How long can you stay in a time share property?

A non-deeded timeshare agreement lets you lease the right to stay at a property. Under this type of agreement, the developer maintains ownership of the real property, and your right to use the property typically is limited to somewhere between 10 and 50 years.

What are the different types of timeshare ownership?

Timeshare Basics Typically, timeshares are resort condominiums that a developer has secured the legal right to sell in incremental stays. There are two types of timeshare ownership: deeded, where your interest is considered to be real property, and non-deeded, also known as a “right to use” arrangement.

Can a deeded timeshare be sold to someone else?

A deeded timeshare can be rented out, sold or willed to your heirs, but your use generally is limited to the same unit at the same time each year. A non-deeded timeshare agreement lets you lease the right to stay at a property.

Can a timeshare be a competitive real estate investment?

A timeshare is not a competitive investment when compared to other real estate options, such as vacation homes. However, timeshares can help you save on travel expenses, making it possible to travel more frequently.

How does shared ownership work on a timeshare?

With shared deeded ownership, each timeshare owner is granted a percentage of the real property itself, correlating to the amount of time purchased. The owner receives a deed for a percentage of the unit, specifying when the owner can use the property.

How long does it take to sell a timeshare property?

Timeshares typically divide the property into one- to two-week periods. If a buyer desires a longer time period, purchasing several consecutive timeshares may be an option (if available). Traditional timeshare properties typically sell a set week (or weeks) in a property.

Who is responsible for paying a timeshare after a father’s?

However, the ownership becomes a part of your father’s estate from which payments would continue until a sale or foreclosure of the property. The individual responsible for paying a timeshare after a father’s death will be the specific person who inherited the property rights.

Can a timeshare be inherited by a child?

Even after so many memorable family vacations, there’s no guarantee your children will want to inherit your timeshare. Lifestyles change over generations, and a timeshare may not fit your children’s way of vacationing. In the best situation, the decision of timeshare inheritance is made at the time of purchase and written into the contract.