Texas Property Code 221.103 – General Disclosures Required
Terms Used In Texas Property Code 221.103
- Association: means a council or association composed of all persons who have purchased a timeshare interest. See Texas Property Code 221.002
- 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 - Exchange company: means any person who owns or operates an exchange program. See Texas Property Code 221.002
- Managing entity: means the person responsible for operating and maintaining a timeshare property. See Texas Property Code 221.002
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Timeshare interest: means a timeshare estate or timeshare use. See Texas Property Code 221.002
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
A person subject to this subchapter who enters into an agreement with a timeshare interest owner to facilitate the transfer or termination of a timeshare interest shall provide to the timeshare interest owner, before the third day before the date the timeshare interest owner enters into the agreement the following written disclosures, as applicable:
(1) the name, telephone number, and physical address of the person providing services under the agreement and any affiliate, agent, or third-party representative of that person;
(2) if the person identified in Subdivision (1), or an affiliate, agent, or third-party representative of that person providing services under the agreement, is an attorney licensed to practice law in this state, a disclosure of whether the attorney will be providing services under the agreement and representing the timeshare interest owner in connection with the transfer or termination of the timeshare interest;
(3) a description, legally sufficient for identification, of the timeshare interest to be transferred or terminated;
(4) a description of the method of transfer or termination or a copy of the instrument that will be used for transferring or terminating the timeshare interest;
(5) a description of any interest the timeshare interest owner retains after the transfer;
(6) a description of the scope of a power of attorney or other delegation of authority, if any, that the timeshare interest owner is required to give to complete the transfer of the timeshare interest;
(7) an itemized statement of any amounts the timeshare owner is required to pay as consideration or reimbursement for services provided in connection with the agreement;
(8) the name of each recipient of amounts described by Subdivision (7);
(9) the estimated date for completing all services sufficient to transfer or terminate the timeshare interest; and
(10) a statement that, on completion of the transfer or termination of the timeshare interest, the person will give written notice of the transfer or termination to:
(A) the developer, association, or managing entity, as applicable; and
(B) if applicable, the exchange company for the timeshare interest.