A public offering statement must be provided to each purchaser of a time-share interval and must contain or fully and accurately disclose:
(1) The name of the developer and the principal address of the developer and the time-share intervals offered in the statement;
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Terms Used In Tennessee Code 66-32-112
Contract: A legal written agreement that becomes binding when signed.
Developer: means , in the case of any given property, any person or entity which is in the business of creating or which is in the business of selling its own time-share intervals in any time-share program. See Tennessee Code 66-32-102
Lien: A claim against real or personal property in satisfaction of a debt.
Offering: means any offer to sell, solicitation, inducement or advertisement whether by radio, television, newspaper, magazine or by mail, whereby a person is given an opportunity to acquire a time-share interval within a project located either within or outside the state. See Tennessee Code 66-32-102
property: means all of the real property subject to a project instrument, and containing more than one (1) unit. See Tennessee Code 66-32-102
Purchaser: means any person other than a developer or lender who acquires an interest in a time-share interval. See Tennessee Code 66-32-102
Time-share interval: means a time-share estate or a time-share use. See Tennessee Code 66-32-102
Time-share project: means any real property that is subject to a time-share program. See Tennessee Code 66-32-102
Unit: means the real property or real property improvement in a project which is divided into time-share intervals. See Tennessee Code 66-32-102
(2) A general description of the units including, without limitation, the developer’s schedule of commencement and completion of all buildings, units, and amenities or if completed that they have been completed;(3) As to all units offered by the developer in the same time-share project:
(A) The types and number of units;(B) Identification of units that are subject to time-share intervals; and(C) The estimated number of units that may become subject to time-share intervals;(4) A brief description of the project;(5) If applicable, any current budget and a projected budget for the time-share intervals for one (1) year after the date of the first transfer to a purchaser. The budget must include, without limitation:
(A) A statement of the amount, or a statement that there is no amount, included in the budget as a reserve for repairs and replacement;(B) The projected common expense liability, if any, by category of expenditures for the time-share intervals;(C) The projected common expense liability for all time-share intervals; and(D) A statement of any services not reflected in the budget that the developer provides, or expenses that it pays;(6) Any initial or special fee due from the purchaser at closing, together with a description of the purpose and method of calculating the fee;(7) A description of any liens, defects, or encumbrances on or affecting the title to the time-share interval;(8) A description of any financing offered by the developer;(9) A statement that within ten (10) days from the date of the signing of the contract made by the purchaser, where the purchaser shall have made an on-site inspection of the time-share project prior to the signing of the contract of purchase, and where the purchaser has not made an on-site inspection of the time-share project prior to the signing of the contract of purchase fifteen (15) days from the date of signing of the contract, the purchaser may cancel any contract for the purchase of a time-share interval from developer;(10) A statement of any pending suits material to the time-share intervals of which a developer has actual knowledge;(11) Any restraints on alienation of any number or portion of any time-share intervals;(12) A description of the insurance coverage, or a statement that there is no insurance coverage, provided for the benefit of time-share interval owners;(13) Any current or expected fees or charges to be paid by time-share interval owners for the use of any facilities related to the property;(14) The extent to which financial arrangements have been provided for completion of all promised improvements; and(15) The extent to which a time-share unit may become subject to a tax or other lien arising out of claims against other owners of the same unit.
