Fee timeshare claims are a legal process in which the value of a property, possession or other asset is estimated and this amount is split among the owners in proportion to their shares. A fee timeshare claim represents a legal process by which the value of any property, possession or asset is estimated and that amount is then divided equally among all co-owners without distinction as to who holds title of ownership at any particular time.
Benefits of fee timeshare claims
- Speed and convenience
A fee timeshare claim is a simpler legal process than litigation, which could serve to reduce the time and expense of this type of case. An experienced attorney can help you file a fee timeshare claim in court.
- Fractional ownership
When your condominium property is located on land used by numerous owners, but its value is increased through the building of a project, those who own units can benefit from fractional ownership that creates additional fees based on their share of ownership. The outcome may be a fair and equitable solution to an otherwise complex legal case.
- Avoiding a costly lawsuit
This type of claim is initiated in court, but can often avoid more costly litigation. As such, any disputes can be settled quickly and your claim settled without the need to pursue a lengthy legal battle.
- Containing damages
Once your condominium property is listed on the real estate market and you begin receiving buyer inquiries, the value of your property is likely to increase. An attorney can help ensure that the value rises to its fair value with minimal change to your existing agreement.
- The downside of fractional ownership
If the number of owners increases, it becomes more difficult to maintain an equitable solution among owners. As such, each owner must find his share among all owners and then divide it fairly with other co-owners. In turn, this can be complicated by problems in deciding who owns a given interest at any particular time, especially as rights in common are perpetual and not subject to termination.
- Fair and equitable solution
Although the process of fee timeshare claim is designed to deliver a fair and equitable outcome, the outcome may vary on a case-by-case basis, so it is always advisable to hire a lawyer or talk with your property manager for advice. With that said, consider the following:
1) If everyone agrees on the value of their property at any given moment in time, then it is possible to apply a simple formula to arrive at a fair solution for all co-owners. However, if there are disputes about who owns what portion of your condominium property at any given moment in time – then the process can be complex and individual assessments may be required. As such, it may be advisable to consult with an attorney.
2) The process of fee timeshare claim is either binding or non-binding, depending on the circumstances of your case. If everyone agrees about the fair division of ownership interests, then the division represented by your order is binding on all owners. In fact, a fee timeshare claim can eliminate much litigation from future disputes among owners. However, if disputes arise over fractional ownership – it is often possible to appeal the evidence presented and have a new hearing that uses different criteria. As such, it is always advisable to consult with an attorney prior to filing any fee timeshare claim in court.