time-sharing and time-shares

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time-sharing and time-shares

A temporal division of possessory rights in real property,typically allowing one the use of resort property for a limited time each year.“Owners” may have deeded rights to the real estate with fixed or floating periods of possession,or they may have only a license or other such right-to-use,but no ownership.The rights may be limited in duration,expiring after 5 or 10 years.Many time-share communities offer exchange programs,allowing one to use their time at a different resort than the one of their purchase. Besides the original acquisition price,owners are responsible for their share of the annual dues and unusual expenses.The resale market is limited, so the economic evaluation of a decision to buy should not depend on the ability to recover the purchase price, much less a profit, at some time in the future.

There is currently some regulatory confusion among states and the federal government regarding exactly how time-share interests should be treated. Before developing a time-share project, one should check with local authorities to see if any of the following are required:securities registration with the state Securities Department, subdivision platting, condominium registration, and/or real estate license needed for sales of interests.

References in periodicals archive ?
Time-sharing is also expected to encourage tourists to stay longer and make frequent visits.
The time-sharing part of the bill would have changed the law from a requirement that the judge consider the best interest of the child in deciding custody and time-sharing issues to a "premise" that the best interest of the child would be served by each parent having equal time-sharing.
There is also an interrelationship between time-sharing and child support.
Standards Executive Committee developed SOP 04-2, Accounting for Real Estate Time-Sharing Transactions, which applies to all real estate time-sharing transactions.
We expect to see more urban time-sharing, especially as a key component of a multi-location network of resorts or clubs.
Right-to-use time-sharing is usually a license, lease, or club membership-in other words, a contractual relationship which does not convey title to real estate.
"It's not your typical time-sharing resort,' says Wilfred Hagen, the Netherlands-born general manager of the facility.
The Senate bill originally called for a "presumption" that equal time-sharing between parents was in the best interest of the child.
An exposure draft of a proposed statement of position, Accounting for Real Estate Time-Sharing Transactions, has been issued by the Accounting Standards Executive Committee.
The Senate has already passed a separate bill, SB 250, that has similar time-sharing provisions and which is pending in the House.
An AcSEC exposure draft of a proposed Statement of Position, Accounting for Real Estate Time-Sharing Transactions, addresses diversity in practice due to a lack of guidance on this subject.
Bills to revamp Florida laws used in calculating alimony are again moving in the Florida Legislature, but there appears to be a disagreement about whether the legislation should also address time-sharing issues for parents.