time share business definition

Joint ownership of real property that gives each owner a specified time interval for occupancy. Initial offerings in these arrangements entailed buying a specific week each year. Current offers are generally more flexible, allowing owners to choose their week from within groups of weeks or to buy points that can be traded for weeks. Time-share owners are also generally offered an opportunity to join a network that allows them to trade for time at other facilities. Time-share ownership often entails a substantial annual fee to pay for maintenance, taxes, insurance, and management.