In the state of Florida, a healthy vacation and tourism industry has created a boom in the number of timeshare properties. While timeshares can be economical ways for people and families to own and utilize a condo, apartment or other piece of property, they can also have their drawbacks. Additionally, specific statutes in the State of Florida govern sales, resales and foreclosures of timeshare property. Here are some of the more common issues you may run into along your timeshare journey.
What is a Timeshare
First things first, let’s define what a timeshare is. Per its legal definition, a timeshare is a way through which various persons may share property ownership. Timeshare agreements are typically entered into for vacation or recreation properties. A group of people will share a joint ability to use the timeshare property under certain conditions and subject to lengths of times as laid out in a timeshare agreement.
Buying, Selling and Re-Selling your Timeshare
Since a timeshare is a form of property ownership, you can buy, sell and otherwise transfer your timeshare interest. There may be certain limitations or other conditions regarding the sale of your timeshare interest. You or your attorney should carefully agree your timeshare agreement to see if there are any terms with which you must comply in order to sell or transfer your interest.
State Laws Governing Resale Service Providers
Timeshare Foreclosures in Florida
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