Time share is a type of property right under which the purchaser of a time share has access to the 'share' they own in a property for a specific 'time'. Time-shares have been sold for cruises, recreational vehicles, campgrounds, and many other types of properties, but their most popular use is for shares in condominiums at timeshare resorts.
A Warranty Deed s provides the most protection against defects of title- covenants that the grantor has title to, and the power to convey, the property; that the buyer will not be disturbed in possession of the land; and that transfer is made without unknown adverse claims of third parties. A Special Warranty Deed only that the grantor held good title during his or her ownership of the property, not that there were no title defects when others owned it. If all liens and encumbrances are disclosed, the seller is not liable if a third person interferes with the buyer's ownership.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Arkansas Deed to Time Share Condominium with Covenants of Title serves as a legal document that outlines the ownership rights and responsibilities of individuals who own a time-share in a condominium property located in Arkansas. This type of deed provides a detailed description of the property, the specific time-share unit, and the covenants and restrictions associated with the ownership of the time-share. The title "Arkansas Deed to Time Share Condominium with Covenants of Title" can encompass various subtypes, including: 1. Fixed-week ownership: This type of time-share ownership provides the owner with the exclusive right to use the property during the same specific week(s) every year. It ensures consistent access and usage rights for the designated time period. 2. Floating-time ownership: Unlike fixed-week ownership, this type allows owners to choose their desired time period from a range of available weeks each year. It offers more flexibility in terms of scheduling the time-share usage, but availability may be subject to booking restrictions. 3. Right-to-use ownership: In this form of time-share ownership, the individual holds a lease or license to use the property for a specific duration, typically for a certain number of years. However, the ownership of the actual property remains with the developer or management company. 4. Exclusive-use ownership: This type of deed grants exclusive use of the time-share unit to the owner for a predetermined period each year. It ensures that the designated unit is solely available for the owner's occupancy during the specified time frame. The Arkansas Deed to Time Share Condominium with Covenants of Title contains vital information such as the legal description of the time-share property, the specific unit number, its size and features, and any restrictions or limitations imposed on the usage of the time-share. Additionally, the deed may outline the obligations for maintenance fees, assessments, and the rights and responsibilities of the time-share owner within the condominium association. It may also define any shared amenities, such as parking spaces, recreational facilities, or common areas, that the owner is entitled to utilize. Overall, the Arkansas Deed to Time Share Condominium with Covenants of Title serves as a comprehensive legal document that ensures clarity and transparency in the rights and obligations of time-share owners in Arkansas.
