What is Timeshare
Timeshare is a form of ownership or right to the use of a property, or the term used to describe such properties. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time (typically one week, and almost always the same time every year) in which they may use the property. Units may be on a part-ownership or lease/”right to use” basis, in which the sharer holds no claim to ownership of the property.
Way of use:
- Use their usage time
- Rent out their owned usage
- Give it as a gift
- Donate it to a charity
- Exchange internally within the same resort or resort group
- Exchange externally into thousands of other resorts
- Sell it either through traditional advertising, online advertising or by using a licensed broker
Recently, with most point systems, owners may elect to:
- Assign their usage time to the point system to be exchanged for airline tickets, hotels, travel packages, cruises, amusement park tickets;
- Instead of renting all their actual usage time, rent part of their points without actually getting any usage time and use the rest of the points;
- Rent more points from either the internal exchange entity or another owner to get a larger unit or more vacation time or at a better location;
- Save or move points from one year to another.
Some developers, however, may limit which of these options are available at their properties.
Owners can elect to stay at their resort during the prescribed period, which varies depending on the nature of their ownership. In many resorts, they can rent out their week or give it as a gift to friends and family.
Donate Timeshare to Charity
Another option for timeshare owners who are seeking to sell their property is to donate it to charity. The owner is able to get a tax receipt for the appraised value of the timeshare. The proceeds of the sale is then donated to the charity of the donors choice. Many charities will no longer accept timeshare donations.
The legal transfer of ownership for the majority of timeshare resales can be very difficult. Only specialist agents and closing companies throughout the World can ensure this is processed with ease. It is important to understand that trying to do this on your own can cause many long hours of administration. While using a timeshare resale broker or agent can mean paying a third party, you do then allow them to take on the work load of the sales process and more importantly the legal transfer of ownership.
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Posted on May 4, 2011, in About Timeshares and tagged exit solution, Lodging, New York City, Ownership, Property, Resort, Timeshare, timeshares, Travel and Tourism, United States. Bookmark the permalink. 3 Comments.