You can divide almost any type of property into a time-share (a type of fractional ownership). Most popular among these, of course, is the condominium time-share arrangement. Private jets are also sold as time-shares (betcha didn't know that!). What that means, just in case you didn't already know, is that the time-share owner has the right to use the property for a certain mount of time, for example two weeks a year. Since this time-share interest can be bought, you can also sell it when you get tired of it. You can build up equity in it, and if the terms of your contract or the homeowners' association allow, you can even rent it out to someone else.

There are two different legal forms of time-share ownership. One is called “interval ownership”. In this arrangement, I may be granted a certain time period, for example one week a year, in which I can have the exclusive use of, say, a parcel of land, maybe a beach. If there are fewer than 51 other time-share owners, then there will be some time every year when no one will have the exclusive right to use the beach. This doesn't mean that I can't use it, however – since I own the beach as a tenant in common with the other tenants during this time, I can come to the beach but unlike during my week, I cannot throw anyone else off the beach – I have to share it with the other time-share owners.

The second legal form of time-share ownership is called “time-span ownership”. In this arrangement, I have a tenancy in common with all the other tenants the whole year round, but an exclusive right to possess the property for a certain period every year. In practice, there is usually very little difference between these two arrangements, although it might matter in certain contingencies and might affect the value of your time-share interest.

DISCLAIMER: The foregoing is intended for reference only and not as legal advice.