Thinking of Getting a Timeshare? Here’s What You Should Know, According to Bryan Nazor
If you are considering purchasing a timeshare and wondering whether it is the right choice for you, look no further. Title and real estate closing expert Bryan Nazor is an expert on timeshares and said there are a few key things to know about them before diving in.
Bryan Nazor said a timeshare is a form of joint ownership of a property. In a timeshare, many owners share the title of a property and enjoy use or occupation of the property. Typically, use of the property is on a fixed time period or schedule, though this may vary, Bryan Nazor said.
Looking toward timeshare contracts, there are two types to consider, according to Bryan Nazor. These are shared deeded contracts and shared leased contracts. Shared deeded contracts divide the ownership of the property equally between everyone who is part of the contract. On the other hand, shared leased contracts divide up the amount of time the owners can spend on the property evenly. With a shared leased contract, the use of the property itself is leased, not the actual property, so a deed is not given to the owners, Bryan Nazor said.
Another key difference between these two contracts is that a shared leased contract has a set amount of time before the lease expires, while a shared deeded contract remains yours and you can choose to sell or give it to others.
Some timeshare owners choose to divide the property by giving it to the same person the same week of the year, every year. Others allow owners to choose a different period of time each year. Still others use a points system, Bryan Nazor said, and points can be transferred to stays in other resorts in the same timeshare system and are not limited to the one property.
“There are plenty of good options for timeshares and contracts, and it all depends on what works best for your lifestyle,” Bryan Nazor said. Lifestyle, family, preferences, and cost all have weight when determining what will be the best choice for you.
Bryan Nazor is the president and chief operating officer of Main Street Title and Settlement Services. He joined the firm in 2002 and brought with him years of expertise in corporate financing and investing. Bryan Nazormanages the day-to-day operation of the title and finance divisions of Main Street Title and Settlement Services and is involved in their residential and commercial closings.
“Main Street Title and Settlement Services is available to answer questions about timeshares and other title or settlement matters,” said Bryan Nazor. “We can help you with your timeshare decision and it’s always wise to seek professional advice before making a big investment decision.” Visit mainsttitle.com for more information.