Texas Property Code - Section 82.060. Exercise Of Development Right
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Texas Laws > Property Code > Texas Property Code - Section 82.060. Exercise Of Development Right
§ 82.060. EXERCISE OF DEVELOPMENT RIGHT. (a) To exercise
a development right, the declarant must prepare, execute, and
record an amendment to the declaration and record new plats and
plans for that real property. The declarant is the unit owner of
any units created. The amendment to the declaration must assign an
identifying number to each new unit created and, except for
subdivision or conversion of units described by Subsection (b),
reallocate the allocated interest among all units. The amendment
must describe any limited common elements created, designating the
unit to which each is allocated.
(b) Development rights may be reserved within any real
property added to the condominium if the amendment adding the real
property includes the information required by Section 82.055 or
82.056, as appropriate, and the plats and plans include the
information required by Section 82.059(b). This provision does not
extend the time limit on the exercise of development rights imposed
by the declaration. Real property to be added is not part of a
condominium or subject to a declaration until the declaration is
amended to make the additional real property part of the
condominium.
(c) Whenever a declarant exercises a development right to
subdivide or convert a unit previously created into additional
units, common elements, or both:
(1) if the declarant converts the unit entirely to
common elements, the amendment to the declaration must reallocate
all the allocated interests of the unit among the other units as if
the unit had been taken by condemnation; and
(2) if the declarant subdivides the unit into two or
more units, whether or not any part of the unit is converted into
common elements, the amendment to the declaration must reallocate
all the allocated interests of the unit among the units created by
the subdivision in any reasonable manner prescribed by the
declarant.
(d) If the declaration provides that all or a portion of the
real property is subject to the development right of withdrawal:
(1) if all the real property is subject to withdrawal,
and the declaration does not describe separate portions of real
property subject to that right, none of the real property may be
withdrawn after a unit has been conveyed to a purchaser; and
(2) if a portion or portions are subject to
withdrawal, no portion may be withdrawn after a unit in that portion
has been conveyed to a purchaser.
Added by Acts 1993, 73rd Leg., ch. 244, § 1, eff. Jan. 1, 1994.
Section: 82.053 82.054 82.055 82.056 82.057 82.058 82.059 82.060 82.061 82.062 82.063 82.064 82.065 82.066 82.067
Last modified: August 11, 2007
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