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 ?
Hundreds of holiday makers duped to the tune of millions of dirhams in a time-share scam
Time-share owners are generally required to pay an annual maintenance fee that covers the pro rate upkeep of the resort itself, plus housekeeping services.
The Daly panel noted that the statute requires a parenting plan and rejected the ALJ's time-sharing deviation because the parents' schedule was not "pursuant to a court authorized parenting plan." (25) The Daly court read [section]61.30 as requiring deviations only when a parent time-shares pursuant to a court-ordered parenting plan.
Craigendarroch Suites start from PS3700 for a studio suite on a weekly time-share basis.
Viewers were invited to participate in the project by purchasing one-week time-shares at the low starting price of $199.
AGGRESSIVE time-share touts have resorted to hassling guests inside top-class hotels along the Paphos seafront in a desperate attempt to drum up new business.
Russell White, director of Allbrite UK, who will be supplying eco-heating systems to a time-share housing company on the foothills of the Himalayas
[ILLUSTRATION OMITTED] Name Jim Lews Title President, Disney Vacation Club Location Celebration, Florida Age 47 Power Play Increased Disney Vacation Club time-share ownership from 150,000 to 350,000 members
The proposal for a directive aimed at strengthening the time-share rights of European holidaymakers was unanimously approved by the European Parliament's Internal Market Committee, on 19 May in Strasbourg, in the margins of the plenary session.
A TIME-share property overlooking the 18th hole at the Old Course in St Andrews could smash the Scottish record for a home after it was put on the market for pounds 9.3million.
But instead of being handed a prize, they are given a long presentation about time-share properties, and pressurised into signing a contract for one.
The 600-room Westin Rio Mar hotel in Rio Grande may be sold and converted to a time-share property, reports El Nuevo Dia (Nov.