Timeshare Deeded Interest. When buying a timeshare, make sure you are going to receive a deed with your name on it! it needs to be a perpetual ownership deed and nothing less.
This is the only way you can enjoy your timeshare for a lifetime and then pass it on to your children in your estate.
Timeshare simply means you are sharing ownership of a vacation resort with other owners.
Together, all of the owners should share 100% perpetual, deeded interest in the resort real estate, if the developer has set it up properly.
Just because you are buying a share rather than the whole resort doesn't mean you shouldn't have a deed just like when you purchase any other type of real estate.
You should also have a full real estate contract with your name and the developer's name on it that meets all of the requirements of real estate law in your state or province.
Disclosures, policies, responsibilities and remedies should all be clearly stated in the contract as well.
If you have doubts, have your attorney review the contract. Don't let the developer pressure you into skipping due diligence if something doesn't look right. Know the rights of rescission laws in your state or province before you go in.
Honestly, if you do your homework ahead of time by thoroughly reading this website, especially these Buy Right Rules, as well as educating yourself about your legal rights, real estate law and rescission laws where you live, you should be well prepared to conduct a timeshare deeded interest transaction without a problem.
Some developers are selling a 40 year lease or right-to-use. Stay away from these! This puts you back to renting instead of owning! Why would you do that?
They are selling these leases for as much as it is to buy timeshare deeded interest!
You'll also find developers just selling memberships which only gives you the right to use their vacation resorts during the term of your membership.
Again, why would you do that -- why rent when you can own?
Stay clear of these gimmicks or anything less than perpetual timeshare deeded interest.
Timeshare Deeded Interest -- don't settle for less, you deserve the best!