Download Free Print-Only PDF OR Purchase Interactive PDF Version of this Form
Time-Share Plan Disclosures (Part I) Form. This is a California form and can be use in Department Of Real Estate Statewide.
Loading PDF...
Tags: Time-Share Plan Disclosures (Part I), RE 622I, California Statewide, Department Of Real Estate
STATE OF CALIFORNIA
TIME-SHARE PLAN DISCLOSURES (PART I)
DEPARTMENT OF REAL ESTATE
SUBDIVISIONS
RE 622I (New 6/05)
For use with all time-share plans.
Following are the standard time-share plan disclosures for California public reports. The general disclosures listed
under Section 1 must be included in all time-share public reports.
The remaining disclosures should be reviewed and included in the public report if applicable to the subject time-share
plan.
1. General disclosures for all public reports.
This time-share plan is registered with the California Department of Real Estate as required by law. Registration does
not constitute an endorsement of the time-share plan and the California Department of Real Estate has not passed on
the merits of the time-share property being offered for sale.
As a general rule, a sponsor’s promotional and marketing costs in a time-share offering constitute a major portion of
the purchase price. Should you purchase a time-share interest, you may find it difficult to resell your time-share
interest without the use of an extensive promotional and advertising campaign or use of a sales organization.
You are urged to visit and inspect the time-share property before entering into an agreement to purchase. You should
determine for yourself that the property meets your personal requirements and expectations. Misunderstandings more
easily arise as to the desirability of the property when this is not done. You should also carefully review the purchase
contract to ensure that any promises of importance to you are included in the contract.
Failure to pay the assessments levied by the time-share association will prevent you from occupying and using the
time-share accommodation and result in a lien on your interest. In the event of any other breach by a time-share owner
of any of the project’s governing documents, the time-share association may, after notifying the time-share owner,
suspend such owner’s right to occupy his accommodation.
The developer must, prior to close of escrow, provide you with a notice describing any and all material changes to the
offering since the date of issuance of this public report. (Refer Section 11226(f)(2) of the Business & Professions
Code.)
The ability of time-share owners to control operations and management of the time-share plan may be severely limited
as long as the developer controls the association or management or the reservation system. You should thoroughly
review the governing documents for the time-share plan so that you will have a better understanding of your rights as
a member of the time-share plan association.
You have a duty to pay assessments even if you are unsuccessful in reserving an accommodation.
2. Conditional public reports only.
This is not a final time-share plan public report. This is a conditional time-share plan public report. As the developer
has not as yet satisfied all of the conditions necessary for the issuance of a final time-share plan public report, escrow
may not close, funds may not be released from escrow to the developer, and title shall not be conveyed until issuance
of a final time-share plan public report covering this time-share plan. Under this conditional public report, the
developer may not enter into a binding agreement with you for the purchase or lease of time-share interests in this
time-share plan unless:
A. The developer first provides you with a copy of this conditional time-share plan public report and a written
statement containing certain disclosures required by B&P Code Section 11227);
B. Provision is made in the purchase agreement and escrow instructions for the return to you of the entire sum of
money paid or advanced (purchase money) by you if a final time-share plan public report has not been issued
within six months after the date this conditional public report was issued;
C. Provision is made in the purchase agreement/contract and escrow instructions for the return to you of the entire
sum of money paid or advanced by you if you are dissatisfied with the final time-share plan public report because
of a material and adverse change in the setup of the offering. (Refer to B&P Code Section 11227.)
American LegalNet, Inc.
www.FormsWorkflow.com
D. As a condition of the purchase, delivery of legal title or other interest contracted for will not take place until
issuance of a final time-share plan public report. Before entering into a contract under the authority of this
conditional public report, you should review the agreement carefully to make sure that you will be able to honor
your obligations when it is time to close escrow.
Before signing, you should read and thoroughly understand all sales agreement and loan documents. If you do not
understand the terms of your contracts, you may wish to consider consulting with your own attorney before entering
into an agreement to purchase the time-share interest.
The term of this conditional public report is six months. When the conditional public report expires, you may wish to
consider contacting the developer to discuss the status of your purchase agreement/contract, since a conditional public
report may be renewed for one additional six month term. If not renewed, your contract may be rescinded and all
monies advanced by the purchaser shall be refunded. This is a “conditional public report” which allows the developer
to enter into a binding contract with you, subject to your receipt, examination, and acceptance of a final public report
within the time period indicated in your purchase agreement/contract.
