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Timeshares

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A timeshare is a type of vacation property ownership. In a timeshare, several owners share the property, including the costs of upkeep. Most timeshares are condos, but in recent years, the term timeshare has come to include houseboats, yachts, campgrounds, motor homes, and more. Timeshares are interesting in that owners have many choices for what to do with their usage time. They can use it, rent it out, give it as a gift, or exchange it for time at another timeshare. Many agencies participate in exchange programs. The two largest are Resort Condominiums International (RCI) and Interval International (II).

When it comes to timeshares, there are three different types of ownership. The usage of the timeshare is sold in weeks. The use of the weeks can be fixed, floating, or rotating.

Fixed Week Ownership - This is the most basic type of timeshare ownership. The weeks of the year are numbered; you are assigned a particular week. For as long as you own the timeshare, that particular week belongs to you each year.

Floating Week Ownership - In this type of ownership, you own a specific number of weeks and you may choose your usage weeks from a certain number of designated weeks. An example would be choosing a week in the summer, which is generally designated as weeks 26 through 36 of the calendar year. Sometimes floating week contracts exclude major holidays.

Rotating Week Ownership - Sometimes timeshare usage is sold in rotating weeks. This way, all of the owners have a chance to use the property during what is considered the "best weeks" of the year. For example, a particular owner may have usage of the property during week 25 one year, and the next year that owner gets week 26, and the next year week 27, and so on.

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