Timeshare 101 With Advice From Title and Real Estate Closing Expert Bryan Nazor
A timeshare may be something you’re vaguely familiar with, if relatives and friends have purchased one and are sometimes able to stay in Florida because of it. But what exactly is a timeshare, how do they work and do you even want one? Title and real estate closing expert Bryan Nazor has the scoop.
A time share, put simply, is a form of joint ownership of property where many owners share title and enjoy use or occupation of the property according to a fixed time period or schedule.
There are two types of timeshare contracts: shared deeded contracts and shared leased contracts. The former divides the ownership of the property between everyone in the contract. With a shared deeded contract, everyone involved divides up the amount of time they can spend on the property evenly, according to Bryan Nazor.
When it comes to a shared leased contract, people lease the use of the property, not the property itself, so a deed is not given. These have a set amount of time before the lease expires, whereas a shared deeded contract is yours alone to sell or give to others.
Divvying up the timeshare property between owners or leasers can be done in several ways, Bryan Nazor said. One option is to go to the property the same week of the year, every year. Another is a “floating week option” which allows you to choose a different period of time (within limits) each year. Some timeshares have a points system, and you can use your points to stay at other resorts in the same timeshare system, not just yours.
“It really depends on what you’re looking for— no one of these options is inherently better than another,” said Bryan Nazor. “Think about your lifestyle, family and preferences and find the best timeshare opportunity for you.”
Bryan Nazor serves as president and chief operating officer of Main Street Title and Settlement Services. He joined the firm in 2002. He also has extensive expertise in corporate financing and investing. He manages the day-to-day operation of the title and finance divisions of Main Street Title and Settlement Services and is involved in their residential and commercial closings.
“Main Street Title and Settlement Services is available to answer questions about timeshares and other title or settlement matters,” said Bryan Nazor. “We can help you with your timeshare decision and it’s always wise to seek professional advice before making a big investment decision.”