hello, please can you explain to me the different types of timeshare, many thanks.
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Dear Nicola,
There are three types of timeshare programs:
1) Full ownership: You buy a current deed in the real estate sector, which is registered with the land court or other competent authorities and for which you receive a perpetual title.
2) Leasing: Offers the same basic property rights, protection, obligations and interests as the freehold system, with the exception that in leasing, unlike freehold, it is not in perpetuity and has a specific expiration date.
3) Right of use: You acquire the right to use a particular unit each year, but you do not have a property interest in the real estate sector. Your right to use that property will expire after a set number of years and the property will return to the developer or owner of the rental property. Legal ownership is usually conferred by a trustee.
Within these three types, there are three subtypes:
A) Floating Week: The user has neither a week nor an assigned apartment, although he does have a specific period of the year. Likewise, the user has to contact the complex to book the week he wants during the float period, and most of the times the rooms are generally reserved for those who arrive first, so it is very common not to be able to reserve. Legally, these contracts are void.
B) Fixed Week: This type of week does have an apartment assignment and a fixed annual week, but in case that is in perpetuity, we also speak of a null contract. The most common type is this one, in which the user has the right to use his timeshare unit during a specific week of the year, which will be the same week in the same unit every year. Supposedly, the advantage is that you know exactly when you go each year, but the reality is that this is at the discretion of the Resort, so if there is no availability and you are not able to go during that week, you will lose it without compensation.
C) Points: In a traditional point system, each unit / week of time is assigned a specific number of points based on its location, size, convenience, time of year, etc. These points are “spent” as money to reserve a unit for your next vacation. The owners can use, for example, 3 days here and 4 days there instead of spending a whole week in the same complex. The number of points you have determines what, where and when you can go.
If you have any doubts, do not hesitate to contact us. Please do so by completing the contact form in this website and we will respond once we have reviewed your question.