Timeshares are basically a shared ownership of property. Timeshares have been sold in a variety of properties; however, they are most popular for shares in condominiums at resorts. By creating a shared ownership, developers are able to reduce costs for each owner.
When you own a timeshare, for a specific "time" you have exclusive use to the "share" you own in a property. For example, if your "share" is 4 weeks in July, you have exclusive use of the timeshare property during that time period. The other timeshare owners have exclusive use of the property during the rest of the year.
All owners of the timeshare property share maintenance fees, management fees and costs to upkeep the common areas like pools and lounges. Fees will vary and should be disclosed to you when you buy a unit.
Fixed Unit, Fixed Week, Deeded Agreement
Floating Time Agreement
Right to Use Plan
An experienced real estate lawyer will be able to review all of your timeshare documentation to make sure your rights are protected. Timeshares are regulated by state law, so if there is a dispute over the use of your timeshare, a local attorney will be in the best position to help you.
Last Modified: 08-24-2017 07:55 PM PDTLaw Library Disclaimer
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