Fractional
To understand fractional ownership, consider a large, and expensive property that may be difficult to purchase and care for on your own. Instead of becoming the sole owner of the property, you purchase a share of it, as do 15 other people. Now, you own 1/15 of the property and have others to share in the burden of maintenance and taxes. With fractional ownership, you would actually own the portion of the property you purchase.
Some individuals choose to use fractional ownership to earn money. For example, if an owner does not plan to use some or all of his allotted weeks, they may choose to rent them out to others. Depending on how much they charge, they may be able to earn a profit. They might even be able to rent their weeks to other owners, allowing them to spend more time at the property.
Fractional ownership is attractive to many because it offers an easy way to own vacation property. With this type of ownership, you have a place to go to vacation, yet are freed from being solely responsible for the property and related expenses. In most cases, a third party or management company takes care of everything from upkeep and utilities to taxes and insurance. Though you have little responsibility with a fractional ownership, you do get the deed to the property, specifying the number of shares you own. You can gift it or sell it as you wish.