707.02(9)(a)
(a) With respect to time-share estates, conveyance of legal or equitable title to the time share by delivery of a deed or contract to purchase to the purchaser.
707.02(9)(b)
(b) With respect to time-share easements, delivery by all parties of the documents necessary to vest in the purchaser the rights to access and use of the time-share unit.
707.02(9m)
(9m) "Controls" or "controlled by" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, by common management or otherwise, including any of the following, unless the powers are held solely as security for an obligation and are not exercised:
707.02(9m)(a)
(a) Owning or controlling more than 20% of the voting interest in a person.
707.02(9m)(b)
(b) Controlling the election of a majority of the directors of a person.
707.02(9m)(c)
(c) Contributing more than 20% of the capital of a person.
707.02(10)
(10) "Conversion building" means a building that at any time before the disposition of any time share was occupied wholly or partially by persons other than purchasers and persons who occupied with the consent of purchasers.
707.02(11)
(11) "Developer" means any person who offers to dispose of, or disposes of, an interest in a time share not previously disposed of or succeeds to any special developer right under
s. 707.31.
707.02(12)
(12) "Dispose" or "disposition" means a voluntary transfer of any legal or equitable interest in a time share, excluding the transfer or release of a security interest.
707.02(13)
(13) "Dues payment" means the periodic fee paid by a campground member, other than the sales payment, for the purpose of using a campground, excluding fees charged for specific goods or services provided, such as campsite reservations, daily campsite rentals, equipment rentals or meals.
707.02(14)
(14) "Manager" means any person, other than all time-share owners or the association, named or employed under the time-share instrument or project instrument to manage the time-share units.
707.02(15)
(15) "Managing entity" means the manager or, if there is no manager, the association.
707.02(17)
(17) "Offering" means any advertisement, inducement, solicitation or attempt to encourage any person to acquire a time share, other than as security for an obligation.
707.02(20)
(20) "Project" means real property which is subject to a project instrument and contains more than one unit, including real property which contains units that are not time-share units.
707.02(21)
(21) "Project instrument" means any document, recordable under
s. 706.05, regulating the use, occupancy or disposition of units in an entire project, including any amendments to the document.
707.02(22)
(22) "Purchaser" means any person, other than the developer, who by means of a voluntary transfer acquires a legal or equitable interest in a time share, other than as security for an obligation.
707.02(24)
(24) "Time share" means a time-share estate or a time-share easement.
707.02(25)
(25) "Time-share easement" means an interest in property vesting in the purchaser and the purchaser's heirs, successors and assigns and evidencing a right to access to and use of a unit or any of several units during at least 4 separated periods over at least 4 years, including renewal options.
707.02(26)
(26) "Time-share estate" means a right to occupy a unit during at least 4 separated periods over at least 4 years, together with a fee simple absolute interest or an interest for years in a time-share property.
707.02(27)
(27) "Time-share expenses" means expenditures, fees, charges, liabilities or real property taxes incurred with respect to time shares by or on behalf of all time-share owners in a time-share property and imposed on the time-share units by the entity governing a project of which the time-share property is a part, together with any allocations to reserves, but excluding purchase money payable for time shares.
707.02(28)
(28) "Time-share instrument" means a document creating or regulating time shares.
707.02(29)
(29) "Time-share liability" means the liability for time-share expenses allocated to each time share under
s. 707.21 (1) (e).
707.02(31)
(31) "Time-share owner" means a person who is an owner or coowner of a time share, other than as security for an obligation.
707.02(32)
(32) "Time-share property" means one or more time-share units subject to the same time-share instrument, together with any real estate or rights to real estate appurtenant to those units.
707.02(33)
(33) "Time-share unit" means a unit in which time shares exist.
707.02(34)
(34) "Unit" means real property designated for separate occupancy and use.
707.02 History
History: 1987 a. 399.
707.03
707.03
Status of time-share estates. 707.03(1)
(1) A grant of an estate in a unit conferring the right of possession during a potentially infinite number of separated periods creates a fee simple absolute interest, and a grant of an estate in a unit conferring the right of possession during 4 or more separated periods over a finite number of years equal to at least 4, including renewal options, creates an interest for years.
707.03(2)
(2) Each time-share estate constitutes for all purposes a separate estate in real property.
707.03 History
History: 1987 a. 399.
