Glossary:
Abstract of Title:
The abstract of title is a condensed version of the history of the
title to land as such title is recorded in the county clerk's records.
Accelerated Use:
A right-to-use program that allows the member to
accelerate usage of the time purchased. For instance: you have a 20-year right
to use one week per year at a resort offering accelerated use. Instead of using
one week every year, you may choose to use two weeks every year for ten years or
five weeks per year for four years (based on availability).
Accrued Weeks:
Weeks that you "banked" from the prior year which are
available for use in the current calendar year. If you banked your week from
last year you would have two weeks this year to use.
Ad Val Orem:
A legal term which translates to "according to value". This refers to
assessment of property tax.
Advance Fees: (We do NOT charge these fees, be wary of people that do)
Any money paid up-front to a company for trying to sell or rent your
timeshare. These fees could be called listing fees, advertising fees, or
marketing fees. You should always check out the reputation of a timeshare
company before paying them an up-front fee over $50. There are many unscrupulous
companies that charge hundreds of dollars and promise to get you top dollar for
your timeshare - but once you pay you never hear from them again. We also warn
against free websites as you usually get what you pay for.
Affidavit:
A written and sworn statement to in the presence of a notary public.
Affiliated Resort:
A developer or timeshare resort that is partnered with or owns
resorts in more than 1 location. This allows timeshare owners to use their week
(or accrued weeks) at the affiliated resorts, commonly found with
vacation clubs. This usually requires a fee to be paid for the privilege of
using a different location.
All-inclusive Resort:
A
holiday resort that includes all meals,
soft drinks,
and mostalcoholic drinks in the price. Many also offer a selection of sports and
other activities included in the price as well. They are often located in warmer
regions. They have become increasingly popular over the past few years.
Alternate Week Exchange:
An exchange service whereby Owners can request other than the fixed
week they own in a resort. There is normally an exchange fee required.
Amber (Time) Week:
Interval International uses the following colors to denote
demand at a particular resort
Red - High demand
Yellow/Amber - Middle demand
Green - Low demand.
Amenities:
These are features or the resort or timeshare unit that add to the
value of the property such as a golf course, swimming pool, tennis court,
full-kitchen or a hot tub. There are numerous amenities available at most all
timeshare resorts. Choosing a timeshare that has the amenities you want is a
key to enjoying your timeshare year after year. The more amenities a resort
offers the greater the increase in value and desirability of the property. This
helps in the exchange of your unit for another through the exchange
companies.
Anniversary Date:
The day on which earned points accumulate, once per year. This
applies in the case of timeshare resorts offering a points system. In the case of Hilton
Grand Vacation Club Resorts they are on a calendar year basis starting in
January. In the case of the Disney Vacation Club they are on an annual
year depending on the date the points were purchased.
Annual Membership Fee
A membership fee that is charged by the exchange companies.
ARDA (The American Resort Development Association):
The main trade association in the United States for the timeshare
industry. Provides lobbying and other services in support of the industry. The
American Resort Development Association ARDA is the Washington,
D.C.-based trade association representing the vacation ownership and resort
development industries. Established in 1969 as the American Land Development
Association, ARDA today has close to 1000 members, ranging from privately held
companies to major corporations, in the U.S. and overseas. ARDA's
diverse membership includes companies with interests in vacation ownership
resorts, community development, fractional ownership, camp resorts, land
development, lot sales, second homes and resort communities. Members range from
small, privately held firms to publicly traded companies and international
corporations. ARDA is just beginning to recognize the Resale Companies and
resale Owners. On most maintenance bills there is a $3.00 voluntary fee that is
paid to ARDA.
Banked Week:
This is a week that the owner “banks” with the exchange company.
Once the week is banked the Owner typically has two years in which to request
and exchange against the banked week. When the week is banked the week belongs
to the exchange company and someone else will use that banked week. It will not
be available for the Owner to use. Generally when a week is banked it can not
be unbanked. When you are purchasing a resale it is very important to make sure
the week is not banked if you intend to use the week.
Banking:
Generally, when dealing with a timeshare
exchange company, a
timeshare owner
has the option to reserve unused weeks for use at a later time. These may also
be exchanged for different weeks at other locations. When you bank your week you
do not have to wait for someone to use that week before you can reserve another
week. Once your timeshare is banked it is no longer your responsibility.
