Terms Used In Tennessee Code 66-32-127

• 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 , in the case of any given property, any person or entity which is in the business of creating or which is in the business of selling its own time-share intervals in any time-share program. See Tennessee Code 66-32-102
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Person: means one (1) or more natural persons, corporations, partnerships, associations, trusts, other entities, or any combination thereof. See Tennessee Code 66-32-102
• Time-share program: means any arrangement for time-share intervals in a time-share project whereby use, occupancy or possession of real property has been made subject to either a time-share estate or time-share use whereby such use, occupancy or possession circulates among purchasers of the time-share intervals according to a fixed or floating time schedule on a periodic basis occurring annually over any period of time in excess of one (1) year. See Tennessee Code 66-32-102