INTRODUCTION
It started as a simple idea based on the assumption that
people don't need vacation lodging except for a week or
two a year.
Take a house, cabin, condominium, or villa, and
divide ownership into 52 weeks (in practice it's usually
divided into 51 weeks with one week allowed for
maintenance).
It allows you to purchase the time spent as
vacation lodging, and 1/51 of the ownership of the home.
The next logical step in the development of timeshare was
to be able to exchange time in these places between people
who want to vacation in different areas each year.
So, the
two entities you'll likely be dealing with are the resort
lodging, or timeshare itself, and an exchange company.
The number of systems in use for buying timeshares has
grown tremendously in recent years, but three systems are
commonly in use: fee simple, leasehold, and right-to-use
(RTU).
With fee simple you buy a portion of the property
outright and own title to that portion. Under the leasehold
system you own the property, but only for a specific length
of time. With a right-to-use system, you don't actually own
the property, but are purchasing a right to use the property
for a certain amount of time and for certain weeks of the
year.
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