Texas Property Code 221.077 – Availability of Books and Records; Records Retention
Current as of: 2024 | Check for updates
|
Other versions
(a) A developer or managing entity, on written request of an owner, shall make available for examination at its registered office or principal place of business and at any reasonable time or times the relevant books and records relating to the collection and expenditure of assessments.
(b) A developer or managing entity shall maintain in its records a copy of each purchase contract for an accommodation sold by the developer for a timeshare period unless the contract has been canceled. If a sale of the timeshare estate is pending, the developer shall retain a copy of the contract until a deed of conveyance, agreement for deed, or lease is recorded in the real property records of the county in which the timeshare property is located.
Terms Used In Texas Property Code 221.077
- 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 - 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 - 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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 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 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 - Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005