1. (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:

   1. (a) The actual date the contract is executed by each party.
   2. (b) The names and addresses of the developer, any owner of the underlying fee, and the timeshare plan.
   3. (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, maintenance, management, and recreation charges.
   4. (d) The estimated date of completion of construction of each accommodation or facility which is not completed at the time the contract is executed and the estimated date of closing.

   5. (e) A description of the nature and duration of the timeshare period being sold, including whether any interest in real property is being conveyed and the specific number of years constituting the term of the timeshare plan.

      ¹(f) Immediately prior to the space reserved in the contract for the signature of the purchaser, in conspicuous type, substantially the following statements:

      You may cancel this contract without any penalty or obligation within 10 calendar days after the date you sign this contract, and within 10 calendar days after the date you receive the approved public offering statement, whichever is later.

      If you decide to cancel this contract, you must notify the developer 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 Developer) at (Address of Developer) . Any attempt to obtain a waiver of your cancellation right is unlawful. 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.

   6. (g) If a timeshare license is being conveyed, the following statement in conspicuous type:

      You may also cancel this contract at any time after the accommodations or facilities are no longer available as provided in this contract and the public offering statement.

   7. (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.

   8. (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 public offering statements or other documentation or materials that must be furnished to a purchaser pursuant to statute or rule.
   9. (j) If the timeshare period is being sold pursuant to an agreement for deed, a statement that the signing of the agreement for deed does not entitle the purchaser to receive a deed until all payments under the agreement have been made.

   10. (k) Unless the developer is at the time of offering the plan the owner in fee simple absolute of the accommodations and facilities of the timeshare plan, free and clear of all liens and encumbrances, a statement that the developer is not the sole owner of the underlying fee of the accommodations or facilities without liens or encumbrances, which statement shall include:

       1. The names and addresses of all persons or entities having an ownership interest or other interest in the accommodations or facilities; and

       2. The actual interest of the developer in the accommodations or facilities.

   11. (l) If the contract is for the sale or transfer of a timeshare period in which the accommodations or facilities are subject to a lease, the following statement within the text in conspicuous type: This timeshare period is subject to a lease (or sublease). A copy of the executed lease shall be attached as an exhibit.

   12. (m) If the purchaser will receive an interest in a multisite timeshare plan pursuant to part II, the following statement shall be provided in conspicuous type:

       The developer is required to provide the managing entity of the multisite timeshare plan (or multisite vacation ownership plan or multisite vacation plan or vacation club) 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 not filed with the division, to be maintained by the managing entity for inspection as part of the books and records of the plan.

   13. (n) 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.

2. (2) 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.
3. (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.

4. (4) A developer may not offer any number of timeshare estates or timeshare licenses that would cause the total number of estates or licenses offered to exceed a one-to-one purchaser to accommodation ratio.

   ¹Note.--Section 15, ch. 98-36, provides that "[t]his act shall take effect [April 30, 1998]; however, with respect to any timeshare plan filing approved by the division prior to [April 30, 1998], the amendment to s. 721.06(1)(f), Florida Statutes, shall not apply to such filing until January 1, 1999, unless and only to the extent that the developer otherwise voluntarily agrees to comply with all or a portion of such provisions."

History.--s. 1, ch. 81-172; s. 61, ch. 82-226; s. 5, ch. 83-264; s. 3, ch. 93-58; s. 3, ch. 95-274; s. 3, ch. 98-36.