1. See Florida Statutes 721.05
  • Division: means the Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation. See Florida Statutes 721.05
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Escrow agent: includes only:
    (a) A savings and loan association, bank, trust company, or other financial institution, any of which must be located in this state and any of which must have a net worth in excess of $5 million;
    (b) An attorney who is a member of The Florida Bar or his or her law firm;
    (c) A real estate broker who is licensed pursuant to chapter 475 or his or her brokerage firm; or
    (d) A title insurance agent that is licensed pursuant to…. See Florida Statutes 721.05
  • Facility: means any permanent amenity, including any structure, furnishing, fixture, equipment, service, improvement, or real or personal property, improved or unimproved, other than an accommodation of the timeshare plan, which is made available to the purchasers of a timeshare plan. See Florida Statutes 721.05
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Managing entity: means the person who operates or maintains the timeshare plan pursuant to…. See Florida Statutes 721.05
  • Multisite timeshare plan: means any method, arrangement, or procedure with respect to which a purchaser obtains, by any means, a recurring right to use and occupy accommodations or facilities of more than one component site, only through use of a reservation system, whether or not the purchaser is able to elect to cease participating in the plan. See Florida Statutes 721.52
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • owner of the underlying personal property: means any person having an interest in the real property or personal property comprising or underlying the accommodations or facilities of a timeshare plan at or subsequent to the time of creation of the timeshare plan. See Florida Statutes 721.05
  • Personal property: All property that is not real property.
  • Personal property timeshare interest: means a right to occupy an accommodation located on or in or comprised of personal property that is not permanently affixed to real property, whether or not coupled with a beneficial or ownership interest in the accommodations or personal property. See Florida Statutes 721.05
  • personal property timeshare plan: which means a timeshare plan in which the accommodations are comprised of personal property that is not permanently affixed to real property; and
(b) A "real property timeshare plan" which means a timeshare plan in which the accommodations of the timeshare plan are comprised of or permanently affixed to real property. See Florida Statutes 721.05
  • Public offering statement: means the written materials describing a single-site timeshare plan or a multisite timeshare plan, including a text and any exhibits attached thereto as required by ss. See Florida Statutes 721.05
  • Purchaser: means any person, other than a developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare plan other than as security for an obligation. See Florida Statutes 721.05
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Seller: means any developer or any other person, or any agent or employee thereof, who offers timeshare interests in the ordinary course of business. See Florida Statutes 721.05
  • Statute: A law passed by a legislature.
  • Timeshare estate: means a right to occupy a timeshare unit, coupled with a freehold estate or an estate for years with a future interest in a timeshare property or a specified portion thereof, or coupled with an ownership interest in a condominium unit pursuant to…. See Florida Statutes 721.05
  • Timeshare interest: means a timeshare estate, a personal property timeshare interest, or a timeshare license. See Florida Statutes 721.05
  • timeshare plan: includes :
    (a) A "personal property timeshare plan" which means a timeshare plan in which the accommodations are comprised of personal property that is not permanently affixed to real property; and
    (b) A "real property timeshare plan" which means a timeshare plan in which the accommodations of the timeshare plan are comprised of or permanently affixed to real property. See Florida Statutes 721.05
  • writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01
    • (b) The names and addresses of the developer and the timeshare plan.
    (c) The initial purchase price and any additional charges to which the purchaser may be subject in connection with the purchase of the timeshare interest, such as financing, or which will be collected from the purchaser on or before closing, such as the current year’s annual assessment for common expenses.
    (d)1. For real property timeshare plans, an estimate of any anticipated annual assessment stated on an annually recurring basis for any use charges, fees, common expenses, or ad valorem taxes or, if an estimate is unavailable, the current year’s actual annual assessment for any use charges, fees, common expenses, or ad valorem taxes.
    2. For personal property timeshare plans, an estimate of any anticipated annual assessment stated on an annually recurring basis for any use charges, fees, common expenses, or taxes or, if an estimate is unavailable, the current year’s actual annual assessment for any use charges, fees, common expenses, or taxes.
    (e) The estimated date of completion of construction of each accommodation or facility promised to be completed which is not completed at the time the contract is executed and the estimated date of closing.
    (f) A brief description of the nature and duration of the timeshare interest being sold, including whether any interest in real property or personal property is being conveyed and the specific number of years constituting the term of the timeshare plan.
    (g) Immediately prior to the space reserved in the contract for the signature of the purchaser, in conspicuous type, substantially the following statements:

    1. If the purchaser will receive a personal property timeshare interest: This personal property timeshare plan is governed only by limited sections of the timeshare management provisions of Florida law.

