Timeshare and Vacations Rental Forms
Time share is a type of property right under which the purchaser of a time share has access to the 'share' they own in a property for a specific 'time'. Time-shares have been sold for cruises, recreational vehicles, campgrounds, and many other types of properties, but their most popular use is for shares in condominiums at timeshare resorts.
How to Buy and Sell a Timeshare Property
A timeshare is a type of property ownership where a number of individuals share rights in a piece of real estate. The buyer of a timeshare has the right to use the subject property for a specified time. Usually timeshare properties will be situated at recreation or vacation localities where multiple owners use such property for a certain period. The timeshare pricing will vary depending upon the time period during which you choose to exercise your option. If the time period you opt for is in peak season, the price will be higher.
Timeshares have been sold for many types of properties, such as recreational vehicles, campgrounds, and cruises, but the most popular type is shares in resort condominium units. In a timeshare resort condominium unit, multiple parties will have the right to use the property, and each party will be allotted a certain period of time, usually one week, when they may use the resort condominium unit. Normally, timeshare condominium units are fully furnished apartments with a living room, one to three bedrooms, a kitchen, and multiple bathrooms.
By signing a timeshare agreement, a person agrees to give the property owner a sum of money for the exclusive right to occupy or use the property for a stipulated time during the year. Sometimes timeshare agreements permit owners to swap the locality of timeshare. For example, an owner in the Hawaii could swap his ownership for an associated timeshare in Bahamas. An exchange of timeshare can be made within a resort group or can be swapped externally with other timeshare resorts. Interval International and Resort Condominiums International (RCI) are the two largest timeshare exchange agencies in the world.
Transfer of a Timeshare
Each timeshare property unit is regarded as a separate estate distinct from other timeshare units. Therefore, owners of timeshares can sell or can pass down the ownership to successors like other type of properties.
Many time share owners not only look at their timeshare property as a means to have a great vacation time, but also as a long-term investment, as the value of timeshares increases with the passage of time. A time share owner who is not using the property during the specified time may rent the timeshare property to others. An owner may rent the entire period s/he owns or part of the period to a third party who may use it as one would use a hotel or other vacation rental. Time share rentals will be an additional source of income.
Time share agreements are influenced by federal and state laws. Many jurisdictions have regulations to guard consumers from fraudulent solicitations for timeshare transactions. Such consumer laws usually provide the right to revoke a time share contract within a stipulated period of time.
Timeshare promotions should be perfectly transparent. Under some jurisdictions, it is against the law to solicit a timeshare without providing mandatory information in writing. Such information includes the property address, offer price, and any constraints or prerequisites that must be satisfied before the time share transaction.