A timeshare is a unit of time, usually a week in a condominium-style facility at a resort, which may be purchased for an infinite or limited period of time.
Timeshare Ownership Products
Today, there are several types of timeshare programs from which to choose, enabling you to purchase the type of vacation ownership that best matches their needs and lifestyle.
Timesharing is a term which describes a method of use and ownership. It denotes exclusive use of accommodations for a particular number of days each year. Usually sold by the week.
The purchase of a timeshare can take many legal forms. Under a fixed-unit, fixed-week deeded, the purchaser receives a deed allowing the use of a specific condominium at a particular time every year.
Under a right-to-use plan, ownership of the resort remains with the developer. The purchaser reserves the right-to-use one or more resort accommodations for a specified number of years, ranging generally from 10, 20, 30, 40 and sometimes up to 50 years, after which all rights return to the developer.
Timeshare Club Memberships
These type of plans come in a variety of forms, they are most commonly known as a club memberships.
Vacation intervals are sold as either fixed or floating time. With fixed time, the unit, or unit type, is purchased for a specific week during the year.
That week is reserved for the same owner every year, subject to cancellation if the vacation owner does not plan to use it in a given year.
Floating time is the use of vacation accommodations usually within a certain time or season of the year. The purchaser may also receive a deed under a floating arrangement.
Within floating time, the price differences are based on the demand within each season. The owner must reserve the desired vacation time in advance, with a reservation confirmation typically provided on a first-come, first-served basis.
Then there is the vacation clubs or point-based timeshare programs which provide the use of accommodations in multiple resort locations.
With these timeshare products, club members purchase points which represent either a travel and use membership, or a deeded real estate product.
These timeshare points are then used much like money to access the deferent size accommodations, season, and number of days at the participating resort.
Fractional Ownership of Timeshare
That brings us to what’s called fractional ownership which enables the buyers to purchase a large share of fractional ownership usually from 3 to 26 weeks. This type of ownership is very popular in beach, ski, and island resort areas around the world.
It all sounds so great, but not so fast, if it’s all so great, the question must be asked, why are there some many timeshare cancellation in the timeshare today’s market place?
The answer is because for the most part, the way timesharing is sold. If we were to list the ways that the timeshare resorts are training and retraining their salespeople to scam you that would be a very long list because the ways goes on, on, and on!
If you have become part of this big timeshare scams list by buying a timeshare you now know what I’m talking about.
We have valuable free information that will help you discover how to cancel timeshare contract – yes, you can permanently cancel your timeshare payments, all maintenance fees and your entire timeshare contract.
If you own a timeshare and would like know how to cancel a timeshare, to learn more about a timeshare cancellation see our frequently asked questions or give us a call.
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