The Law Of Time Sharing Arrangements
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Bob Miles
Apr 19, 2013, 6:00:06 PM4/19/13
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Please consider this free-reprint article written by:
Bob Miles
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Article Title: The Law Of Time Sharing Arrangements
Author: Bob Miles
Word Count: 343
Article URL: http://www.isnare.com/?aid=152236&ca=Legal
Format: 64cpl
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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.
About The Author: �Real Estate Law in Plain English� is located at http://realpropertylaw.blogspot.com. See also http://realpropertylaw.blogspot.com/2007/05/condominium-cooperatives.html.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=152236
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
Bob Miles
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=152236
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=152236
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: The Law Of Time Sharing Arrangements
Author: Bob Miles
Word Count: 343
Article URL: http://www.isnare.com/?aid=152236&ca=Legal
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=152236
Easy Publish Tool: http://www.isnare.com/html.php?aid=152236
*********************** ARTICLE START ***********************
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.
About The Author: �Real Estate Law in Plain English� is located at http://realpropertylaw.blogspot.com. See also http://realpropertylaw.blogspot.com/2007/05/condominium-cooperatives.html.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=152236
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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