Benefits of Ownership:
These are special privileges accompanying ownership via a specific
resort, such as Day Use of the facilities, Bonus Time, discounts on fee
services, advance and/or discounted tee times for golf, reduced rate exchange
services, Split Week usage, etc.
Biennial:
Use of a fixed week that occurs every other year. There are odd and
even year biennial usages. Examples of a biennial even year would be 2008,
2010, 2012, and etc. If a timeshare is listed as being a biennial even week
timeshare, this would mean that you may use the timeshare on even numbered
years. Also see odd or even year usage.
Blue (Time) Week:
RCI's® term for a low demand week at a timeshare resort. It
is the exact equivalent of Interval International's® Green week. Also
see season.
Bonus Time:
Bonus time is use of a resort in addition to regular allocated time
on a space available basis. A Developer Bonus Week (DBW) is available to members
who own
timeshares at a participating resort. These bonus weeks are issued directly
from the resort, often issued as a signing bonus upon the purchase of a
timeshare interval. Sometimes owners can purchase bonus weeks from the
resort as unsold developer-owned weeks. A second type of bonus week is one
issued by an
exchange company. Owners of high-demand resort weeks receive them as
incentives to deposit their
timeshare week.
Occasionally the exchange company will give you a bonus week if you are
depositing a high demand week, you may also use weeks from the exchange
companies such as RCI’s last call vacations or Interval
International’s getaway weeks as bonus weeks for a reduced fee. These are
excess inventory weeks.
Camping Membership:
A membership to a resort or resort community catering to campers,
some of which are affiliated with national organizations providing camping
locations for members in many states and other countries.
C.A.R.E. Cooperative Association of Resort Exchangers:
http://www.care-online.org/index.html
C.A.R.E. is a non-profit trade association established in 1985 whose
members have timeshare resort inventory all over the world and provide customers
with rentals by exchanging vacation inventory among themselves.
Certificate:
A document confirming that you have the use of a specific week or a
floating week for a specific period of time. When you deposit a week with an
exchange company, you may receive a certificate stating you have the right to
use a week during a certain time period.
Check-In Date:
The assigned date and day of week the interval week begins; usually
Friday, Saturday, or Sunday. View our timeshare calendar. The check-in day begins the seven-day interval week. For
example, if the interval week begins on Friday, the week ends on the following
Friday. The interval owner (or renter) need not always check in on the specific
check-in day; however, late check-in does not extend the interval week beyond
the scheduled checkout day. Some resorts have strict check-in policies and
may give away your room. If you plan to be late, make sure to let the
resort know in advance
Check-In Time:
The assigned hour an interval week begins; usually 3:00 PM, 4:00 PM,
or occasionally 5:00 PM prevailing time. The interval owner need not check in at
the precise time; however, late check in does not extend the interval week
beyond the assigned check out time. Check-out time is normally 10:00 AM or 11:00
AM prevailing time on the seventh day following check-in. Example: check-in on
Saturday at 4:00 PM and check-out on the following Saturday at 10:00 AM.
Closing Costs:
Expenses incurred during the sale closing process, or "back end" of a
transaction. These normally include preparation of the deed, equity transfer for
right-to-use timeshare properties, recording fees, escrow costs, and
administrative fees. These can be paid by Buyer , Seller or split between both
parties.
Club/Trust Membership:
Year-round usage of resort facilities with purchase, on a space
available basis. This is the most generally used system of timeshare
ownership in the UK and is growing in popularity everywhere else. Owners
belong to a Club; their accommodation units (and sometimes the leisure
facilities) are held by Trustees who license a
Right-to-Use  to
owners. Sometimes club membership is backed by a deed of ownership,
sometimes it is not. (The escritura system in Spain is a deeded system, but
deeded timeshare ownership is not legal in the UK and some other countries.)
Comment Card:
Provided by RCI and II exchange guests to evaluate their vacation
experience at an RCI or II affiliated resorts. A resort’s comment card scores
play a role in determining the trading power for Owners at that resort. These
cards are also sent to guests by the larger resorts such as Hilton.
Confirmed Exchange:
The vacation time and unit that you agree to accept from your
exchange company in exchange for the vacation time you deposited into the space
banked pool.
