Oregon Statutes 94.823 – Notice of intent to sell timeshares; form and content; rules
A developer shall submit a notice to the Real Estate Commissioner informing the commissioner of the developer’s intent to sell timeshares in Oregon. The form and content of the notice shall be established by rule by the commissioner, but shall include at least:
Terms Used In Oregon Statutes 94.823
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) The name and business and residence addresses of:
(a) The developer;
(b) The developer’s agent;
(c) The designated managing entity; and
(d) Any person selling the timeshare plan within Oregon.
(2) An explanation of the timeshare form of ownership to be offered under the timeshare plan.
(3) A general description of the timeshare plan, including the number of timeshares to be offered under the timeshare plan and the number and description of the accommodations and facilities.
(4) A complete description, including a copy of all necessary implementing documents, of the methods to be used by the developer to comply with the requirements of ORS § 92.325, 92.425, 94.570, 94.803 to 94.945, 100.005, 100.105, 100.200, 100.450 and 696.490.
(5) A title report for the real property underlying the timeshare plan, acceptable to the commissioner and including a statement of any lien, defect, judgment or other encumbrance affecting title to the property.
(6) A copy of any judgment against the developer or managing entity, the status of any pending suit that is material to the timeshare plan to which the developer or managing entity is a party and the status of any other suit that is material to the timeshare plan of which the developer has actual knowledge.
(7) A description of any insurance coverage provided for the benefit of a purchaser or a statement that no insurance coverage is provided.
(8) The name and address of the accommodations and facilities and the schedule for completing any improvements not complete at the time of filing.
(9) The financial obligation of a purchaser, excluding the initial purchase price and including:
(a) Additional charges and common expenses to which the purchaser may be subject, whether or not in the form of an assessment; and
(b) An estimated operating budget and schedule of estimated common expenses.
(10) A copy of the timeshare instrument or notice of timeshare plan as required under ORS § 94.818.
(11) A copy of any contract, lease or timeshare agreement to be signed by the purchaser.
(12) A copy of the rules, limitations or conditions on the use of accommodations or facilities available to purchasers.
(13) Any restriction on the transfer of any timeshare.
(14) If any portion of the timeshare property is located outside the state, proof that the developer has recorded the notice of timeshare plan as required under ORS § 94.833 (1).
(15) Any other information the commissioner may determine is necessary. [1983 c.530 § 19; 2003 c.14 § 37]
[Repealed by 1971 c.478 § 1]