What Does the Word Timeshare Mean?
The word timeshare, also known as vacation ownership, indicates a decision, commitment, or resolve taken for a lifetime. It is to expend and use the money for annual vacation trips to a single location, vacation spot, or resort. The program comes with numerous estates and lands that have apportioned arrangements of ownership and consumer rights.
To rephrase it in other terms, we can express a timeshare as a contract that provides more than a single party with the privilege of getting and utilizing a specific estate or property. The involved individuals get this right at a time. In such scenarios, each proprietor or owner of the provided accommodation or lodging gets allocated and designated a specified duration of stay. In most cases, this residential period does not cross a week.
What are the Two Types or Kinds of Timeshare Contracts?
A timeshare contract can get categorized into two types. They comprise the non-deeded and the deeded ones. Among the two choices, most people typically opt for the latter. It can get owed to the higher level of legal assurance and guarantee it provides.
A non-deeded timeshare contract is almost like the scheme of a lease signing. Under it, an individual can purchase a particular resort or property for a set number of years. However, during this time, they would not get entitled to the ownership rights of the provided accommodation. After the contract term ends, the timeshare with all its proprietor privileges returns to the original owner.
A deeded timeshare contract resembles the scheme of purchasing a property or a house. In this case, the buyers receive a portion of the rights entitled to the owner. They can use them to hand down, sell, or rent the timeshare.
How Can An Individual Use a Timeshare?
After purchasing a timeshare, an individual has four options to use it. They consist of the following systems:
A fixed-week system allows the users to utilize the unit for a particular week every year. They generally fall under the deeded contracts. This option works the best for individuals who cannot spare time all year other than that one week.
A floating-week system provides individuals with the ownership of a particular resort or property for a week. It is up to the customers to decide the specific timing. The customers can book one week or a span between two or so months.
A right-to-use system provides the property lease for a particular duration. It can be anything between 20 years to 99 years. However, the estate or resort developer retains the ownership rights.
What is a timeshare? – Points-based System
A points-based system works on the concept of collecting “points” every year and utilizing them to book reservations at the timeshare resorts and properties.
>>Suppose an individual has a contract at Bluegreen Resorts and is wondering how to cancel my Bluegreen timeshare. They can either request the company to terminate their package or sell it in the secondary market.