(1) ADDITIONAL REQUIREMENTS. If a conversion building includes or will include one or more time-share units, is more than 10 years old and the developer or any affiliates of the developer own or control more than 50 percent of all units in the project, the time-share disclosure statement shall contain, in addition to the information required by s. 707.41 (4) and, if applicable, ss. 707.42, 707.43 and 707.45, all of the following information: (a) A statement by the developer, based on a report prepared by an independent registered architect or engineer, describing the present condition of all structural components and mechanical and electrical installations which are material to the use and enjoyment of the time-share units. (b) A statement by the developer of the expected useful life of each item reported on in par. (a) or a statement that no representations are made in that regard. (c) A list of any outstanding notices of uncorrected violations of building codes or other state and municipal regulations, together with the estimated cost of correcting those violations. (2) APPLICABILITY. This section applies only to units which may be used as a dwelling or for recreational purposes or both.
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