Time Share Law and Legal Definition
Time share is a type of property right under which the purchaser of a time share has access to the 'share' they own in a property for a specific 'time'. Time-shares have been sold for cruises, recreational vehicles, campgrounds, and many other types of properties, but their most popular use is for shares in condominiums at timeshare resorts.
Some states have laws to protect consumers from unscrupulous solicitations for time share purchases. Such laws typically give you the right to cancel a time share contract with a certain number of days. You may be told that if you visit the time share property you will receive a "gift" or something of value. It is unlawful for someone to offer you this under some state laws unless they give you certain information in writing. This information includes, among other things, the address of the time share plan, the retail value of the item they promise to give you if you visit, and any restrictions or qualifications that must be satisfied before receiving your "gift."
Some entities have become aware of these laws and have already developed ways to get around them; for example, by making sure their package does not fit within the definitions of "time share". If you are considering purchasing a vacation package, you should feel free to ask a lot of questions and even retain a lawyer to review the contract.