Three are two major types of timeshare ownership, “deeded” and “non-deeded” (also known as a “right-to-use”), and two major types of scheduling, “fixed” and “floating.” On research of these factors, there seems to be some confusion as to how these ownership and scheduling systems relate to each other, but here is some basic information. If you own or are thinking about owning a timeshare, these are very important details to understand, so make sure you at least know what to ask about.
Deeded Timeshares:
In a deeded timeshare, the timeshare owner purchases an ownership interest in a specific piece of real estate. Officially, a deeded timeshare gives timeshare owners true property ownership. The deed is recorded in the county where the property exists, and the property has the same rights of ownership as other deeded real estate.
The majority of timeshares are deeded.
Non-deeded Timeshares:
In a non-deed timeshare, the timeshare owner purchases a lease, license, or club membership to use a property for a specific amount of time each year for an agreed-upon number of years. Many non-deeded timeshares are located on leased land such as in Mexico and Hawaii.
Fixed-Time Scheduling:
In “fixed-time” or “fixed unit” arrangements, typically the buyer purchases a particular unit and a particular week in the year – this arrangement can either come from the initial agreement you make with the timeshare company or through a scheduled appointment later. In this agreement, the owner will always stay in that same unit during the same time period every year, unless an exchange is made through a separate exchange company.
With this type of arrangement, timeshare owners know exactly when they will be going on their vacations every year. The benefit of this is that there is no stress about deciding when and where the vacation will be. The bad part of this is that it can be difficult for owners to change the time or place if they decide they want to.
Floating-Time Scheduling:
For “floating-time” arrangements, the period during the year when the timeshare owner can use a property is not fixed. In order to use a timeshare, the purchaser has to make arrangements with the resort to make reservations for the exact time frame the owner wants to use a particular property. There are often extra rules and regulations with these some resorts concerning how early you can make reservations. Some timeshares have an extra stipulation with them that you can only reserve time within a particular season. This is sometimes called “seasonal floating”.
So, knowing the bare essentials of these four variables, make sure you are aware of them in any situation where it might matter.
About the Author: The timeshare experts at Apex Professionals, LLC, concentrate on helping disillusioned timeshare holders to rid themselves of unwanted maintenance fees, unnecessary assessment costs, and to do away with those annoying high-interest mortgages by offering to take over unwanted timeshare agreements instantly. Related posts:
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