Wisconsin Statutes 707.46 – Contract; minimum requirements
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Terms Used In Wisconsin Statutes 707.46
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Land: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
- 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.
(1) Required provisions. All contracts for the purchase of a time share shall contain at least all of the following provisions:
(a) The actual date that the contract is executed by each party.
(b) The name and address of the developer or seller and of any agent acting on behalf of the developer or seller, and, if different than the developer or seller, any owner of the land or buildings included in the project of which the time shares are a part.
(c) The total financial obligation of the purchaser, including the initial purchase price and any additional charges to which the purchaser may be subject, such as financing, reservation and recreation charges and time-share expenses.
(d) The projected date of completion of construction, as defined in s. 707.49 (1) (a), of each part of the project of which time shares are a part which is not completed at the time the purchase contract is executed.
(e) A description of the nature and duration of the time share being sold.
(f) A description of the purchaser’s rights under s. 707.47.
(2) Campgrounds; additional provisions. In addition to the information required under sub. (1), a contract for the purchase of a time-share easement in a campground shall include all of the following information:
(a) Any policy or other existing obligation to allow persons who are not campground members to use the campground or campground amenities.
(b) The maximum ratio of campground contracts projected to be sold per campsite during the course of a campground contract.
(3) Recording.
(a) A contract for the purchase of a time-share and any other instrument that is evidence of a purchase of a time-share is valid only if it is recorded.
(b) Paragraph (a) does not apply to a contract for, or other instrument evidencing, the purchase of a time-share license.