The closing process officially begins once the seller accepts the buyer’s offer. It ends on closing day, when they sign all the paperwork and the property officially changes hands.
Biennial ownership is a term it pays to understand. Find out what it means.
What is biennial ownership?
In timeshare ownership, a biennial ownership is one in which the property owner has access to and use of a property every other year. In comparison, an owner able to use it every year will have annual usage, and those who can use it two times a year will have biannual usage.
In timeshares, numerous people buy points or weeks of time to use a property. Generally speaking, each owner buys a share or week of time in which he or she can use the property. The timeshare purchase agreement outlines how much time the buyer will have to use the property each year.
Those who buy a timeshare and wish to use it every other year will purchase biennial ownership. Most timeshares offer a week or more of use each year. These are annual ownership timeshares. Some provide use two times a year. This is a biannual ownership. It is possible for other ownership types to be offered, including multiple visits per year, and others that divide the length of time out over several years.
In most biennial ownership contracts, the purchase agreement will assign years for the buyer, such as even or odd years of use. In most situations, the more frequent the access, the more expensive the purchase price of the timeshare.
Biennial ownership example
Julio buys a timeshare for his vacation, but knows he will want to visit the location only once every few years. He purchases a biennial ownership for odd years. That means he has access to the property for a certain period of time in 2017, 2019, 2021, etc.
Thinking about buying a vacation property? Our calculator will help you figure out how much house you can afford to buy.
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