Texas Property Code 221.042 – Notice; Refund
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(a) If a purchaser elects to cancel a purchase contract under § 221.041, the purchaser may do so by hand-delivering notice of cancellation to the developer, by mailing notice by prepaid United States mail to the developer or to the developer’s agent for service of process, or by providing notice by overnight common carrier delivery service to the developer or the developer’s agent for service of process.
(b) Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded on or before the 30th day after the date on which the developer receives a timely notice of cancellation or on or before the fifth day after the date the developer receives good funds from the purchaser, whichever is later.
Terms Used In Texas Property Code 221.042
- Contract: A legal written agreement that becomes binding when signed.
- 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 - 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
- Service of process: The service of writs or summonses to the appropriate party.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005