Texas Property Code 221.012 – Conveyance and Encumbrance
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Terms Used In Texas Property Code 221.012
- Property: means real and personal property. See Texas Government Code 311.005
- 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
Once the property is established as a timeshare plan, each timeshare interest may be individually conveyed or encumbered and shall be entirely independent of all other timeshare interests in the same timeshare property. Any title or interest in a timeshare interest may be recorded.