707.21 Time-share instrument.
(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:
(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.
(b) A copy of or reference to a recorded project and time-share property plat required under s. 707.215.
(c) The name of the county or counties in which the time-share property is located.
(d) Identification of time periods by letter, name or number.
(e) The time-share liability and any voting rights assigned to each time share.
(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.
(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.
(g) The method of designating the insurance trustee required under s. 707.35 (4).
(h) Allocation of time for maintenance of the time-share units.
(i) 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) to (h).
(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.
History: 1987 a. 399; 2007 a. 18.
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