707.24 Termination of time shares.

253 words·~1 min read·/wi/chapter-707/707-24-2

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.

(a)Unless the termination agreement sets forth a sales contract described in sub.

(4), title to an estate or interest in each time-share unit, equal to the sum of the time shares in the time-share unit, shall vest upon termination in the time-share owners of the time-share unit in proportion to their respective interests under sub.

(6m)or

(7), and liens on the time shares shall shift accordingly to encumber those interests.

(b)Upon termination, an owner of an estate or interest in a time-share unit under par.

(a)may maintain an action for partition under ch. 842 .