Constitution:
Legal documentation which describes and regulates the relationships
between the management company, trustee, developer, and owner. The constitution
essentially establishes guidelines as to how the resort is run. You may obtain
a copy of these documents from the resort.
Current Market Value:
Current or Fair market value is determined by recent sale prices of
similar timeshares. A Real Estate Broker or a Realtor can give you this
information.
Day Use:
This allows a timeshare owner to use the resort's amenities while not
in residence there. As an example, you might be able to use the pool if you own
at that resort, even if you are not staying there at this time. If you own at a
resort by the beach they will usually let you use their parking area if you are
using their beach.
Deed:
A legal document providing title to a timeshare property that gives
you your ownership rights. See also: fee simple. This will vary from country to
country. In the US this is recorded in the government's offices. Other types of
ownerships are memberships.
Deeded Property:
True property ownership with deed recorded in the county where the
property exists. This type of property has the same rights of ownership accorded
to it as other deeded real estate. The owner may sell, rent, bequeath, or give
away the property.
Deed Recordation:
Arizona law considers delivery of the deed to be the actual transfer
of title, and recordation of the deed as notice to the world that there is a new
owner. Consequently recording the deed immediately is important.
Deeded Week:
A week at a resort where the title is registered in the name of the
owner. In other cases the week is held in Trust or by a certificate.
Deposit:
If you do not use your week, you can deposit it with the resort or an
exchange group for use later. See Banking also.
Deposit Window:
Usually one or two years, the period that owners may deposit their
vacation weeks with the resort or an exchange group.
Developer:
A company that owns and constructs the resort is known as the
“developer”. The developer and the management company are not always the same.
Encumbrance:
A legal term for a claim, lien, charge, or liability attached to and
binding real property. Not common with timeshares.
End-user Finance:
When a loan is provided to enable a buyer to purchase timeshare
property. Large resort developers will finance the purchase themselves. That is
usually at a high interest rate. Some finance agreements are personal loans
(without security), while others are loans secured by the timeshare week or
sometimes, by a mortgage on the principle residence.
Endless Vacation® Magazine:
A bimonthly publication exclusively for RCI members that provides
informative practical vacation ideas for timeshare owners, including a feature
that mentions specific timeshare resorts with available exchange space.
EOY (Every Other Year):
Biennial use of a timeshare interval. You will either have the odd
year use or the even year use.
Escrow:
A special secured account specifically for the purpose of holding
funds from a timeshare buyer and a timeshare seller related to the closing of
purchase and/or sale of a property. A third-party presence overseeing transfer
of funds can guarantee a degree of security during the timeshare sale closing
process.
Even Year Usage:
Timeshare ownership usage every other year on the even year only.
Exchange:
The process of trading an interval week at one resort for an interval
week at another resort, or trading a specific week at the home resort for
another week at the same resort. The exchange system allows an interval owner to
trade their week with other interval owners, thereby allowing each owner to
travel and vacation throughout the world. This is usually done through an
exchange company. It is also done by internet with Owners exchanging with other
Owners. Read more about timeshare exchange.
Some resorts have internal exchanges with other resorts, which are usually owned
by the same company. This is known as an Internal Exchange. Island One Resort
and Westgate Resorts are examples of the Internal Exchange program.
Exchange Confirmation:
A written notice provided to both the owner and the resort stating
that the exchange request has been received and approved for a particular
occupancy date and size unit at a particular resort. Normally provided by the
Exchange Company.
Exchange Company:
A company or organization that accepts timeshare weeks on deposit
from its interval owners/members to establish a pool of weeks from which other
members may select the resort and vacation times of their choice. When a member
deposits their week with an exchange company, the company compares the week the
depositor is asking for with weeks deposited by other members, and provides a
suitable match based on availability and value. Factors affecting the exchange
value are: the resort's rating, the time division; i.e. prime season versus low
season, the size of the unit desired, etc. There are a number of exchange
companies to choose from, with RCI and Interval International being the largest.
Exchange fees:
The service fee that is charged during the exchange process when
using your deposited time.
