Iowa Code 557A.5 – Status of time-share estates
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1. A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law or an estate for years if a leasehold, except as expressly modified by this chapter.
Terms Used In Iowa Code 557A.5
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- property: includes personal and real property. See Iowa Code 4.1
- real property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. A document transferring or encumbering a time-share estate shall not be rejected for recordation because of the nature or duration of the estate.
3. For purposes of title, each time-share estate constitutes a separate estate or interest in property except for real property tax purposes.