A timeshare use gives the purchaser the right to possess the property at given times for a given duration but doesn't convey ownership.
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What is a timeshare use?</h3>
- A timeshare is a legal way for a group of people to share ownership of a property, typically a vacation property such as a condominium unit in a resort area.
- Each buyer typically purchases a specific period of time in a specific unit. Timeshares are typically divided into one- to two-week periods.
- If a buyer wants to stay for a longer period of time, purchasing several consecutive timeshares may be an option (if available).
- Although owning a timeshare eliminates the need to spend money on rental accommodations each year, timeshares are far from free after the initial purchase.
- A timeshare owner must also pay annual maintenance fees, which typically cover property upkeep costs. These fees are due whether or not the owner is present.
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