time-share
A permanent sale of property occupancy and usage rights limited to a specified, usually recurring time slot.
A time-share agreement is a form of property sale where the rights to occupy and use a property are permanently sold but limited to a determined time slot, usually recurring on a regular (e.g. annual or monthly) basis. Persons who purchase time-share rights in a property are generally not extended full rights in decisions which affect the other owners, such as demolishing or altering the property.
The rights concern the allotted time slot rather than unrestricted occupancy at all times. A recurring annual or monthly slot can provide repeated use under the same permanent sale of rights.
The time limitation differs from a conventional lease for one predetermined duration. Decisions affecting the other owners remain subject to the limited rights described above.