707.04
707.04
Time-share licenses prohibited. 707.04(1)
(1) In this section, "time-share license" means a right to occupy a unit or any of several units under a license or lease agreement during at least 4 separated periods over at least 4 years, including renewal options, not coupled with an interest in property.
707.04(2)
(2) No person may create a time-share license to property in this state after June 1, 1988.
707.04 History
History: 1987 a. 399.
707.05
707.05
Variation by agreement. Except as otherwise provided in this chapter, the provisions of this chapter may not be varied by agreement, and rights conferred under this chapter may not be waived. A developer may not act under a power of attorney, or use any other device, to evade the limitations or prohibitions of this chapter or the time-share instrument.
707.05 History
History: 1987 a. 399.
707.06
707.06
Unconscionable contract. 707.06(1)
(1)
Unconscionability; remedy. If a court as a matter of law finds that any aspect of a contract relating to the use or ownership of a time share, any conduct directed against the purchaser by a party to the contract, or any result of the contract is unconscionable, the court shall, in addition to the remedy authorized in
sub. (4), either refuse to enforce the contract against the purchaser, or so limit the application of any unconscionable aspect or conduct as to avoid any unconscionable result.
707.06(2)
(2) Factors. Without limiting the scope of
sub. (1), the court may consider, among other things, any of the following as pertinent to the issue of unconscionability:
707.06(2)(a)
(a) That those engaging in the practice know of the inability of a party to receive benefits properly anticipated from the time share and related goods or services.
707.06(2)(b)
(b) That there exists a gross disparity, at the time of contracting, between the price of the time share and related goods or services and their value as measured by the price at which similar time shares or related goods or services were readily obtainable or by other tests of true value, except that a disparity between the contract price and the value of the time share measured by the price at which similar time shares were readily obtainable in similar transactions does not, of itself, render the contract unconscionable.
707.06(2)(c)
(c) That the practice may enable one party to take advantage of the inability of the other party reasonably to protect his or her interests by reason of physical or mental infirmities, illiteracy or inability to understand the language of the agreement, ignorance or lack of education or similar factors.
707.06(2)(d)
(d) That the terms of the contract require a party to waive legal rights.
707.06(2)(e)
(e) That the terms of the contract require a party to unreasonably jeopardize money or property beyond the money or property immediately at issue in the transaction.
707.06(2)(f)
(f) That the natural effect of the practice would reasonably cause or aid in causing a party to misunderstand the true nature of the contract or his or her rights and duties under the contract.
707.06(2)(g)
(g) That the writing purporting to evidence the obligation of the party under the contract contains terms or provisions or authorizes practices prohibited by law.
707.06(2)(h)
(h) Definitions of unconscionability in statutes, rules, regulations, rulings and decisions of legislative, administrative or judicial bodies.
707.06(3)
(3) Course of conduct. Any charge or practice expressly permitted by this chapter is not in itself unconscionable, but even though a practice or charge is authorized by this chapter, the totality of a party's conduct may show that such practice or charge is part of an unconscionable course of conduct.
707.06(4)
(4) Other remedies. In addition to the protections afforded in
sub. (1), a party shall be entitled upon a finding of unconscionability to recover from the person responsible for the unconscionable conduct a remedy in accordance with
s. 707.57 (1).
707.06 History
History: 1987 a. 399.
707.07
707.07
Obligation of good faith. Every contract or duty within this chapter imposes an obligation of good faith in its performance or enforcement.
707.07 History
History: 1987 a. 399.
707.09
707.09
Conflicts with other laws. If a conflict exists between this chapter and
ch. 703, the provisions of this chapter prevail.
707.09 History
History: 1987 a. 399.
707.10
707.10
Zoning and other regulation of time-share projects. 707.10(1)(1)
Limitations; land use regulation. No zoning or other land use ordinance or regulation may prohibit time-share projects or impose any requirements upon a time-share project which it does not impose upon a physically identical development under a different form of ownership. No provision of a state or local building code may be applied differently to an improvement to real property in a time-share project than would be applied to a similar improvement under a different form of ownership.
707.10(2)
(2) Limitations; other regulations. No county, city or other jurisdiction, other than the state, may impose a burden or restriction on a time-share project that is not imposed on all other property of similar character not part of a time-share project.
707.10 History
History: 1987 a. 399.
707.11
707.11
Securities law; applicability. A time share created and marketed in accordance with this chapter is not a security under
ch. 551 if a developer complies with
ss. 707.38 (1m) and
707.49.
