Timeshare Laws
A timeshare is a type of ownership that allows a group of people to jointly own a piece of property and use it at designated times. It's typically used for vacation or resort properties, such as condominiums.
Other People Are Reading
-
Deeded Timeshare
-
The purchase of interest in a property is called a deeded timeshare; it's also known as a fixed-time or fixed-unit arrangement. A specific unit and specific time period for the owner's use are usually designated at the time of purchase.
Non-Deeded Timeshare
-
A non-deeded timeshare involves a lease or other agreement that gives the owner the right to use the property for a designated amount of time over a certain number of years.
-
'Cooling Off' Period
-
Some states require a "cooling off" period after the purchase agreement is signed. During this time, the buyer can cancel the contract and get a refund of any money that was put down.
State Laws
-
Most states have their own laws regulating timeshares. These typically are overseen by the Real Estate Commission in that state.
Real Estate Laws
-
Timeshare agreements are considered actual property by some states, which means any state laws regarding real estate apply to the owners of timeshares in those states as well.
Foreign Countries
-
Timeshares located in foreign countries are subject to the laws of the jurisdiction in which the property is located.
-
References
- Photo Credit alvimann: morguefile.com
