History: 1987 a. 399
CREATION, TERMINATION AND INCIDENTS OF TIME-SHARE OWNERSHIP
Time shares in projects. 707.20(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)
An amendment to a project instrument adopted under s. 707.39 (5)
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.
History: 1987 a. 399
Time-share instrument. 707.21(1)
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:
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.
A copy of or reference to a recorded project and time-share property plat required under s. 707.215
The name of the county or counties in which the time-share property is located.
Identification of time periods by letter, name or number.
The time-share liability and any voting rights assigned to each time share.
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
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.
Allocation of time for maintenance of the time-share units.
Provisions for management by a managing entity or by the time-share owners.
(2) Exception for certain easements or licenses.
If a time-share easement or a time-share license applies to units in more than one time-share property, the time-share instrument creating the time-share easement or the time-share license need not contain or provide for the matters specified in sub. (1) (a)
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.
History: 1987 a. 399
; 2007 a. 18
Project and time-share property plat. 707.215(1)(1)
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.
(2) Required contents.
A plat filed for recording under sub. (1)
may consist of one or more sheets, shall be produced on media that is acceptable to the register of deeds, and shall contain at least all of the following:
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.
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.
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.
(3) Form of maps and plans.
All survey maps and floor plans submitted for recording shall be legibly prepared with a binding margin of one inch on all sides on durable white media that is 14 inches in length and 22 inches in width, or on other media that is acceptable to the register of deeds, with a permanent nonfading black image. The maps and plans shall be drawn to a convenient scale.
(4) Designation of time-share units and units.
Every time-share unit and unit shall be designated on the plat by number or other appropriate designation.
(5) Professional land surveyor's certificate.
A plat is sufficient for the purposes of this chapter if attached to or included in the plat is a certificate of a professional land surveyor licensed under ch. 443
, and the certificate provides all of the following:
That the plat is a correct representation of the project and the time-share property.
The identification and location of each time-share unit and each unit and the common elements can be determined from the plat.
(6) Nonapplicability. Chapter 236
does not apply to plats required under this section.
Allocation of time-share liability and voting rights. 707.22(1)(1)
Allocation of expenses.
The time-share instrument shall state the amount of, or formula used to determine, any time-share liability.
If the time-share instrument provides for voting, it shall allocate votes to each time-share unit and to each time share under par. (b)
, but shall not allocate votes to any other property or person.
The number of votes allocated to each time share shall be equal for all time shares or proportionate to each time share's value, as estimated by the developer, time-share liability or time-share unit size. The time-share instrument may specify matters as to which the votes shall be equal and other matters as to which votes shall be proportionate.
(3) Altering allocation.
Except as otherwise provided under s. 707.21 (1) (f)
, the votes and time-share liability may not be altered without the unanimous consent of all time-share owners entitled to vote and voting either at a meeting or in an initiative or referendum in which at least 80 percent of the votes allocated to time shares are cast.
(4) Sum of expenses.
Except for minor variations due to rounding, the sum of the time-share liabilities assigned to all time shares shall equal one, if stated as fractions, or 100 percent if stated as percentages. If a discrepancy occurs between the time-share liability or votes allocated to a time share and the result derived from the application of the formulas, the allocated time-share liability or vote prevails.
History: 1987 a. 399
Notwithstanding ch. 842
, no action for partition of a time-share unit may be maintained except as permitted by the time-share instrument or under s. 707.24 (3) (b)
History: 1987 a. 399
Termination of time shares. 707.24(1)
Termination by agreement.
All time shares in a time-share property may be terminated only by agreement of the time-share owners having at least 80 percent of the time shares, except that the time-share instrument may require approval by a greater majority.
An agreement to terminate all time shares in a time-share property shall be evidenced by a termination agreement which meets the requirements of s. 706.05 (2)
for recording, is signed by each of the time-share owners who agree to termination under sub. (1)
and provides that the agreement will be void unless the agreement is recorded before a specified date.
A termination agreement shall be recorded in the office of the register of deeds of each county in which a portion of the time-share property is located and shall be effective only upon recordation.
(3) Agreement without sales contract. 707.24(3)(a)(a)
Unless the termination agreement sets forth a sales contract described in sub. (4)
, title to an estate or interest in each time-share unit, equal to the sum of the time shares in the time-share unit, shall vest upon termination in the time-share owners of the time-share unit in proportion to their respective interests under sub. (6m)
, and liens on the time shares shall shift accordingly to encumber those interests.
Upon termination, an owner of an estate or interest in a time-share unit under par. (a)
may maintain an action for partition under ch. 842
(4) Agreement with sales contract.
If the termination agreement sets forth the material terms of a contract or proposed contract under which an estate or interest in each time-share unit, equal to the sum of the time shares in the time-share unit, is to be sold and designates a trustee to effect the sale, title to that estate or interest shall vest upon termination in the trustee for the benefit of the time-share owners, to be transferred under the contract. Proceeds of the sale shall be distributed to time-share owners and lienholders under sub. (6)
(5) Rights and liabilities after termination.
Except as otherwise specified in the termination agreement, if the former time-share owners or their trustee holds title to the estate or interest equal to the sum of the time shares, each former time-share owner and the time-share owner's successors in interest have the same rights with respect to occupancy in the former time-share unit that the former time-share owner would have had if termination had not occurred, together with the same liabilities and other obligations imposed under this chapter or the time-share instrument.
(6) Distribution of proceeds.
