The Law Of Time Sharing Arrangements By Bob Miles At Isnare.com Ezine Articles

You can divide almost any type of property into a time-share (a type of fractional ownership). Most popular among these, of course, is the condominium time-share arrangement. Private jets are also sold as time-shares (betcha didn’t know that!). What that means, just in case you didn’t already know, is that the time-share owner has the right to use the property for a certain mount of time, for example two weeks a year. Since this time-share interest can be bought, you can also sell it when you get tired of it. You can build up equity in it, and if the terms of your contract or the homeowners’ association allow, you can even rent it out to someone else.

There are two different legal forms of time-share ownership. One is called “interval ownership”. In this arrangement, I may be granted a certain time period, for example one week a year, in which I can have the exclusive use of, say, a parcel of land, maybe a beach. If there are fewer than 51 other time-share owners, then there will be some time every year when no one will have the exclusive right to use the beach. This doesn’t mean that I can’t use it, however – since I own the beach as a tenant in common with the other tenants during this time, I can come to the beach but unlike during my week, I cannot throw anyone else off the beach – I have to share it with the other time-share owners.

The second legal form of time-share ownership is called “time-span ownership”. In this arrangement, I have a tenancy in common with all the other tenants the whole year round, but an exclusive right to possess the property for a certain period every year. In practice, there is usually very little difference between these two arrangements, although it might matter in certain contingencies and might affect the value of your time-share interest.

DISCLAIMER: The foregoing is intended for reference only and not as legal advice.

Published At: Isnare Free Articles Directory http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=152236&ca=Legal

Important Notice DISCLAIMER: All information, content, and data in this article are sole opinions and/or findings of the individual user or organization that registered and submitted this article at Isnare.com without any fee. The article is strictly for educational or entertainment purposes only and should not be used in any way, implemented or applied without consultation from a professional. We at Isnare.com do not, in anyway, contribute or include our own findings, facts and opinions in any articles presented in this site. Publishing this article does not constitute Isnare.com's support or sponsorship for this article. Isnare.com is an article publishing service. Please read our Terms of Service for more information.