The following conditions must be satisfied by the developer before a final time-share plan public report can be issued:
(Complete list of conditions.)
3. Include the following disclosure if a conditional public report has been issued for this time-share
plan.
If you entered into an agreement to purchase or lease an interest in the time-share plan under authority of a conditional
public report, the purchase agreement and the escrow instructions contained arrangements for the return to you of
monies paid or advanced if you are dissatisfied with this final time-share plan public report because of a material and
adverse change in the setup of the offering. You are advised to carefully read this final time-share plan public report
since it contains information that is more current and possibly different from that included in the conditional public
report.
4. Include the following disclosure if a preliminary public report has been issued for this time-share
plan.
If you have received a preliminary public report for this time-share plan, you are advised to carefully read this final
public report since it contains information that is more current and probably different from that included in the
preliminary public report.
5.
Include the following disclosures, as applicable, for time-share plans located in California. (Refer
to RE 619.)
The developer has advised that all or portions of the time-share plan subject to this public report are located within a
Special Flood Hazard Area as designated by the Federal Emergency Management Agency. Additionally, the
developer has advised that prospective purchasers within this Area will be provided a separate disclosure required
under Government Code Section 8589.3.
If any disclosure, or any material amendment to any disclosure, required to be made by the developer regarding this
natural hazard is delivered after the execution of an offer to purchase, the purchaser shall have three days after
delivery in person or five days after delivery by deposit in the mail to terminate the offer by delivery of a written
notice of termination to the developer or the developer’s agent.
The developer has advised that all or portions of the time-share plan subject to this public report are located within an
Area of Potential Flooding as shown on an inundation map. Additionally, the developer has advised that prospective
purchasers within this Area will be provided a separate disclosure required under Government Code Section 8589.4.
If any disclosure, or any material amendment to any disclosure, required to be made by the developer regarding this
natural hazard is delivered after the execution of an offer to purchase, the purchaser shall have three days after
delivery in person or five days after delivery by deposit in the mail to terminate the offer by delivery of a written
notice of termination to the developer or the developer’s agent.
The developer has advised that all or portions of the time-share plan subject to this public report are located within a
Very High Fire Hazard Severity Zone. Additionally, the developer has advised that prospective purchasers within this
RE 622I
Page 2 of 6
American LegalNet, Inc.
www.FormsWorkflow.com
Zone will be provided a separate disclosure required under Government Code Section 51183.5. If any disclosure, or
any material amendment to any disclosure, required to be made by the developer regarding this natural hazard is
delivered after the execution of an offer to purchase, the purchaser shall have three days after delivery in person or
five days after delivery by deposit in the mail to terminate the offer by delivery of a written notice of termination to
the developer or the developer’s agent.
The developer has advised that all or portions of the time-share plan subject to this public report are located within a
State Responsibility Area (wildland area that may contain substantial forest fire risks and hazards) as determined by
the California State Board of Forestry. Additionally, the developer has advised that prospective purchasers within this
Area will be provided a separate disclosure required under Public Resources Code Section 4136.
If any disclosure, or any material amendment to any disclosure, required to be made by the developer regarding this
natural hazard is delivered after the execution of an offer to purchase, the purchaser shall have three days after
delivery in person or five days after delivery by deposit in the mail to terminate the offer by delivery of a written
notice of termination to the developer or the developer’s agent.
The developer has advised that all or portions of the time-share plan subject to this public report are located within an
Earthquake Fault Zone. Additionally, the developer has advised that prospective purchasers within this Zone will be
provided a separate disclosure required under Public Resources Code Section 2621.9. If any disclosure, or any
material amendment to any disclosure, required to be made by the developer regarding this natural hazard is delivered
after the execution of an offer to purchase, the purchaser shall have three days after delivery in person or five days
after delivery by deposit in the mail to terminate the offer by delivery of a written notice of termination to the
developer or the developer’s agent.
The developer has advised that all or portions of the time-share plan subject to this public report are located within a
Seismic Hazard Zone. Additionally, the developer has advised that prospective purchasers within this Zone will be
provided a separate disclosure required under Public Resources Code Section 2694. If any disclosure, or any material
amendment to any disclosure, required to be made by the developer regarding this natural hazard is delivered after the
execution of an offer to purchase, the purchaser shall have three days after delivery in person or five days after
delivery by deposit in the mail to terminate the offer by delivery of a written notice of termination to the developer or
the developer’s agent.
Include if this time-share plan is included in one or more natural hazard areas.
