SECTION 46. Implied warranties of developer or person in business of selling real estate for own account

(a) A developer and any person in the business of selling real estate for his own account warrants that a time-share unit shall be in at least as good condition as the earlier of the time of the transfer or of the delivery of possession as it was at the time of contracting, reasonable wear and tear excepted.

(b) A developer and any person in the business of selling real estate for his own account impliedly warrants that a time-share unit and any other real property the time-share owners have a right to use in conjunction therewith shall be suitable for the ordinary uses of real estate of its type and that any improvements made or contracted for by him, or made by any person before transfer, shall be:

(1) free from defective materials; and

(2) constructed in accordance with applicable law, according to sound engineering and construction standards, and in a workmanlike manner.

(c) A developer and any person in the business of selling real estate for his own account warrants to a purchaser of a time-share that an existing use of the time-share unit, continuation of which is contemplated by the parties, does not violate applicable law at the earlier of the time of transfer or of the delivery of possession.

(d) Warranties imposed by this section may be excluded or modified as provided in section forty-seven.

(e) For purposes of this section, improvements made or contracted for by an affiliate of a developer are made or contracted for by the developer.

(f) Any transfer of a time-share transfers to the purchaser all implied warranties of quality, of any developer and any person in the business of selling real estate for his own account.