Delaware § 81-405 Time shares

Delaware Statutes

§ 81-405 — Time shares

Delaware·Title 25·Part Common Interests and Ownership of Real Estate·Ch. 81 DELAWARE UNIFORM COMMON INTEREST OWNERSHIP ACT·Subch. Protection of Purchasers

(a)If the declaration provides that ownership or occupancy of any units, is or may be in time shares, the public offering statement shall disclose, in addition to the information required by § 81-403 of this title:

(1)The number and identity of units in which time shares may be created;

(2)The total number of time shares that may be created;

(3)The minimum duration of any time shares that may be created; and

(4)The extent to which the creation of time shares will or may affect the enforceability of the association’s lien for assessments provided in § 81-316 of this title.

(b)Any common interest community that is in time shares shall also be governed by Chapter 28 of Title 6, to the extent applicable.

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(a) If the declaration provides that ownership or occupancy of any units, is or may be in time shares, the public offering statement shall disclose, in addition to the information required by § 81-403 of this title:

(1) The number and identity of units in which time shares may be created;

(2) The total number of time shares that may be created;

(3) The minimum duration of any time shares that may be created; and

(4) The extent to which the creation of time shares will or may affect the enforceability of the association’s lien for assessments provided in § 81-316 of this title.

(b) Any common interest community that is in time shares shall also be governed by Chapter 28 of Title 6, to the extent applicable.

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