timeshare

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Timeshare

A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year.

Timeshare ownership of vacation or recreation condominium property is a popular choice for persons who wish to secure a long-term commitment to a particular location. Timesharing is common in Hawaii, Florida, Arizona, Colorado, and Mexico, as well as in certain other popular vacation spots in the United States. When a person signs a contract to purchase a "timeshare," she is agreeing to pay the owner of the property a sum of money for the exclusive right to use or occupy the property for a specified time during the year. One or two weeks is the typical period that may be purchased. Usually, the timeshare agreement is made for improved property, such as a vacation home or a particular unit in a condominium complex.

The form of a timeshare agreement varies. Usually, the person has the right of exclusive use of the unit during the same time each year or other specified period. Each timeshare unit is considered an estate or interest in real property, separate and distinct from all other timeshare estates in the same unit or any other unit. Therefore, estates may be separately conveyed and encumbered.

The cost of purchasing a timeshare depends on the time of year selected; premium prices are charged for the most popular times of the year. The annual maintenance fee for the condominium unit and the annual property taxes are divided proportionally among the timeshare owners. A person who does not plan to use the property during the specified period may rent the timeshare to a third party, but the company managing the property may require that it broker such transactions and receive a fee for the rentals.

Timeshare agreements are affected by various federal and state statutes. States generally require developers of timeshares to file detailed statements that demonstrate compliance with all applicable statutory requirements. For example, states typically require the developer to fully disclose how the project is to be financed and to give examples of all contracts, deeds, fact sheets, and other instruments that will be used in marketing, financing, and conveying timeshare interests. Some states also require information from the developer concerning the management of the project, including a copy of the management agreement, disclosure of any relationship between the developer and the management company, and a statement as to whether the management agent will be bonded or insured.

Cross-references

Condominiums and Cooperatives.

timeshare

consecutive sharing of accommodation with concurrent ownership. An agreement by which a person pays a capital sum to the promoter of a timeshare resort and in consequence acquires a right to use accommodation and facilities in that resort for a defined period each year for a defined number of years. They can be bought and sold and inherited. Some may be swapped on informal exchanges, allowing the ‘investment’ to be used as a right to obtain a different holiday. This fine business idea for a ‘product’ for the leisure industry has been successful. There have been many difficulties because the concept is not one recognized in the law in its own right - it is an amalgam of legal rights and duties. There have been many complaints from purchasers throughout Europe. The European Union acted by promulgating a Directive on the topic which affects any contract or group of contracts concluded for at least three years under which, directly or indirectly, for payment or a certain price, a real property right or other right relating to the use of the property for a specified period of the year, which may not be less than one week, is established or is the subject of a transfer or an undertaking to transfer.
References in periodicals archive ?
This then led SOH to submit an Application for Review (AFR) with the FCC, maintaining that the grant of the UM application should be rescinded, the time-share hours granted to UM should be reverted to pre-grant status, and the Commission should provide an opportunity for SOH and Morton to negotiate and file a new time-share agreement.
Since this includes the services provided by the time-share management company that are paid for with the taxpayer's maintenance fees, the timeshare's maintenance fees for the donated period are not deductible.
We also talked demographics: The average time-share owner is 50 years old, and in America, over the next decade or so, we'll see many people turning 50 who will retire with more income and will be looking to travel.
Most time-share holidaymakers are from Germany or the UK, where most of the agencies are located, whereas most of the holiday centres are located in Spain, Italy, France and Portugal.
10,000 for the property, you're going to break even in 10 years," said Mario Collura, a time-share owner and president of TRI West, a time-share resale company based in Marina Del Rey.
Police claim they also got staff to cold call time-share owners and offer to sell their annual holiday allowance - then asked for admin fees and taxes on work they never did.
Also in Saugatuck, an ambitious realtor will try to sell a fixer-upper for above market, claiming it was Abraham Lincoln's summer time-share.
Charles Prew, chief executive of Paramount Hotels, said 132 time-share units had been bought out.
The time-share vacation industry--"where telemarketing has historically been an important component of the marketing plan," says Howard Glassroth, vice president for communications at the American Resort Development Association, the industry's trade group--has been able to exploit the "previous business relationship" exemption with some success.
The Timeshare User's Group (TUG) is a self-help organization of time-share owners and other interested parties.
Obviously, design issues are especially important for these ALF combinations--no resort or time-share facility wants to create an unappealing image.
A time-share in the dream has inspired hundreds of organizations to devote themselves to her preservation and enhancement.