The word “vesting” is how an owner holds title to a deeded timeshare property. During a timeshare closing, the escrow agent or closing agent supplies a closing package that asks the buyer how they choose to hold title. Timeshare vesting options affect future tax, estate and legal decisions.
Not all vesting options are available in every state, so be sure to consult with the title agent and a real estate attorney in the state where the timeshare property is located to confirm what vesting options are available in that state.
Below is a list of vesting definitions:
Sole Ownership or Tenant in Severalty: Ownership by one individual or legal entity.
Joint Tenancy: Ownership by two or more parties. With joint tenancy if one owner dies, the surviving owner or owners automatically take title with no need of the probate process.
Tenants in Common: Ownership by two or more parties with each owner having an undivided interest.
Tenants by the Entirety: Ownership by husband and wife. While similar to joint tenancy, for legal purposes the husband and wife are considered to be one entity.
Community Property: Ownership of a property bought during a marriage where each spouse owns one-half of the property.
The way you hold title to your deeded timeshare property is very important and will affect your overall future financial picture. If you are unsure of what the best option is for you, ask the title agent or contact a real estate attorney for assistance.
At Advantage Vacation our goal is to educate the public on the timeshare industry and timeshare resales. If you are interested in purchasing a timeshare resale or selling a time share, the licensed professionals at Advantage Vacation would be happy to assist you, answer your questions and be with you every step of the way – even after the transaction is completed.
We are committed to keeping you informed and updated through our educational platform – wetalktimeshare which will give you the latest timeshare news, timeshare trends and answer your timeshare FAQ’s (frequently asked questions).
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