Timeshare is a form of common property contract commonly associated with recreational and holiday apartments. Rights are granted to a person to use the property for a defined period annually. It is very popular in resorts around the world. By signing the timeshare agreement, you agree to pay the owner certain money to obtain the exclusive rights to occupy or use the property for a certain period of the year. It is usually fifteen days or a week . The form of timeshare may, however, vary. In most cases, you will acquire exclusive rights to the property during a specific agreed period or at the same time of the year.
Owners of multipart access own a specific duration, during which they have exclusive rights to use the property. This means if the timeshare agreement says you have the exclusive rights to use the property during the third week of June each year, then none of other timeshare owners are allowed to use the property during that time.
If multipart owners can’t do that or don’t want to use their allocated time, they have several options. They could give their time in the unit as a gift to someone else. They could rent their timeshare to another party. Some resorts with larger networks will allow owners of a multipart to exchange their allocated time for a different week in a different unit or other location; there are also larger websites that will do such exchanges outside of holiday networks. Ultimately, just with other types of property, you can always choose to sell your duration altogether.
Types of Agreements
Timeshares come in a variety of formats, but generally all management companies will assign weekly numbers to each week of the year so that owners are clear about what they have purchased.
If you buy a Fixed Weekly multipart, you are buying the same week of each year. So if you buy Week 42 at Unit X, every year you keep possession of your duration, you will have the exclusive right to use the property during Week 42. Obviously certain weeks are more popular than others; if you have the week that contains Memorial Day, Labor Day or Christmas, your duration will be more valuable than the other weeks in the same units.
Rotating Week timeshares attempt to compensate for this difference in duration value by literally rotating the weeks through the owners. This ensures that all owners will finally have a chance at the most coveted weeks of the year.
Some operating companies make things exceptionally flexible by selling Floating Week shares; for example floating winter weeks. If you purchase a floating winter week at a ski resort, you are guaranteed a unit X for a specified number of weeks during the winter period. However you are not assigned a specific week, instead you must make a request for a specific week.
Lawyers and Timeshares
The purchase, sale, exchange and / or rental of part-time units can be complicated and is rooted largely in state law. Most owners buy timeshares as holiday properties and as such these units are often located in states or even countries outside the owner’s main place of residence. An experienced attorney can help you navigate the legal issues that might arise in timeshare transactions and protect your property rights.