    2. If the accommodations or facilities are located on or in a documented vessel or foreign vessel as provided in s. 721.08(2)(c)3.e., the disclosure required by s. 721.08(2)(c)3.e.(IV).

    3. You may cancel this contract without any penalty or obligation within 10 calendar days after the date you sign this contract or the date on which you receive the last of all documents required to be given to you pursuant to section 721.07(6), Florida Statutes, whichever is later. If you decide to cancel this contract, you must notify the seller in writing of your intent to cancel. Your notice of cancellation shall be effective upon the date sent and shall be sent to   (Name of Seller)   at   (Address of Seller)  . Any attempt to obtain a waiver of your cancellation right is void and of no effect. While you may execute all closing documents in advance, the closing, as evidenced by delivery of the deed or other document, before expiration of your 10-day cancellation period, is prohibited.

    (h) If a timeshare estate is being conveyed, the following statement in conspicuous type:

    For the purpose of ad valorem assessment, taxation and special assessments, the managing entity will be considered the taxpayer as your agent pursuant to section 192.037, Florida Statutes.

    (i) A statement that, in the event the purchaser cancels the contract during a 10-day cancellation period, the developer will refund to the purchaser the total amount of all payments made by the purchaser under the contract, reduced by the proportion of any contract benefits the purchaser has actually received under the contract prior to the effective date of the cancellation. The statement shall further provide that the refund will be made within 20 days after receipt of notice of cancellation or within 5 days after receipt of funds from the purchaser’s cleared check, whichever is later. A seller and a purchaser shall agree in writing on a specific value for each contract benefit received by the purchaser for purposes of this paragraph. The term “contract benefit” shall not include purchaser public offering statements or other documentation or materials that must be furnished to a purchaser pursuant to statute or rule.
    (j) If the timeshare interest is being sold pursuant to an agreement for deed or an agreement for transfer, a statement that the signing of the agreement for deed or agreement for transfer does not entitle the purchaser to receive the conveyance or transfer of his or her timeshare estate or personal property timeshare interest until all payments under the agreement have been made.
    (k) Unless the developer is, at the time of offering the plan, the owner of the accommodations and facilities of the timeshare plan, free and clear of all liens, encumbrances, and claims of other interestholders, a statement that the developer is not the sole owner of the underlying fee or owner of the underlying personal property or that the accommodations or facilities are subject to liens or encumbrances, which statement shall include:

    1. The names and addresses of all other interestholders; and
    2. The actual interest of the developer in the accommodations or facilities. As an alternative to including the statement in the purchase contract, a seller may include a reference in the purchase contract to the location in the purchaser public offering statement text of such information.
    (l) If the purchaser will receive an interest in a multisite timeshare plan pursuant to part II, a statement shall be provided in conspicuous type in substantially the following form:

    The developer is required to provide the managing entity of the multisite timeshare plan with a copy of the approved public offering statement text and exhibits filed with the division and any approved amendments thereto, and any other component site documents as described in section 721.07 or section 721.55, Florida Statutes, that are not required to be filed with the division, to be maintained by the managing entity for inspection as part of the books and records of the plan.

    (m) The following statement in conspicuous type:

    Any resale of this timeshare interest must be accompanied by certain disclosures in accordance with section 721.065, Florida Statutes.

    (n) A description of any rights reserved by the developer to alter or modify the offering prior to closing.
    (2)(a) An agreement for deed shall be recorded by the developer within 30 days after the day it is executed by the purchaser. The developer shall pay all recording costs associated therewith. A form copy of such instrument must be filed with the division for review pursuant to s. 721.07.
    (b) An agreement for transfer shall be filed with the appropriate official responsible for maintaining such records in the appropriate jurisdiction within 30 days after the day it is executed by the purchaser. The developer shall pay all filing costs associated therewith. A form copy of such instrument must be filed with the division for review pursuant to s. 721.07.
    (3) The escrow agent shall provide the developer with a receipt for all purchaser funds or other property received by the escrow agent from a seller.
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