Since all or portions of the time-share plan subject to this public report are located within one or more natural hazard
areas, your homeowner’s insurance and/or insurance coverage for any association or commonly owned areas may be
affected. You should contact your lender and insurance carrier for more information regarding types of insurance and
costs to cover your property, as well as the owner’s association or developer regarding any assessment increases due
to additional insurance costs.
Include if any response in RE 619 is “Do Not Know” or “Map Not Yet Released.”
At the time this public report was issued, information regarding whether all or portions of this time-share plan are
located within certain natural hazard areas was not yet available to the developer. You should ask the developer for
updated information before obligating yourself to purchase.
Use the following if developer indicates that naturally occurring asbestos may be found in or near
the time-share plan.
The developer has advised that natural occurrences of asbestos-containing rock may be found in or near this timeshare plan. Naturally occurring asbestos may pose a health hazard to those exposed to ambient asbestos fibers. Such
fibers may be found in serpentine rock used as a surface material for unpaved roads. The California Air Resources
Board has advised that asbestos emissions can occur when asbestos-containing rocks are crushed or broken, such as
occurs when vehicles pass over unpaved roads or parking lots, or during construction activities. General information
on emissions and health impacts from naturally occurring asbestos can be obtained from the Air Resources Board
Web site at www.arb.ca.gov/toxics/asbestos. To obtain specific information on your lot, you may wish to contact the
developer or consult with an appropriate expert who can identify and test any exposed asbestos-containing rock that
may either exist on the property or within its vicinity to determine whether it will present a health risk.
RE 622I
Page 3 of 6
American LegalNet, Inc.
www.FormsWorkflow.com
Use the following if developer does not provide evidence that geologic testing results concluded
that NO naturally occurring asbestos containing materials may be found in or near the time-share
plan and the time-share plan is included on El Dorado County map.
This time-share plan is in an area included on a map titled “Areas More Likely to Contain Natural Occurrences of
Asbestos in Western El Dorado County, California,” released by the California Department of Conservation, Division
of Mines and Geology, dated March 2000. You may obtain more information regarding the map and accompanying
report by contacting the Department of Conservation, Division of Mines and Geology, 801 K Street, Room 1400,
Sacramento, California, 95814, (916) 445-5716, or their Web site at www.consrv.ca.gov. Naturally occurring asbestos
may pose a health hazard to those exposed to ambient asbestos fibers. Such fibers may be found in serpentine rock
used as a surface material for unpaved roads. The California Air Resources Board has advised that asbestos emissions
can occur when asbestos-containing rocks are crushed or broken, such as occurs when vehicles pass over unpaved
roads or parking lots, or during construction activities. General information on emissions and health impacts from
naturally occurring asbestos can be obtained from the Air Resources Board Web site at
www.arb.ca.gov/toxics/asbestos. For specific information, you should consult with an appropriate expert who can
identify and test any exposed asbestos-containing rock that may either exist on the property or within its vicinity to
determine whether it will present a health risk.
Use only if a nuclear power plant is within 10 miles from time-share plan.
The time-share plan is located within _____________ miles of the _______________________________________
__________________________________________________________________________ (nuclear power plant).
It is within the basic emergency planning zone, the area surrounding each of California’s nuclear power plants, in
which both State and Federal governments require planning to protect the public in the unlikely event of a serious
accident at the plant. Plans for public information and for a full range of protective actions, including evacuation, have
been developed by local emergency services offices.
Use only if residential structures built prior to 1978 and not housing designated for the elderly.
Pursuant to federal Real Estate Disclosure and Notification Rule (24 CFR Part 35 and 40 CFR Part 745), the seller is
required to disclose to prospective buyers that this property may contain lead-based paint and/or lead-based paint
hazards as well as provide certain written materials as mandated by current law. The seller is required to offer all
prospective buyers an opportunity to conduct a risk assessment for lead-based paint and lead-based hazards prior to
being obligated under a purchase contracts. This risk assessment may be waived by written agreement between buyer
and seller. For more information, you should contact the local office of the Environmental Protection Agency.
Use if geologic conditions exist.
The Uniform Building Code, Appendix Chapter 33, provides for local building officials to exercise preventive
measures during grading to eliminate or minimize damage from geologic hazards such as landslides, fault movements,
earthquake shaking, rapid erosion or subsidence. This subdivision is located in an area where some of these hazards
may exist. Some California counties and cities have adopted ordinances that may or may not be as effective in the
control of grading and site preparation.
