Terms Used In Virginia Code 55.1-2210

• Association: means the association organized under the provisions of § 55. See Virginia Code 55.1-2200
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Common elements: means the real estate, improvements on such real estate, and the personalty situated within the time-share project that are subject to the time-share program. See Virginia Code 55.1-2200
• 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.
• Deed: means the instrument by which title to a time-share estate is transferred from one person to another person. See Virginia Code 55.1-2200
• Developer: means any person or group of persons acting in concert that (i) offers to dispose of a time-share or its interest in a time-share unit for which there has not been a previous disposition or (ii) applies for registration of the time-share program. See Virginia Code 55.1-2200
• Developer control period: means a period of time during which the developer or a managing agent selected by the developer manages and controls the time-share project and the common elements and units it comprises. See Virginia Code 55.1-2200
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• owner: means a person that is an owner or co-owner of a time-share other than as security for an obligation. See Virginia Code 55.1-2200
• program: means any arrangement of time-shares in one or more time-share projects by which the use, occupancy, or possession of real property has been made subject to either a time-share estate or time-share use in which such use, occupancy, or possession circulates among owners of the time-shares according to a fixed or floating time schedule on a periodic basis occurring over any period of time in excess of five years. See Virginia Code 55.1-2200
• project: means all of the real property subject to a time-share program created by the execution of a time-share instrument. See Virginia Code 55.1-2200
• Purchaser: means any person other than a developer or lender that owns or acquires a product or that otherwise enters into a contract for the purchase of a product. See Virginia Code 55.1-2200
• Time-share: means either a time-share estate or a time-share use plus its incidental benefits. See Virginia Code 55.1-2200
• Time-share estate: means a right to occupy a time-share unit or any of several time-share units during five or more separated time periods over a period of at least five years, including renewal options, coupled with a freehold estate or an estate for years in one or more time-share units or a specified portion of such time-share units. See Virginia Code 55.1-2200
• Transfer: means a voluntary conveyance of a resale time-share to a person other than the developer, association, or managing entity of the time-share program of which the resale time-share is a part or to a person taking ownership by gift, foreclosure, or deed in lieu of foreclosure. See Virginia Code 55.1-2200