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What are time-shares?
A highly successful form of marketing the beach bungalow in Maui or the ski cabin at Aspen is to sell (or lease) "timeshares" in the property. Timesharing is an arrangement that gives you the right to use property (e.g., a chalet, studio, house, apartment) for a limited, pre-planned time.
There are two main types of timesharing plans: deeded and non-deeded. With the deeded type, you buy an ownership interest in a piece of real estate. In the non-deeded plan, you buy a lease, license, or club membership that lets you use the property for a specific amount of time each year for a stated number of years. With both types, the cost of your unit is proportionate to the season and the length of time you want to buy. Obviously, a winter week in a warm climate is worth more than a summer week.
As a practical matter before having a timeshare ownership, you might consider whether you will be able to use a timeshare facility regularly. Check to see if the properties have flexible use plans that you may consider. If you are evaluating a timeshare plan with units in several locations, also consider whether the club has sufficient units at the sites you prefer to give you the opportunity to use them. Also, it is advisable to look into any resale restrictions of a timeshare. You may face competition from the firm that sold you the timeshare, or from local real estate brokers who may not want to include the timeshare unit in their listings.
Before signing on the proverbial dotted line, review all the documents or have a consultation with an attorney familiar with timesharing. The contract may provide a "cooling-off" period during which you can cancel the contract and get a refund. The majority of states where timeshares are located require such a cooling-off period. If there is such a provision, you can use that time to reconsider your decision. If there is no cooling-off period, be sure you understand all aspects of the purchase and review all materials before you sign. |
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