Deeded Property vs Right to use
Before you buy a Timeshare
As a timeshare owner you probably already heard about these two terms. If you are looking forward to own one you should really know what Deeded Property and Right to use mean before signing any papers. Here we check some of the basic differences between these; and what is your contract actually offering you for your money.
First, Deeded Property means that you actually own that place for staying, i mean: you physically own a fraction of the property, so, it is yours, and as you are the owner, even if the full resort goes into bankruptcy you will keep the place. Also, you have the voting right about the maintenance and operations within that resort, that doesn’t happen with Right to use. In other means: true property ownership. Just keep in mind, is not cheap at all.
“So, what can i do with my Deeded Property” may you ask? Well, you are able to:
Transferring your property rights to another person through a direct sale, granting the entire contract you offer on said property and also changing the owner name to the buyer.
There are several cites where you can sell or buy timeshares, but let us tell you, this might not be an easy task, thanks to timeshare controversy.
Consists on giving the opportunity to use the place of property to a user by means of a temporary rent, like the timeshare companies in general, but in a simpler way where they only pay for the staying.
It is very common for property owners who are parents to transfer the property to their children so that they can take advantage of their property ownership. Although in reality there is no rule that indicates to who or how to choose an
heir, so it is up to the owner's choice.
Not a common choice, but still an option for the owners. If you want to giveaway the property for any reason at all, you can do it. Just because is your right to do so.
Know the differences, learn your rights, read your contract
Either way, when we talk about Right to use we need to be clear about the differences from Deeded Property. First of all, the most obvious distinctive is the actual ownership of the property. Right to use means you don’t own the property, this also means that there could be changes in the tax prices every year, and that you can use your vacation time indefinitely, perhaps for three years in a row and then not use it for the next three years. It doesn’t concern to others, because is not your property.
And of course, that means that you can’t sell, rent, bequeath or give away your timeshare.