Through a timeshare, multiple people can share the use of property—typically a hotel suite or a resort condo.
The concept is to enable everyone in a group to (collectively, but at different times) enjoy a property for an annual getaway—without having to buy real estate at a place they only plan to visit now and then.
Participants purchase their specific annual time periods, and share ongoing expenses for the property. These expenses include property management, landscaping and maintenance costs, and various taxes and fees.
Some Timeshares Are Inheritable, But Unwanted
The timeshare may be structured as a shared lease, a “right to use” for a certain period of years, or a deeded ownership.
A leased or “right to use” timeshare does not outlive its owners. A deed does. Deeded ownership in a timeshare is transferable, and the interest is usually owned in perpetuity.
To be part of a shared, deeded ownership means having a part of real property itself—an interest in the unit and some of its common areas. Other deed owners will also own an interest in the same property.
Although deeds can be inherited, not everyone wants to inherit a timeshare. This is because:Continue reading “Disclaiming an Interest in an Inherited Timeshare”