707.24 Termination of time shares.

152 words·~1 min read·/wi/chapter-707/707-24

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Termination by agreement. All time shares in a time-share property may be terminated only by agreement of the time-share owners having at least 80 percent of the time shares, except that the time-share instrument may require approval by a greater majority.

(2)Recording of agreement.

(a)An agreement to terminate all time shares in a time-share property shall be evidenced by a termination agreement which meets the requirements of s. 706.05

(2)for recording, is signed by each of the time-share owners who agree to termination under sub.

(1)and provides that the agreement will be void unless the agreement is recorded before a specified date.

(b)A termination agreement shall be recorded in the office of the register of deeds of each county in which a portion of the time-share property is located and shall be effective only upon recordation.

(3)Agreement without sales contract.