Our team of legal professionals are primarily dedicated to timeshare law. By representing a number of timeshare clients, we understand the myths, lies and facts about timeshare closings. We are here to ensure your North Myrtle Beach real estate closing is as smooth as possible.
What Is A Timeshare?
A form of joint ownership of property where as many as 52 owners receives the use of the property, condominium, or other property for a specified time period each year.
How Do Timeshares Work?
Essentially, you invest in a timeshare like you do your home, with a one-time purchase. Even though your purchase is limited to periods of designated time each year, depending on the timeshare you invest in, you get to vacation your way in possibly a multitude of destinations.
Deeded vs. Leased
There are 2 different types of ownership in timeshares the first is deeded. This is very similar to owning a house. You are the owner of a share in the resort. This is a physical ownership stating you own a specific unit number or floating unit during that specific week number or floating week. Deeds are great because they can be passed down to your children for their enjoyment. There is also no time limit of how long you own this deed. Leased on the other had will be set for a specific amount of years typically 30 years. Just like a Deed you would own a fraction of a resort and would be able to use it as the lease states however you would not be the owner after the leased years are up.
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