Timeshare
Overview
Condominium
A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights...
units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time (typically one week, and almost always the same time every year) in which they may use the property. Units may be on a part-ownership or lease/"right to use" basis, in which the sharer holds no claim to ownership of the property.
The notion of the term "time-share" was originally created in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
in the 1960s.
Hapimag, a ski resort
Ski resort
A ski resort is a resort developed for skiing and other winter sports. In Europe a ski resort is a town or village in a ski area - a mountainous area, where there are ski trails and supporting services such as hotels and other accommodation, restaurants, equipment rental and a ski lift system...
developer in the French Alps, was experiencing trouble finding customers for his high priced resort.
