Texas Property Code

§ 221.043 — CONTRACT REQUIREMENTS

PR § 221.043Title 12. MISCELLANEOUS SHARED REAL PROPERTY INTERESTS · Ch. 221. TEXAS TIMESHARE ACT · Art. E. CANCELLATION OF PURCHASE CONTRACT

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(a)Each purchase contract shall contain the following information. The statements required by this subsection and Subsection (c)(8) shall be provided in a conspicuous manner and in the exact language set forth in this section with the developer's name and address, the date of the last day of the fiscal year, and the address of the managing entity inserted where indicated: "PURCHASER'S RIGHT TO CANCEL. "(1) BY SIGNING THIS CONTRACT YOU ARE INCURRING AN OBLIGATION TO PURCHASE A TIMESHARE INTEREST. YOU MAY, HOWEVER, CANCEL THIS CONTRACT WITHOUT PENALTY OR OBLIGATION BEFORE THE SIXTH DAY AFTER THE DATE YOU SIGN AND RECEIVE A COPY OF THE PURCHASE CONTRACT, OR RECEIVE THE REQUIRED TIMESHARE DISCLOSURE STATEMENT, WHICHEVER IS LATER. "(2) IF YOU DECIDE TO CANCEL THIS CONTRACT, YOU MAY DO SO BY EITHER HAND-DELIVERING NOTICE OF CANCELLATION TO THE DEVELOPER, BY MAILING NOTICE BY PREPAID UNITED STATES MAIL TO THE DEVELOPER OR 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. YOUR NOTICE OF CANCELLATION IS EFFECTIVE ON THE DATE SENT OR DELIVERED TO (INSERT NAME OF DEVELOPER) AT (INSERT ADDRESS OF DEVELOPER). FOR YOUR PROTECTION, SHOULD YOU DECIDE TO CANCEL YOU SHOULD EITHER SEND YOUR NOTICE OF CANCELLATION BY CERTIFIED MAIL WITH A RETURN RECEIPT REQUESTED OR OBTAIN A SIGNED AND DATED RECEIPT IF DELIVERING IT IN PERSON OR BY OVERNIGHT COMMON CARRIER. "(3) A PURCHASER SHOULD NOT RELY ON STATEMENTS OTHER THAN THOSE INCLUDED IN THIS CONTRACT AND THE DISCLOSURE STATEMENT."

(b)Immediately following the required statements in Subsection (a) shall be a space reserved for the signature of the purchaser.

(c)The purchase contract must also include the following:

(1)the name and address of the developer and the address of the timeshare property or the address of any available timeshare interest being offered;

(2)an agreement describing the cancellation policy prescribed by Section 221.041;

(3)the name of the person or persons primarily involved in the sales presentation on behalf of the developer;

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Legislative history

Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 8, eff. January 15, 2006. Acts 2009, 81st Leg., R.S., Ch. 279 (S.B. 1036), Sec. 4, eff. September 1, 2009.