707.11 History
History: 1987 a. 399.
CREATION, TERMINATION AND INCIDENTS OF TIME-SHARE OWNERSHIP
707.20
707.20
Time shares in projects. 707.20(1)
(1) If all of the documents constituting a project instrument are recorded after June 1, 1988, time shares may not be created in any unit in the project unless expressly permitted by the project instrument, including an amendment to the project instrument under
sub. (2).
707.20(2)
(2) An amendment to a project instrument adopted under
s. 707.39 (5) or
(6) which is recorded after June 1, 1988, may not permit the creation of time shares unless the owner of each unit in the project, and the record owners of liens on each unit in the project, consent to the amendment.
707.20 History
History: 1987 a. 399.
707.21
707.21
Time-share instrument. 707.21(1)
(1)
Contents. Except as provided in
sub. (2), more than 12 time shares may be created in a single time-share property only by recording under
sub. (3) a time-share instrument containing or providing for all of the following:
707.21(1)(a)
(a) A sufficient description of the time-share property and the name or other identification of the project, if any, within which the time-share property is located.
707.21(1)(b)
(b) A copy of or reference to a recorded project and time-share property plat required under
s. 707.215.
707.21(1)(c)
(c) The name of the county or counties in which the time-share property is located.
707.21(1)(d)
(d) Identification of time periods by letter, name or number.
707.21(1)(e)
(e) The time-share liability and any voting rights assigned to each time share.
707.21(1)(em)
(em) A method for allocating real property taxes among the time-share owners and a method of giving notice to the time-share owners of an assessment and the amount of the property taxes, as required under
s. 70.095.
707.21(1)(f)
(f) If additional units may become part of the time-share property, the method of doing so and the formula for allocation and reallocation of the time-share liabilities and any voting rights.
707.21(1)(h)
(h) Allocation of time for maintenance of the time-share units.
707.21(1)(i)
(i) Provisions for management by a managing entity or by the time-share owners.
707.21(2)
(2) Exception for certain easements. If a time-share easement applies to units in more than one time-share property, the time-share instrument creating the time-share easement need not contain or provide for the matters specified in
sub. (1) (a) to
(h).
707.21(3)
(3) Recording. Before the sale of any time share in a time-share property for which a time-share instrument is required under
sub. (1), the developer shall record the time-share instrument and all amendments of the time-share instrument with the register of deeds of every county in which any portion of the time-share property is located. The time-share instrument shall be indexed in the name of the time-share property and the developer, and the index shall identify time-share estate owners and all transfers of time-share estates. Subsequent instruments affecting the title to a time-share unit which is physically located entirely within a single county shall be recorded only in that county, even if the common elements are not physically located entirely within that county. Subsequent amendments shall be indexed under the name of the developer.
707.21 History
History: 1987 a. 399.
707.215
707.215
Project and time-share property plat. 707.215(1)(1)
Recording requirement. When a time-share instrument is recorded under
s. 707.21 (3), the developer shall file for record a plat, as described in
sub. (2), of the time-share property and the project, if any, within which the time-share property is located, except that if a plat of the project was previously recorded the developer need only file the information necessary to update the recorded plat.
707.215(2)
(2) Required contents. A plat filed for recording under
sub. (1) may consist of one or more sheets and shall contain at least all of the following:
707.215(2)(a)
(a) On each sheet of the plat, the name of the project and time-share property and the county in which the project and time-share property are located. If there is more than one sheet, each sheet shall be consecutively numbered and show the relation of that sheet number to the total number of sheets.
707.215(2)(b)
(b) A survey of the project and time-share property complying with minimum standards for property surveys adopted by the examining board, as defined in
s. 443.01 (3), and showing the location of any time-share unit, unit or other building located or to be located on the property.
707.215(2)(c)
(c) Diagrammatic floor plans of each building located or to be located on the property which show the approximate dimensions, floor area and location of each time-share unit and unit in a building. Common elements shall be shown graphically to the extent feasible.
707.215(3)
(3) Form of maps and plans. All survey maps and floor plans submitted for recording shall be legibly prepared with a binding margin of 1.5 inches on the left side and a one-inch margin on all other sides on durable white paper 14 inches in length and 22 inches in width with nonfading black image or reproduced with photographic silver haloid image on double matt polyester film of not less than 4 millimeter thickness and 14 inches long by 22 inches wide. The maps and plans shall be drawn to a convenient scale.
