Time Share Agreement Rules

Time Share Agreement Rules

Timeshares are a form of ownership of vacation units in a hotel. The amount of time every owner is allowed to invest in the unit is dependent upon the total amount of time purchased and the scheduling format fixed by the hotel. Each timeshare owner is bound to the rules set forth in the signed purchase agreement, and violating timeshare rules could lead to penalties and the reduction of use of the unit.

Use Program

The timeshare agreement sets the rules and procedures for using the unit from the owner. The use availability to some timeshare owner is dependent on what type of ownership was purchased and the policies of the hotel. Some timeshare agreements fix the use at the same date and length of time each year, while other agreements are”drifting,” giving the owner the option to chose what date he wishes to utilize the timeshare. The rules for drifting usage, like the number of weeks ahead the unit operator must reserve the planned occupancy dates, are set forth in the timeshare agreement.

Payment Dates and Techniques

Timeshare owners pay yearly fees (i.e., maintenance) to the hotel for its upkeep of resort and unit services. The rules concerning timeshare payments are defined in the agreement and include the payment due date, any grace period before a penalty for a late payment is charged and the sum, and what payment methods the resort accepts.

Conduct and Resales

Rules of behavior are commonly seen in timeshare agreements. The timeshare unit owner is prohibited from conducting prohibited activities in the unit or hotel, vandalizing or damaging hotel property. He may not participate in other behaviour, like harassing unit owners. Some timeshare resorts set the rules for resale, or selling the timeshare to another person, in the agreement. Resales may need approval from the hotel.

Cancellation

Under the laws of several states, including California, the rules for broadening the agreement should be set forth in the record. The method of acceptable notification for canceling the agreement, like a certified letter to the hotel management, should be stated. Fees or any penalties charged for canceling a agreement have to given in the agreement.

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