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Time-Share Plan Disclosures (Part II-1) Form. This is a California form and can be use in Department Of Real Estate Statewide.
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Tags: Time-Share Plan Disclosures (Part II-1), RE 622J-1, California Statewide, Department Of Real Estate
STATE OF CALIFORNIA
TIME-SHARE PLAN DISCLOSURES (PART II-1)
DEPARTMENT OF REAL ESTATE
SUBDIVISIONS
RE 622J-1 (New 6/05)
For single-site time-share plan, or
For component sites of a multi-site/specific time-share interest plan
The following questions are designed to be a guide in developing public report disclosures required by Section
11234(a) of the Business and Professions Code. Submit complete and exact information under each item in sufficient
detail to provide purchasers with a clear understanding of the subject matter. If none, so state.
1. State the name and address of the developer and the type of time-share plan being offered and the name and address of
the time-share project.
2. Describe the existing or proposed accommodations, including the type and number of time-share interests in the
accommodations, and if the accommodations are proposed or not yet complete or fully functional, an estimated date
of completion.
3. Describe the number of accommodations and time-share interests, expressed in periods of seven-day use availability
or other time increments applicable to the time-share plan, committed to the multi-site time-share plan, and available
for use by purchasers and a representation about the percentage of useable time authorized for sale, and if that
percentage is 100 percent, then a statement describing how adequate periods of time for maintenance and repair will
be provided.
4. Describe any existing or proposed amenities of the time-share plan and, if the amenities are proposed or not yet
complete or fully functional, the estimated date of completion.
5. Describe financial arrangements that have been made for the completion of any incomplete, promised improvements.
6. Describe the duration, phases, and operation of the time-share plan. Attach the time-share governing documents
(declaration, bylaws, rules, etc.) as Exhibit A to the public report.
7. State the name and principal address of the managing entity and a description of the procedures, if any, for altering the
powers and responsibilities of the managing entity and for removing or replacing it. Attach the management contract
as Exhibit B to the public report.
8. Describe the current annual budget as required by Section 11240, along with the projected assessments and a
description of the method for calculating and apportioning the assessments among purchasers, all of which shall be
attached as Exhibit C to the public report.
9. Describe any initial or special fee due from the purchaser at closing together with a description of the purpose and the
method of calculating the fee.
10. Describe any financing offered by or available through the developer.
11. Describe any liens, defects, or encumbrances on or affecting the title to the time-share interests. Attach related title
and recording information to the public report as Exhibit D.
12. Describe any bankruptcies, pending civil or criminal suits, adjudication, or disciplinary actions of which the developer
has knowledge, that would have a material effect on the developer’s ability to perform its obligations.
13. Describe any current or expected fees or charges to be paid by time-share purchasers for the use of any amenities
related to the time-share plan.
14. Describe the insurance coverage, including limits and deductibles, provided for the protection of the purchaser.
15. Describe the extent to which a time-share interest may become subject to a tax lien or other lien arising out of claims
against purchasers of different time-share interests.
16. Disclose any right of first refusal or other restraint on the transfer of all or any portion of a time-share interest.
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17. Provide a statement disclosing that any deposit made in connection with the purchase of a time-share interest shall be
held by an escrow agent until expiration of any right to cancel the contract and that any deposit shall be returned to
the purchaser if he or she elects to exercise his or her right of cancellation. Alternatively, if the Commissioner has
accepted from the developer a surety bond, irrevocable letter of credit, or other financial assurance, each of which
shall be enforceable by the association, in lieu of placing deposits in an escrow account, submit:
(A) A statement disclosing that the developer has provided a surety bond, irrevocable letter of credit, or other
financial assurance in an amount equal to or in excess of the funds that would otherwise be placed in an escrow
account, (B) a description of the type of financial assurance that has been obtained, (C) a statement that if the
purchaser elects to exercise his or her right of cancellation as provided in the contract, the developer shall return
the deposit, and (D) a description of the person or entity to whom the purchaser should apply for payment.
18. Submit a statement that the assessments collected from the purchasers will be kept in a segregated account separate
from the assessments collected from the purchasers of other time-share plans managed by the same managing entity,
along with a statement identifying the location of the account and a disclosure of the rights of owners to inspect the
records pertaining to their accounts.
19. If the time-share plan provides purchasers with the opportunity to participate in an exchange program, state the name
and address of the exchange company and describe the method by which a purchaser accesses the exchange program.
20. Briefly describe any incidental benefits to be included in the offering. Attach the complete incidental benefit
disclosure required by B&P Code Section 11237 as Exhibit E to the public report.
RE 622J-1
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