This type of ownership has no underlying deed.
This can make the transfer of ownership a lot easier, but some people prefer knowing they hold an actual deed for their vacation ownership. WorldMark by Wyndham uses a membership approach to their vacation club. There is no actual deed filed with any county. There are what you would refer to as a Transfer Endorsement Certificate, which is the buyer’s verification that they own their interest in WorldMark by Wyndham.
Some timeshare owners are uncomfortable with this approach due to the ownership not truly being recognized as Real Estate in the eyes of the law, which some speculate may lead to an instability in long-term value of the ownership. Although, there are many deeded ownerships that are essentially void of value in today’s economic climate, so carrying a deed doesn’t guarantee your property’s future value.