Unit 7- Timesharing and Temporal and Shared Ownership Flashcards
what is timesharing?
The owners in the community by time-sharing have the right to make use of a property for a certain period of time. Only exists in the CCC.
what are the 2 types of partial ownership systems?
temporal ownership and shared ownership.
what objects use temporal ownership?
real estate and movable goods.
what is the duration of temporal ownership?
6 and 99 years.
what objects use shared ownership?
immovables and registered movable goods.
what is the duration of shared ownership?
the agreement cannot exceed 99 years.
what is the aim of partial ownership schemes?
they aim at making new ways of acquiring ownership of an asset that would make it easier for people who cannot access bank loans. these schemes mean that these people can enter into the property market because ‘‘partial-ownership homes’’ are more affordable.
in a partial ownership scheme what are the seller’s (formal owner) rights?
to collect the rent.
in a partial ownership scheme what are the buyers (material owner) rights?
they have all the rights. but they have to pay all taxes and other costs relating to the housing.
