Texas Property Code 221.101 – Transfer or Termination of Timeshare Interest
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Terms Used In Texas Property Code 221.101
- Association: means a council or association composed of all persons who have purchased a timeshare interest. See Texas Property Code 221.002
- Contract: A legal written agreement that becomes binding when signed.
- Developer: means :
(A) any person, excluding a sales agent, who creates a timeshare plan or is in the business of selling timeshare interests or employs a sales agent to sell timeshare interests; or
(B) any person who succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer if the person:
(i) offers at least 12 timeshare interests in a particular timeshare plan; and
(ii) is in the business of selling timeshare interests or employs a sales agent to sell timeshare interests. See Texas Property Code 221.002 - Managing entity: means the person responsible for operating and maintaining a timeshare property. See Texas Property Code 221.002
- Timeshare interest: means a timeshare estate or timeshare use. See Texas Property Code 221.002
In this subchapter:
(1) “Termination” with respect to a timeshare interest:
(A) means:
(i) the release of contractual obligations relating to a timeshare interest by the developer, association, or managing entity; or
(ii) the invalidation, cancellation, nullification, or cessation of contractual obligations related to a timeshare interest by a judgment or court order; and
(B) does not include the cancellation of a purchase contract governed by Subchapter E.
(2) “Transfer” with respect to a timeshare interest means the conveyance of all or substantially all of a timeshare interest.