definition
strict definition
time-share condominium
A residential unit shared by several owners, each with exclusive use during a designated recurring period.
A time-share condominium is a type of housing where multiple owners share a single unit, each having exclusive access to it at a different designated time on a rotating basis. It is a common arrangement for vacation homes, which can thus be used for a greater portion of the year.
The owners take turns using the same unit. Their periods of exclusive access are assigned on a rotating basis.
The arrangement differs from several people occupying a home together at the same time. It also differs from separate condominium units each reserved for one owner's continuous use.
Related definitions
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cooperative apartments
Multiunit housing in which tenants share a common stake in the whole property. -
owner-occupied home
A residential space occupied by its owner and free of membership in a condominium association. -
residential condominium
Multi-unit housing with individually owned residences and jointly owned common spaces. -
senior condominium
Owner-occupied housing restricted to people of retirement age, excluding on-site medical-care facilities. -
settlement
A home established on an available or unoccupied site without legal pre-arrangement.