Time-Share Condominiums: Property's Fourth Dimension

Time-shared ownership of condominiums is a concept which, though virtually unheard of in this country ten years ago, has now gained a foothold in America's real estate market. Essentially, time-sharing involves the division of ownership of a condominium into a number of fixed time periods during which each purchaser has the exclusive right of use and occupation. While condominium ownership itself is an ancient and well-established method of joint property ownership, what is novel about time-sharing is the division of joint ownership rights into binding periods of exclusive use and possession. The methods of creating time-shared interests are varied and diverse but can generally be grouped into three major categories for purposes of analysis: (1) tenancy in common, (2) interval, and (3) fee simple. Because of the novelty of time-sharing, the diverse labels that have been applied to time-share projects, and the hybrid interests that have been created by time-share developers proceeding without the benefit of enabling legislation, real estate lawyers must become familiar with the legal principles governing the creation of time-shared interests to determine the rights and obligations of parties to a time-share scheme.