Section 47. (a) Except as limited by subsection (b) implied warranties of quality:
(1) may be excluded or modified by agreement of the parties; and
(2) shall be excluded by expressions of disclaimer, such as “as is”, “with all faults”, or other language that in common understanding calls the purchaser’s attention to the exclusion of warranties.
(b) With respect to a purchaser of a time-share in a time-share unit that may be used as a dwelling or for recreational purposes, no general disclaimer of implied warranties of quality shall be effective, but a developer may disclaim liability in an instrument signed by the purchaser for a specified defect or specified failure to comply with applicable law if the existence of the defect or failure entered into and became a part of the basis of the bargain.