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Types of Timeshare Properties
Timeshares are usually sold in weeks either yearly or every other year. There are many different programs that dictate how you can use your timeshare. We are going to discuss these topics. We are going to discuss these topics.
Fixed Week Timeshares
Fixed Week means your week, either yearly or every other year, always falls on the same week of the year. There are 52 weeks in the calendar and you will see the week talked about as a number between 1 and 52. You can see our Timeshare calendar here to see what time your week falls on for any given year. The benefit of a Fixed Week is the guaranteed to have that week-For example, if you own week 5, you will use your timeshare the fifth week of the year, every year-Unlike the float week, which we will discuss next.
Floating Timeshare Weeks
Usually there is a specific period of the year that your Floating Week can be used. This requires you to make a reservation for your resort for a week within your assigned floating period. If you do not make your reservation soon enough, there is a possibility that all the units will be taken for the week you are requesting, and you will have to look at a different week. We suggest that if you buy or rent a timeshare with a floating week, be prepared to book your reservation well in advance.
Rotating Timeshare Weeks
Some resorts have gone to a Rotating week schedule. This type of ownership rotates the week you own each year based on a fixed year schedule. For example: if you are on a 3 year rotation and you have week 9, the following year you will have week 26. The third year of your rotation will be for week 43 and the fourth year you would go back to week 9.
Deeded timeshare or Right to Use
With Deeded Use, the developer divides the ownership of each unit into specific week increments. As the buyer, you are purchasing a fractional ownership of the resort for the unit specified. With a Deeded purchase you would receive a deed which indicates to you the ownership of a given week and unit. The deed is recorded with local government agencies such as a County Recorder or Assessor. If your property has a float week or float unit your deed will show a 1/52 ownership at that resort. A Deeded Resort can be sold, given away, or bequeathed to your heirs, just like a Real Estate property.
Timeshare Legal Documents
When a timeshare project is established, the developer will create a set of legal documents describing the operation of the resort and the timeshare program. This paperwork is referred to as the "Program Documents". Within this document there are usually forms of Codes, Covenants, and Restrictions (CCR) that are binding to all owners and any subsequent purchasers of the timeshare property.
Timeshare Right to Use (Leased)
With a "Right to Use" ownership, also referred to as Leased Resort, you are given the right to use the property for a specified number of years. At the end of that time the usage reverts to the property owner. Usually you can sell, donate, or bequeath a "right to use" contract. However the expiration date will remain the same. Many countries prohibit or severely limit foreign ownership of real estate. For this reason most out of country resorts have been forced to use this method.