Project instruments and time-share instruments creating time-share estates must contain the following:

(1) The name of the county in which the property is situated;
contract signature

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Terms Used In Tennessee Code 66-32-106

  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
  • property: means all of the real property subject to a project instrument, and containing more than one (1) unit. See Tennessee Code 66-32-102
  • Time-share estate: means an ownership or leasehold estate in property devoted to a time-share fee, tenants in common, time span ownership, interval ownership, and a time-share lease. 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
  • Unit: means the real property or real property improvement in a project which is divided into time-share intervals. See Tennessee Code 66-32-102
(2) The legal description, street address or other description sufficient to identify the property;
(3) Identification of time periods by letter, name, number, or combination thereof;
(4) Identification of time-share estates and, where applicable, the method whereby additional time-share estates may be created;
(5) The formula, fraction or percentage, of the common expenses and any voting rights assigned to each time-share estate and, where applicable, to each unit in a project that is not subject to the time-share program;
(6) Any restrictions on the use, occupancy, alteration or alienation of time-share intervals;
(7) The ownership interest, if any, in personal property and provisions for the care, maintenance and replacement of the commonly owned capital improvements and the commonly owned personal property belonging to the time-share estates. Specifically, an escrow or reserve account shall be established for the repair, replacement and maintenance of capital improvements and personal property; and
(8) Any other matters the developer deems appropriate.
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