Legal Definitions - time-sharing

Definition: Time-sharing refers to the joint ownership or rental of a property, such as a vacation condominium, by several individuals who take turns occupying the property.

Example: A group of friends decides to purchase a time-share for a beachfront condo. Each person in the group pays a portion of the cost and is assigned a specific week or weeks during the year when they can use the condo. This allows them to share the cost of the property and have access to it without having to purchase it outright.

The example illustrates how time-sharing works by allowing multiple individuals to share the cost and use of a property without having to own it outright. This can be a cost-effective way to enjoy a vacation property without the full financial commitment of owning it.