Terms Used In Texas Property Code Chapter 221 > Subchapter H
- Accommodation: means any apartment, condominium or cooperative unit, hotel or motel room, cabin, lodge, or other private or commercial structure that:
(A) is affixed to real property;
(B) is designed for occupancy or use by one or more individuals; and
(C) is part of a timeshare plan. See Texas Property Code 221.002
- Amenities: means all common areas and includes recreational and maintenance facilities of the timeshare plan. See Texas Property Code 221.002
- Association: means a council or association composed of all persons who have purchased a timeshare interest. See Texas Property Code 221.002
- Board: means the governing body of a timeshare association designated in a project instrument to act on behalf of the association. See Texas Property Code 221.002
- Commission: means the Texas Real Estate Commission. See Texas Property Code 221.002
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- disposition: means a voluntary transfer of any legal or equitable timeshare interest but does not include the transfer or release of a real estate lien or of a security interest. 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Managing entity: means the person responsible for operating and maintaining a timeshare property. See Texas Property Code 221.002
- Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
- Multisite timeshare plan: means a plan in which a timeshare purchaser has:
(A) a specific timeshare interest, which is the right to use and occupy accommodations at a specific timeshare property and the right to use and occupy accommodations at one or more other component sites created by or acquired solely through the reservation system of the timeshare plan; or
(B) a nonspecific timeshare interest, which is the right to use and occupy accommodations at more than one component site created by or acquired solely through the reservation system of the timeshare plan but which does not include a right to use and occupy a particular accommodation. See Texas Property Code 221.002
- Personal property: All property that is not real property.
- Project instrument: means a timeshare instrument or one or more recordable documents, by whatever name denominated, applying to the whole of a timeshare project and containing restrictions or covenants regulating the use, occupancy, or disposition of units in a project, including a declaration for a condominium, association articles of incorporation, association bylaws, and rules for a condominium in which a timeshare plan is created. See Texas Property Code 221.002
- Promotion: means any program, activity, contest, or gift, prize, or other item of value used to induce any person to attend a timeshare sales presentation. 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
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
- Timeshare disclosure statement: means a written statement that includes the information required by Section Texas Property Code 221.002
- Timeshare estate: means an arrangement under which the purchaser receives a right to occupy a timeshare property and an estate interest in the real property. See Texas Property Code 221.002
- Timeshare instrument: means a master deed, master lease, declaration, or any other instrument used in the creation of a timeshare plan. See Texas Property Code 221.002
- Timeshare interest: means a timeshare estate or timeshare use. See Texas Property Code 221.002
- Timeshare period: means the period within which the purchaser of a timeshare interest is entitled to the exclusive possession, occupancy, and use of an accommodation. 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