(a) In this title the following terms have the meanings indicated, unless the context requires a different meaning. (b) “Association” means a nonstock corporation consisting only of time-share estate owners formed according to Title 5, Subtitle 2 of the Corporations and Associations Article. (c) “Commission” means the State Real Estate Commission. (d) “Common elements” means all of a time-share […]
(a) Except as otherwise provided in this title, the recordation of a time-share instrument creates a time-share estate either as a freehold estate or an estate for years, as specified in the time-share instrument. (b) A document transferring or encumbering a time-share estate shall be recorded among the land records of the county in which the unit […]
A time-share instrument shall be recorded among the land records of every county in which any portion of the project is situated and shall contain in addition to other provisions required by this title the following: (1) The name of the county or counties in which the project is situated; (2) The legal description sufficient to identify […]
(a) (1) Time-shares may be created in any unit in existence before January 1, 1985 unless prohibited by a project instrument. If time-shares are not prohibited by the project instrument, the owners of at least 34 percent of the units in the project may sign and record a document among the land records of the county where […]
In addition to the requirements of § 11A–103 of this title, with respect to a time–share estate, the time–share instrument shall describe arrangements for the management and operation of the time–share estate project and for the maintenance, repair, and furnishing of time–share units in the project, which shall include provisions for the following: (1) Creation of […]
(a) (1) The time-share instrument for a time-share estate project shall provide for a period of time, to be called the “developer control period”, during which the developer or a managing entity selected by the developer shall manage and control the time-share project. (2) The developer shall be responsible for common expenses during the developer control period. Occupancy […]
The time-share instrument for a time-share license plan shall prescribe and outline reasonable arrangements for the management and operation of the time-share license plan and for the maintenance, repair, and furnishing of time-share units, which arrangements shall include provisions for the following: (1) Standards and procedures for housekeeping, repair, and interior furnishing of time-share units; (2) Adoption […]
(a) Time-shares shall terminate at the end of the term of the time-share plan as set forth in the time-share instrument. Prior to the termination date in the time-share instrument, all time-shares in a time-share project may be terminated only by agreement of the time-share owners of at least 80 percent of the time-shares, or such […]
(a) An association by a two-thirds majority vote of the members present at any regular or special meeting may amend its time-share instrument to provide that the time-shares in a time-share project will not terminate at the end of the term of the time-share plan as provided in § 11A-108 of this title. (b) In determining that […]
(a) If the number of time-shares in a time-share project is more than 12, the developer, before the first transfer of a time-share, shall provide a managing entity. The managing entity may be the developer during the developer control period or the association. If the time-share project is part of a larger project containing time-share units […]
(a) Time-share expenses must be assessed against all time-shares in accordance with the time-share instrument. Any past due assessment shall bear interest at the rate established by the managing entity or time-share instrument not to exceed 18 percent per year. (b) To the extent required by the time-share instrument, any time-share expense benefiting fewer than all of […]
(a) (1) Prior to the sale of any time-share, and while there exist any time-shares, the managing entity shall maintain for the benefit of the developer, association, and owners property insurance on the time-share project and any personal property available for use by time-share owners, other than personal property separately owned by a time-share owner, insuring against […]
(a) Any developer or the developer’s designated project broker shall deliver a public offering statement to the purchaser before transfer of the time-share and no later than the date of the contract. (b) (1) A public offering statement together with a fee equal to $1 for each time-share to be offered for sale, not to exceed $500, must […]
(a) If a conversion building is more than 5 years old, and the developer owns or controls time-shares in more than 50 percent of all units in the building, the public offering statement shall contain, in addition to other required information, a statement of the physical condition and state of repair of the major structural, mechanical, […]
(a) A time-share purchaser shall have the right to cancel the sales contract until midnight of the tenth calendar day following whichever occurs latest: (1) The contract date; (2) The day on which the time-share purchaser received the last of all documents required to be provided as part of the public offering statement; or (3) The time-share unit meets […]
(a) In this section, “time-share owner” includes an association reselling time-shares acquired by the association: (1) Through foreclosure of a lien for nonpayment of assessments or other charges by a time-share owner as provided in § 11A-110 of this title; or (2) By deed in lieu of foreclosure from a time-share owner who is delinquent in payment of […]
(a) (1) In this section, “purchase money” includes any money, note, security, or other monetary consideration paid by a purchaser for a time–share. (2) All purchase money received by or on behalf of a developer from a purchaser for the purchase or reservation of a time–share shall be deposited in an escrow account designated solely for that purpose […]
(a) Sections 10-201, 10-202, and 10-203 of this article apply to all sales by developers under this title. For purposes of this section, a newly constructed unit means a newly constructed or converted unit. (b) In addition to the implied warranties set forth in § 10-203 of this article, there is an implied warranty on every time-share […]
(a) A developer shall furnish each purchaser a copy of the sales contract which contains the following information: (1) The date the contract is executed by each party; (2) The name and address of the developer; (3) The total financial obligation of the purchaser, including the initial purchase price and any additional charges, time-share expenses, or facility fees; (4) A […]
(a) It is unlawful for any person when selling time-shares in the State, to authorize, use, direct, or aid in the dissemination, publication, distribution, or circulation of any statement, advertisement, radio broadcast, or telecast concerning the time-share project in which the time-shares are offered which contains any statement or sketch which is false or misleading or […]
