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Sell Your Timeshare
What is a timeshare?|
A timeshare is a type of ownership or right to the use of real property,
or it is sometimes a term used to describe properties deeded to a cooperative of owners.
Timeshare properties are typically resort condominium units, or homes in areas
used for vacationing, in which multiple parties
hold rights to use the timeshare unit or home. In most case, each sharer is allotted a period
of time (typically one week either annually or bi-annually) in which they may use the property.
Timeshares may be held as a deeded part-ownership property or lease/"right to use" basis,
in which the sharer holds no legal claim to ownership of the timeshare.
Deeded vs. Right to Use
The most common difference in types of vacation timeshare ownership is that between deeded and right to use contracts or agreements.
With deeded contracts the use of the resort condominium or an individual home, is usually divided into week long increments and these are
sold as fractional ownership and are real property. Like any other piece of real estate the timeshare owners may use occupy it it on their week, rent it, give it away, or
leave it to their heirs. They also have the right to sell the week to another prospective buyer.
These timeshare owners also liable for their portion of real estate taxes, which usually are collected with
condominium maintenance fee or by a management company. Potentially owners can even deduct some property related expenses,
such as real estate taxes, on state and federal tax returns.
While this type of ownership may offer additional security to the owner as a form of physical ownership,
deeded ownership can be as complex. It is alway recommended to use a licenced real estate specialist
when closing the sale of these properties.
Leasehold deeds are very common and offer an individual ownership for a fixed period of time
after which the ownership reverts to the Freeholder. Occasionally, leasehold
deeds are offered in perpetuity however many do not convey ownership of the
land but merely the apartment or 'unit' of accommodation.
With right to use contracts and agreements, the purchaser has the right to use the property in accordance with the
contract but at some point the contract ends and all rights remain with the property owner similiar to a lease agreement.
In other words, the right to use contract grants the right to use the resort for a
specific number of years. In many countries there are limits on property ownership by foreign nationals,
so this is a common method for developing resorts in countries valued as vacation destinations.
There are many vacation clubs
that sell times as a right to use. Care should be taken with this form of ownership as the right to use
often takes the form of 'club membership' or right to use the reservation system.
Therfore the reservation system is owned by a company with no control conveyed of the owners,
the right of use contract may be void or lost with the bankruptcy or ownership change of the controlling company.
Use necessary caution, consult an attorney.
It cannot be emphasized enough that you do your research into the financial security of the resort you plan to invest in
before buying. Educate yourself on the local laws concerning timeshares as they vary state to state. Alway use a closing attorney
when purchasing a deeded timeshare and is also a good idea to consult a local attorney before signing a right to use contract
as they should familiar with the practices and reputation of their local resort.
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