§ 221.041 Purchaser’S Right to Cancel
§ 221.042 Notice; Refund
§ 221.043 Contract Requirements

Terms Used In Texas Property Code Chapter 221 > Subchapter E

  • 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Justice: when applied to a magistrate, means justice of the peace. See Texas Government Code 312.011
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Managing entity: means the person responsible for operating and maintaining a timeshare property. See Texas Property Code 221.002
  • Purchaser: means any person, other than a developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare interest other than as a security for an obligation. See Texas Property Code 221.002
  • Service of process: The service of writs or summonses to the appropriate party.
  • Timeshare disclosure statement: means a written statement that includes the information required by Section Texas Property Code 221.002
  • Timeshare interest: means a timeshare estate or timeshare use. See Texas Property Code 221.002
  • Timeshare plan: means any arrangement, plan, scheme, or similar method, excluding an exchange program but including a membership agreement, sale, lease, deed, license, or right-to-use agreement, by which a purchaser, in exchange for consideration, receives an ownership right in or the right to use accommodations for a period of time less than a year during a given year, but not necessarily consecutive years. See Texas Property Code 221.002
  • Timeshare property: means :
    (A) one or more accommodations and any related amenities subject to the same timeshare instrument; and
    (B) any other property or property rights appurtenant to the accommodations and amenities. See Texas Property Code 221.002
  • United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005