What defines timeshare property?

The definition of timeshare property is best captured as limited ownership of real property for a specified time. This arrangement allows multiple parties to own the rights to use the property for certain periods throughout the year. Timeshares typically function on a fractional ownership model, where individuals purchase a share in a property and gain the right to occupy it during designated times, creating a rotation among owners.

In this context, ownership or right of occupancy in real property encompasses a broader scope than just timeshares, as it can refer to complete ownership or other arrangements that do not have the structured time-sharing aspect. A type of lease agreement refers to rental arrangements rather than ownership structures. Exclusive ownership of a single-family home does not fit the timeshare model, as that implies sole ownership, which is contrary to the shared ownership essence of timeshares.