Terms Used In Texas Property Code Chapter 221 > Subchapter D - Disclosure

• 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
• Advertisement: means any written, oral, or electronic communication that is directed to or targeted at individuals in this state and contains a promotion, inducement, or offer to sell a timeshare interest, including a promotion, inducement, or offer to sell:
  (A) contained in a brochure, pamphlet, or radio or television transcript;
  (B) communicated by electronic media or telephone; or
  (C) solicited through direct mail. See Texas Property Code 221.002
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amenities: means all common areas and includes recreational and maintenance facilities of the timeshare plan. See Texas Property Code 221.002
• Association: means a council or association composed of all persons who have purchased a timeshare interest. See Texas Property Code 221.002
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Commission: means the Texas Real Estate Commission. See Texas Property Code 221.002
• Component site: means a specific geographic location where accommodations that are part of a multisite timeshare plan are located. See Texas Property Code 221.002
• 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
• disposition: means a voluntary transfer of any legal or equitable timeshare interest but does not include the transfer or release of a real estate lien or of a security interest. See Texas Property Code 221.002
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Escrow agent: means a bonded escrow company, a financial institution whose accounts are insured by a governmental agency or instrumentality, or an attorney or title insurance agent licensed in this state who is responsible for the receipt and disbursement of funds in accordance with this chapter. See Texas Property Code 221.002
• Exchange company: means any person who owns or operates an exchange program. See Texas Property Code 221.002
• Exchange disclosure statement: means a written statement that includes the information required by § 221. See Texas Property Code 221.002
• Exchange program: means any method, arrangement, or procedure for the voluntary exchange of timeshare interests among purchasers or owners. See Texas Property Code 221.002
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Managing entity: means the person responsible for operating and maintaining a timeshare property. See Texas Property Code 221.002
• Multisite timeshare plan: means a plan in which a timeshare purchaser has:
  (A) a specific timeshare interest, which is the right to use and occupy accommodations at a specific timeshare property and the right to use and occupy accommodations at one or more other component sites created by or acquired solely through the reservation system of the timeshare plan; or
  (B) a nonspecific timeshare interest, which is the right to use and occupy accommodations at more than one component site created by or acquired solely through the reservation system of the timeshare plan but which does not include a right to use and occupy a particular accommodation. See Texas Property Code 221.002
• offer: means any advertisement, inducement, or solicitation and includes any attempt to encourage a person to purchase a timeshare interest other than as a security for an obligation. See Texas Property Code 221.002
• Promotion: means any program, activity, contest, or gift, prize, or other item of value used to induce any person to attend a timeshare sales presentation. 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
• Reservation system: means the method, arrangement, or procedure by which a purchaser, in order to reserve the use and occupancy of an accommodation of a multisite timeshare plan for one or more timeshare periods, is required to compete with other purchasers in the same multisite timeshare plan, regardless of whether the reservation system is operated and maintained by the multisite timeshare plan, a managing entity, an exchange company, or any other person. See Texas Property Code 221.002
• Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
• Single-site timeshare plan: means a timeshare plan in which a timeshare purchaser's right to use and occupy accommodations is limited to a single timeshare property. See Texas Property Code 221.002
• Timeshare disclosure statement: means a written statement that includes the information required by § 221. See Texas Property Code 221.002
• Timeshare interest: means a timeshare estate or timeshare use. 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 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
• Trustee: A person or institution holding and administering property in trust.
• Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005