- timeshare
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time·share /'tīm-ˌshar/ n often attrib: an agreement or arrangement in which parties share the ownership of or right to use property (as a resort condominium) and that provides for occupation by each party esp. for periods of less than a year – called also timesharing;timeshare vt
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- timeshare
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n.A property, often a vacation home, that is owned by several parties, each of whom is entitled to use it for a specified period of time every year.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- timeshare
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consecutive sharing of accommodation with concurrent ownership. An agreement by which a person pays a capital sum to the promoter of a timeshare resort and in consequence acquires a right to use accommodation and facilities in that resort for a defined period each year for a defined number of years. They can be bought and sold and inherited. Some may be swapped on informal exchanges, allowing the 'investment' to be used as a right to obtain a different holiday. This fine business idea for a 'product' for the leisure industry has been successful. There have been many difficulties because the concept is not one recognised in the law in its own right – it is an amalgam of legal rights and duties. There have been many complaints from purchasers throughout all of Europe. The UK passed the Timeshare Act 1992 to allow people a cooling-off period of 14 days to prevent them being pressured into purchase when on holiday. As the problem is international, the European Union acted by promulgating a directive on the topic (given effect in the UK by amendment of the 1992 Act) – it affects any contract or group of contracts concluded for at least three years under which directly or indirectly, for payment or a certain price, a real property right or other right relating to the use of the property for a specified period of the year, which may not be less than one week, is established or is the subject of a transfer or an undertaking to transfer. Try as one might, it is difficult to see the benefit for the purchaser. Perhaps the main one is cost when compared to the full cost incurred in taking families on package holidays – the timeshare, depending on annual charges, can appear cheaper. If there is a resale market, the economics appear even more favourable. However, like all markets, the value of its 'investments' can go down as well as up.
Collins dictionary of law. W. J. Stewart. 2001.
- timeshare
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1. n. A form of joint ownership of property under which as many as 52 owners, either singly or severally, receives the use of the property, condominium, or other property for a specified period each year, such as one or more weeks. The term is also used to refer to the shared use of computer equipment.2 v. To occupy by time-sharing.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
- timeshare
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A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year.
Dictionary from West's Encyclopedia of American Law. 2005.
- timeshare
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A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
