What is a vacation ownership company?

Vacation ownership is a term referring to owning a timeshare. It’s usually a deeded ownership (like a house) where you are purchasing a fraction of your favorite resort. The ‘piece of the pie’ is typically sold in week increments but is usually converted into points you can use all over the world.

Do timeshare companies take legal action?

Yes. Resort developers can and do take financial and legal action against timeshare owners attempting to leave their interest. However, they may not pursue these strategies as aggressively as some consumers may think.

Are timeshares legal?

A timeshare is a legally binding contract, so defaulting on payments, whether mortgage or maintenance, can have financial consequences, including impacting credit reports.

Is there a legitimate timeshare exit company?

Timeshare Compliance is a full-service consumer advocacy group that helps clients legally and successfully exit timeshare contracts. Based in Aliso Viejo, California, they’ve been in operation since 2012 and have excellent ratings with both the Better Business Bureau and Trustpilot.

What is the difference between timeshare and vacation ownership?

Vacation ownership allows you to take control of your vacations. You literally own it since you will have an actual deed for your property. Owning your timeshare also means you have the right to sell it.

Who are the owners of a shared vacation home?

Shared Vacation Home Ownership Structure. Fractional vacation homes are typically owned as tenants in common. Every owner’s name appears on the deed, along with their respective ownership percentage. Some fractional owners form an intermediate entity, such as an LLC, nonprofit, or for-profit corporation.

What does it mean to own a vacation timeshare?

That is what vacation ownership offers hundreds of thousands of people each year. Vacation ownership is a term referring to owning a timeshare. It’s usually a deeded ownership (like a house) where you are purchasing a fraction of your favorite resort.

Who are the owners of a fractional vacation home?

Fractional vacation homes are typically owned as tenants in common. Every owner’s name appears on the deed, along with their respective ownership percentage. Some fractional owners form an intermediate entity, such as an LLC, nonprofit, or for-profit corporation.

How many nights per year can you own a vacation home?

For example, a timeshare ownership might entitle you to 14 nights per year in vacation properties across the country. With a fractional ownership program, you may own a deeded portion of a property, but that ownership sometimes comes with points you can redeem at other properties in a fractional vacation home network.