Purchasers may contact the developer, the developer’s engineer, the engineering geologist and local building officials
to determine if the above mentioned hazard have been considered and if there has been adequate compliance with
Chapter 70 or an equivalent or more stringent grading ordinance during the construction of this subdivision.
Use if located in an “airport influence area.”
An “airport influence area,” also known as an “airport referral area,” is the area in which current or future airportrelated noise, overflight, safety, or airspace protection factors may significantly affect land uses or necessitate
restrictions on those uses as determined by an airport land use commission. If the property is located within an airport
influence area, the following statement shall be included:
NOTICE OF AIRPORT IN VICINITY
This property is presently located in the vicinity of an airport, within what is known as an airport
influence area. For that reason, the property may be subject to some of the annoyances or inconveniences
RE 622I
Page 4 of 6
American LegalNet, Inc.
www.FormsWorkflow.com
associated with proximity to airport operations (for example: noise, vibration, or odors). Individual
sensitivities to those annoyances can vary from person to person. You may wish to consider what airport
annoyances, if any, are associated with the property before you complete your purchase and determine
whether they are acceptable to you.
Use if located in the San Francisco Bay Conservation and Development Commission.
If property is located within the jurisdiction of the San Francisco Bay Conservation and Development Commission, a
statement that the property is so located and the following notice:
NOTICE OF SAN FRANCISCO BAY CONSERVATION AND
DEVELOPMENT COMMISSION JURISDICTION
This property is located within the jurisdiction of the San Francisco Bay Conservation and Development
Commission. Use and development of property within the commission’s jurisdiction may be subject to
special regulations, restrictions, and permit requirements. You may wish to investigate and determine
whether they are acceptable to you and your intended use of the property before you complete your
transaction.
6. Include the following disclosures, as applicable, for time-share plans located outside California.
Reference Section 11265(b) — Your annual assessments are not subject to the California limitation of a 20% annual
increase without the vote of the owners other than the developer. Your assessment may be increased by as much as
____% per year.
Reference Section 11266(g) — The declaration or other document establishing this time-share plan may be amended
by a vote of ____% of the members of the association. The bylaws of the association may be amended by a vote of
____% of the members.
Reference Section 11274(f) — This time-share plan may not be subject to the same protections against forfeiture and
foreclosure as provided by California law. You should become familiar with the procedures provided by the laws of
the state in which the time-share plan is located.
7.
Use these special notes for points-based time-share projects.
No time-share interest owner shall be prevented from using a time-share plan as a result of changes in the manner in
which point values may be used. (Refer to B&P Code Section 11233(c)(2).)
The following applies to a specific interest multi-site time-share plan.
In the event point values are changed or adjusted, you must not be prevented from using your home resort in the same
manner as provided under your purchase agreement/contract. (Refer to B&P Code Section 11233(c)(3).)
8. Use if incidental benefits offered.
If you are offered the opportunity to acquire an incidental benefit in connection with the sale of a time-share interest,
the developer shall provide you with a disclosure statement containing all of the following information:
a) A general description of the incidental benefit, including the terms and conditions governing the use of the
incidental benefit.
b) A statement that the continued availability of the incidental benefit is not necessary for the use and enjoyment of
the purchaser’s use of any accommodation of the time-share plan.
c) A statement that the purchaser’s use of or participation in the incidental benefit is completely voluntary, and
payment of any fee or other cost associated with the incidental benefit is required only upon that use or
participation.
d) A listing of the fees, if any, that the purchaser will be required to pay to use the incidental benefit.
e) A statement that no costs of acquisition, operation, maintenance, or repair of the incidental benefit shall be passed
on to purchasers of time-share interests in the time-share plan as a common expense of the time-share plan.
RE 622I
Page 5 of 6
American LegalNet, Inc.
www.FormsWorkflow.com
9.
Use if exchange program is offered.
This time-share project may be affiliated with one or more exchange programs whereby time-share owners may
voluntarily exchange the right to use and occupy accommodations and facilities in this project with accommodations
in other projects. Exchange programs are not subject to Department of Real Estate laws and regulations. Therefore,
the Department of Real Estate has not evaluated any exchange program(s) included in this offering. There is no
guarantee that this project will remain affiliated with any particular exchange program. Since exchange programs are
unregulated, the Department recommends prospective purchasers use discretion in evaluating exchange programs
offered in conjunction with time-share offerings.
RE 622I
Page 6 of 6
American LegalNet, Inc.
www.FormsWorkflow.com