If property is not classified as a timeshare, how is it categorized?

When property is not classified as a timeshare, it is categorized as rental or whole ownership. This classification indicates that the property ownership structure is traditional, where a single owner holds title to the property and can either occupy it personally or rent it out. This contrasts with timeshare properties, which allow multiple owners to share usage rights over the same unit, typically by dividing up the time in which each owner can utilize the property.

Understanding real estate categories is essential. Commercial property refers specifically to spaces used for business purposes, and industrial property pertains to facilities used for manufacturing or distribution activities. Vacant land denotes undeveloped plots without any structures. Thus, when a property does not fall under the timeshare category, it generally aligns with the more conventional forms of ownership, such as rental or whole ownership, providing clarity on its use and management.