After termination of all time shares in a time-share property and adequate provision for the payment of the claims of the creditors for time-share expenses, the proceeds shall be distributed to the former time-share owners and their successors in interest in proportion to their interests as determined under sub. (6m)
. The distribution shall consist of the proceeds of any sale under this section and the proceeds of any personalty or other funds held for the use and benefit of the former time-share owners. After termination, creditors of the association holding liens perfected against the time-share property before the termination may enforce those liens in the same manner as any other lienholder. All other creditors of the association shall be treated as if they had liens on time-share property which were perfected immediately before termination.
(6m) Interests specified.
The time-share instrument may specify the respective fractional or percentage interest in the estate or interest in each time-share unit equal to the sum of the time shares in the time-share unit that will be owned by each former time-share owner.
If the specification under sub. (6m)
is not made, an appraisal under par. (b)
of the fair market value of each time share shall be made not more than 180 days before the termination by one or more impartial qualified appraisers, selected either by the trustee designated in the termination agreement or by the managing entity if no trustee is designated.
The appraisal shall state the corresponding fractional or percentage interests calculated in proportion to those values and shall be made in accordance with all of the following:
If the termination agreement sets forth a sales contract described in sub. (4)
, each time share conferring a right of occupancy during a limited number of time periods shall be appraised as if the time until the date specified for the conveyance of the property had already elapsed.
If the termination agreement does not set forth a sales contract described in sub. (4)
, each time share conferring a right of occupancy during a limited number of time periods shall be appraised as if the date specified under sub. (2)
had already elapsed.
The interest of each time-share owner is the value of the time share divided by the sum of the values of all time shares in the unit or units to which the time share applies.
A notice stating all values and corresponding interests determined under par. (b)
and the return address of the sender shall be sent by certified or registered mail by the managing entity or by the trustee designated in the termination agreement to all time-share owners.
The appraisal governs the magnitude of each interest unless at least 25 percent of the time-share owners deliver, within 60 days after the notices required under par. (c)
are mailed, written disapprovals to the sender of the notice or unless a court determines that the appraisal should be set aside.
Foreclosure or enforcement of a lien or encumbrance against all of the time shares in a time-share property does not, of itself, terminate those time shares.
History: 1987 a. 399
Use for sales purposes. 707.25(1)
Except as provided in sub. (2)
, a developer may maintain sales offices, management offices and models in the time-share property only if the time-share instrument so provides and specifies the rights of a developer with regard to the number, size, location and relocation of the offices. The developer may maintain signs on the time-share property advertising the time-share property.
A developer's authority under sub. (1)
is subject to restrictions in ordinances and the project instrument.
History: 1987 a. 399
Rights of secured lenders.
The time-share instrument may require that all or a specified number or percentage of holders of mortgages or equivalent security interests encumbering units or time shares approve specified actions of the unit owners, time-share owners, the developer or the managing entity as a condition to the effectiveness of those actions, but no requirement for approval may do any of the following:
(1) Control over administration.
Deny or delegate control over the general administrative affairs of an association by the unit owners or time-share owners, or their elected representatives.
(2) Involvement in litigation.
Prevent an association from commencing, intervening in or settling any litigation or proceeding or receiving and distributing insurance proceeds under s. 707.35
History: 1987 a. 399
Foreclosure of time-share estates and licenses. 707.28(1)(1)
In this section, "foreclosing entity" means a person that holds a mortgage or a lien for assessments under s. 707.37
on a time-share estate and that seeks to foreclose the mortgage or lien.
A mortgage or a lien for assessments under s. 707.37
on a time-share estate may be foreclosed in the same manner and subject to the same requirements as a foreclosure of mortgages on real property in this state or in the manner provided under this section.
A security interest in, or a lien for assessments under s. 707.37
on, a time-share license may be foreclosed under chs. 401
(3) Nonjudicial time-share estate foreclosure procedure. 707.28(3)(a)1.1.
To foreclose a mortgage or a lien for assessments under s. 707.37
on a time-share estate under this section, a foreclosing entity shall first provide written notice to the time-share owner in default at the time-share owner's last-known address by certified mail, with return receipt requested, and by 1st class mail, subject to s. 707.38 (5)
The notice shall inform the time-share owner of his or her default and the amount that he or she owes to the foreclosing entity; that he or she has the right to a judicial foreclosure conducted in the manner provided in ch. 846
; that, within 30 days from the date on which the notice was mailed under subd. 1.
, or 30 days from the last date the notice was mailed if the mailings were not on the same date, he or she may cure the default or object in writing to nonjudicial foreclosure; and that, if he or she does not timely cure the default or object to the nonjudicial foreclosure in writing, the foreclosing entity may proceed with a nonjudicial foreclosure.
The notice shall include, for use by the time-share owner, a separate form objecting to nonjudicial foreclosure that includes the address of the foreclosing entity.
If, within the 30-day period under subd. 2.
, the time-share owner returns the objection form under subd. 3.
or otherwise objects in writing to the use of nonjudicial foreclosure, the foreclosing entity must use the procedure under ch. 846
to foreclose the mortgage or lien. However, if the time-share owner does not, within the 30-day period under subd. 2.
, object in writing to nonjudicial foreclosure, he or she waives his or her right to foreclosure conducted in the manner provided under ch. 846
, and, if he or she does not within that 30-day period cure the default, the foreclosing entity may proceed with a foreclosure sale of the time-share estate by public auction as provided in this section.
Notice of sale; general requirements.
The foreclosing entity shall provide notice of the foreclosure sale under this section as follows:
Except as provided in subd. 1. b.
, notice of the sale as provided in par. (c)
, whichever is applicable, must be published once in each of 3 successive weeks in a newspaper having general circulation in the county in which the time-share estate is located. The first publication must be no later than 30 days before the date of the sale, excluding the date of that first publication and the date of the sale.