Types of Ownership
In New Zealand there are esentially three types of timeshare ownership:
The title based scheme gives the purchaser an undivided interest in the property. All resorts have one week each year reserved for maintenance. If a resort has 12 units in the complex, each purchaser would own 1/612th interest in the property, ( 12 units X 51 weeks). The title deeds can be inherited, gifted, sold or kept for use forever. A Body Corporate Committee is elected annually by the owners to control the management of the resort on behalf of the owners.
RIGHT TO USE
Under this scheme purchasers have occupancy rights for a specified term e.g. 20 years. The purchaser does not have any ownership interest or title to the property and once the ownership period ends, the property either reverts back to the owner (i.e. the developer), or is sold and the net sale proceeds distributed to the timeshare owners.
These schemes allow the purchaser occupancy rights to a number of different resorts within the same Club. Purchasers are sold a set number of points at a specific property or they purchase points which can be used within the Club properties or on exchange.