Time-Share Plan Disclosures (Part II-2) Form. This is a California form and can be use in Department Of Real Estate Statewide.
Tags: Time-Share Plan Disclosures (Part II-2), RE 622J-2, California Statewide, Department Of Real Estate
STATE OF CALIFORNIA TIME-SHARE PLAN DISCLOSURES (PART II-2) DEPARTMENT OF REAL ESTATE SUBDIVISIONS RE 622J-2 (New 6/05) For 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(b) 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. Describe each component site, including the name and address of each component site. 2. State the number of accommodations and time-share interests, expressed in periods of seven-day use availability or other time increments applicable to each component site of 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. 3. Describe each type of accommodation in terms of the number of bedrooms, bathrooms, and sleeping capacity, and a statement of whether or not the accommodation contains a full kitchen. For purposes of this description, a “full kitchen” means a kitchen having a minimum of a dishwasher, range, sink, oven, and refrigerator. 4. Describe the amenities available for use by the purchaser at each component site. 5. Describe the reservation system, including the following: A. The entity responsible for operating the reservation system, its relationship to the developer, and the duration of any agreement for operation of the reservation system. B. A summary of the rules and regulations governing access to and use of the reservation system. C. The existence of and an explanation regarding any priority reservation features that affect a purchaser’s ability to make reservations for the use of a given accommodation on a first-come-first-served basis. Attach the time-share and reservation system governing documents (declaration, bylaws, rules, etc.) as Exhibit A to the public report. 6. State the name and principal address of the managing entity for the multi-site time-share plan and describe 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. 7. Describe any right to make any additions, substitutions, or deletions of accommodations, amenities, or component sites, and a description of the basis upon which accommodations, amenities, or component sites may be added to, substituted in, or deleted from the multi-site time-share plan. 8. Describe the purchaser’s liability for any fees associated with the multi-site time-share plan, including 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. State the location of each component site of the multi-site time-share plan, the historical occupancy of each component site for the prior 12-month period, if the component site was part of the multi-site time-share plan during the 12-month time period, as well as any periodic adjustment or amendment to the reservation system that may be needed in order to respond to actual purchaser use patterns and changes in purchaser use demand for the accommodations existing at that time within the multi-site time-share plan. 10. 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. 11. Briefly describe any incidental benefits to be included in the offering. Attach the complete incidental benefit disclosure required by Section 11237 of the Business and Professions Code as Exhibit E to the public report. American LegalNet, Inc. www.FormsWorkflow.com