Florida Statutes 721.57 – Offering of timeshare estates in specific multisite timeshare plans; required provisions in the timeshare instrument
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(1) In addition to meeting all the requirements of part I, timeshare estates offered in a specific multisite timeshare plan must meet the requirements of subsection (2). Any offering of timeshare estates in a specific multisite timeshare plan that does not comply with these requirements shall be deemed to be an offering of a timeshare license.
(2) The timeshare instrument of a specific multisite timeshare plan in which timeshare estates are offered must contain or provide for all of the following matters:
(a) The purchaser will receive a timeshare estate as defined in s. 721.05 in one of the component sites of the specific multisite timeshare plan. The use rights in the other component sites of the multisite timeshare plan shall be made available to the purchaser through the reservation system pursuant to the timeshare instrument.
Terms Used In Florida Statutes 721.57
- Component site: means a specific geographic site where a portion of the accommodations and facilities of the multisite timeshare plan are located. See Florida Statutes 721.52
- Multisite timeshare plan: means any method, arrangement, or procedure with respect to which a purchaser obtains, by any means, a recurring right to use and occupy accommodations or facilities of more than one component site, only through use of a reservation system, whether or not the purchaser is able to elect to cease participating in the plan. See Florida Statutes 721.52
- Purchaser: means any person, other than a developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare plan other than as security for an obligation. See Florida Statutes 721.05
- Reservation system: means the method, arrangement, or procedure by which a purchaser, in order to reserve the use and occupancy of any accommodation or facility of the multisite timeshare plan for one or more use periods, is required to compete with other purchasers in the same multisite timeshare plan regardless of whether such reservation system is operated and maintained by the multisite timeshare plan managing entity, an exchange company, or any other person. See Florida Statutes 721.52
- Specific multisite timeshare plan: means a multisite timeshare plan with respect to which a purchaser receives a specific right to use accommodations and facilities, if any, at one component site of a multisite timeshare plan, together with use rights in the other accommodations and facilities of the multisite timeshare plan created by or acquired through the reservation system. See Florida Statutes 721.52
- Timeshare estate: means a right to occupy a timeshare unit, coupled with a freehold estate or an estate for years with a future interest in a timeshare property or a specified portion thereof, or coupled with an ownership interest in a condominium unit pursuant to…. See Florida Statutes 721.05
- Timeshare instrument: means one or more documents, by whatever name denominated, creating or governing the operation of a timeshare plan. See Florida Statutes 721.05
- Timeshare license: means a right to occupy a timeshare unit, which right is not a personal property timeshare interest or a timeshare estate. See Florida Statutes 721.05
- timeshare plan: includes :(a) A "personal property timeshare plan" which means a timeshare plan in which the accommodations are comprised of personal property that is not permanently affixed to real property; and(b) A "real property timeshare plan" which means a timeshare plan in which the accommodations of the timeshare plan are comprised of or permanently affixed to real property. See Florida Statutes 721.05(b) In the event that the reservation system is terminated or otherwise becomes unavailable for any reason prior to the expiration of the term of the specific multisite timeshare plan:1. The purchaser will be able to continue to use the accommodations and facilities of the component site in which she or he has been conveyed a timeshare estate in the manner described in the timeshare instrument for that component site for the remaining term of the timeshare estate; and2. Any use rights in that component site which had previously been made available through the reservation system to purchasers of the specific multisite timeshare plan who were not offered a timeshare estate at that component site will terminate when the reservation system is terminated or otherwise becomes unavailable for any reason.