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    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #1

    Jun 6, 2014, 01:45 PM
    Time Share
    Maybe I have been misinformed . Sister-In Law said they finally paid off their time share, just pay monthly maintenance. They live in New Jersey.

    I thought time shares were for 99 years and you never get title ?
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #2

    Jun 6, 2014, 02:18 PM
    You can't get title because you don't actually own it... you only own rights to a certain week or two block every year to use it.

    Meaning you can pay off your obligation... and be left with your monthly fees, but there is no title to transfer because there are a LOT of other people who also own shares in it.

    Consider it more like a lease....than a purchace.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Jun 6, 2014, 02:23 PM
    Sounds like she has a "deeded" timeshare, in which case she owns 1/52 (or whatever) of the property. This is different than a "non-deeded" timeshare, which is more like a club memebership that gives you the right to use the property for certain time periods but you don't actually own anything.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #4

    Jun 6, 2014, 03:37 PM
    Very Good. They finally paid it off $25,000.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Jun 6, 2014, 05:13 PM
    There are two types of time share properties, deeded and undeeded. In a deeded time share you own the share, it can be left to heirs, just like any real piece of property. An undeeded share has a time limit. At some point the share expires. So it does sound like they have a deeded share. I have both types.
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