Terms Used In Arizona Laws 33-2202
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. "Accommodation" means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room or other private or commercial structure that contains toilet facilities, that is designed and available for use and occupancy as a residence by one or more individuals and that is included in the offering of a timeshare plan.
2. "Assessment" means the share of monies that are required for the payment of common expenses and that the managing entity assesses periodically against each owner, and any other amount required to be paid by owners under a timeshare instrument.
6. "Developer" means either of the following:
(b) Any person or entity that succeeds to the interest of the developer by sale, lease, assignment, mortgage or other transfer if the person offers timeshare interests in a particular timeshare plan and the person is in the business of selling timeshare interests or employs sales agents to sell timeshare interests.
8. "Owner" means the owners of a timeshare interest in a timeshare plan, other than as security for an obligation. Owner includes developer to the extent the developer owns timeshare interests.
13. "Timeshare plan" means any arrangement, plan or similar device, other than an exchange program, whether by membership agreement, or sales, lease, deed, license or right-to-use agreement or by any other means, in which an owner, in exchange for consideration, receives ownership rights in or the right to use accommodations for a period of time that is less than a full year during any given year, but not necessarily for consecutive years, if the use rights extend for at least three years.
14. "Timeshare property" means one or more accommodations that are subject to the same timeshare instrument, together with any other property or rights to property appurtenant to those accommodations.
15. "Timeshare use" means the right to occupy a timeshare property that is not coupled with an estate in real property.