Which document outlines the rights and obligations of timeshare ownership?

The Public Offering Statement (POS) is a crucial document in the realm of timeshare ownership because it provides detailed information about the property, the timeshare plan, and the rights and obligations of the owners. This document is required by law and must be provided to prospective buyers before they make a purchase. It typically includes information such as the descriptions of the property, the required fees, the rights to use the facilities, and the rules governing the timeshare ownership.

In contrast, while a Timeshare Deed may convey ownership, it does not necessarily provide a comprehensive overview of all the rights and obligations associated with that ownership. The Timeshare Agreement may outline specific terms agreed upon between the buyer and seller, but it doesn't cover the regulatory aspects and vital disclosures needed for complete understanding before buying. An Ownership Contract is more of a general term that might encompass different types of agreements but doesn’t specifically point to the standardized disclosures mandated for timeshare transactions.

Thus, the Public Offering Statement stands out as the document that encapsulates the essential rights and obligations, making it the correct answer.