In South Africa, most resorts are shareblock companies. There are a few sectional title development and some are shareblocks where the ownership is for a predetermined number of years.
Shareblock in perpetuity
This is the most common form of timeshare ownership in South Africa and the owner purchases shares in the shareblock company. Each shareblock identifies the unit number, week number and gives the holder the right to occupy the unit in the prescribed week, the right to allow visitors to occupy the unit, the right to rent out the unit and the ability to exchange the unit through the resorts affiliation to a timeshare exchange organisation like RCI.
each shareblock agreement includes a “use agreement” which will detail the rights and responsibilities of the shareblock holder and must be accepted by the purchaser in order to take transfer of the shares.
Each shareholder in a shareblock development must have a copy of the use agr…