A timeshare is a type of ownership that will allow 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 like condominiums. However, many owners are not familiar when it comes to the legalities of their timeshares and when they decided to get out of their timeshare units, they are in trouble. In this article, we will tackle some of the legal matters pertaining to the timeshare ownership.
First, you have the purchase of interest in a property which is called a deeded timeshare. It’s also known as a fixed-time or fixed-unit arrangement. The specific unit and specific time period for the owner’s use are usually designated at the time of purchase. Meanwhile, 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.
More importantly, you must be familiar with the cooling off period. Some states require this after the purchase agreement is signed. During this time, the buyer is able to cancel the contract and get a refund of any money that was put down. On the other hand, most states have their own laws regulating timeshares and these typically are overseen by the Real Estate Commission in that state.
However, 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. But for those timeshares located in foreign countries are subject to the laws of the jurisdiction in which the property is located.
Vacation accommodations like timeshares have their set of rules and legalities that any owner must be familiar with. It is very important to review and be familiar with these to optimized one’s ownership. Those mentioned above are some of the essential laws regarding timeshare ownership.