Exchange Program:
This is any method, arrangement, or procedure for the voluntary
exchange among timeshare interval owners of the right to use and occupy
accommodations and facilities in a timeshare project. Exchange program does not
include an assignment of the right to use and occupy accommodations and
facilities to purchasers or owners pursuant to a multi-site project reservation
system. The exchange programs are most successful for those flexible in their
vacation planning. Restricting demand to a specific date, week, or resort may
reduce the chances of obtaining an exact request.
Exchange Request:
Your request of resort choices, to be fulfilled with a resort unit
from the exchange company space banked pool that has comparable trading power.
This is handled differently by the different exchange companies.
Exchange Season:
Refers to the system(s) used to establish an exchange value for
interval weeks, and is usually based upon desirability of the time of year,
typical weather expectations, holidays, and special local events. RCI uses Red,
White, and Blue time (in descending order) designations to refer to
desirability. Interval International uses Red, Yellow, and Green in the same
manner, while other exchange companies use the designations - High, Medium, and
Low. Some locations and/or resorts are considered prime year-round due to
climate or demand. Most Arizona resorts are in this category. Occasionally
resort developers and exchange companies do not agree on the designation for a
resort property. Verifying the exchange status of your resort with the selected
exchange company before membership can eliminate any discrepancies. NOTE -
vacation demands can vary from year to year, and exchange companies occasionally
establish new starting and ending dates for specific resorts or locations. It is
wise to consult a current Resort Directory Interval Calendar for actual season
dates at a particular resort. If you own one season in a resort and wish to
upgrade to a different season, the resort will usually allow the upgrade with a
fee.
Exchange Values:
A high exchange value results from a good location of your timeshare
resort and a popular time of year for your use. When you deposit your week
early the exchange companies add value to your request. The quality of your
resort also helps in getting a good exchange.
Exit Program:
Usually, a reduced cost package/trial program offered to a customer
who is on the point of walking away. This serves two purposes: it rescues
something for the salesman and entices you to use the resort's facilities in the
hope that they will get another opportunity to sell you a timeshare unit.
Fair Exchange Policy:
RCI and II’s policy of ensuring that its members receive equitable
vacation exchanges for their deposited vacation time. Fair exchange is
determined by certain criteria, including the season owned, unit configuration,
ratings from RCI members who have vacationed at the resort and also supply and
demand.
Factoring Fee ('Factorial'):
The Scottish term for the Management Company profit mark-up included
in the Management Agreement.
Fee Simple:
This is the preferred type of real estate ownership. It represents
absolute Ownership. This type of interval ownership is the opposite of
Right-to-Use or lease ownership and continues forever. The owner holds a deed in
their name and the ownership of the property can be bequeathed to heirs.
Five Star Resorts:
Interval International uses the 5-Star designation for their
finest resorts. It is equivalent to RCI's "Gold Crown Resort". These are
timeshare resorts that offer only the highest level of accommodations and
services. The resort locations can vary from the very exclusive locations of a
suburban area, to the heart of downtown. The amenities often include - VCR’S,
CD’S. stereos, garden tubs or Jacuzzis, in-room video library, heated pools, and
more. Fitness Centers and valet and/or garage parking are typically available. A
concierge is also available to assist you.
Fixed Unit:
This is the oldest method of buying at a resort. You own a particular
unit during a particular week every year. This is different than a float unit.
A time period that is fixed for each calendar year, either by date or by
calendar weeks, most; usually designated in numerical sequence 1-52. With a week
number, your actual start date may vary slightly from year to year. Unlike a
floating unit, a timeshare owner who owns a fixed unit at a resort will always
vacation in the same physical unit each year he/she vacations at that resort.
This type of ownership is particularly important if you have purchased, for
example, an oceanfront property with the ocean at your door step and are not
willing to vacation in an ocean-view unit. A fixed unit property assures the
owner that he/she will always have the exact location and the exact unit they
have purchased.
Fixed Week:
Referring to the interval calendar, the purchase of a fixed week
property assures the owners that they will always have the same week each year,
i.e., week 26. Alternatively, an owner of a floating week may choose another
week within their time division, or may elect to upgrade or downgrade to another
time division to meet their annual vacation schedule. Upgrading to a higher time
division usually incurs an additional cost.
Flex Change:
Similar to what RCI calls Instant Exchange - it is Interval
International's term for the short-notice, requirement-waived exchange requests.
Floating Unit:
Means the vacation accommodation unit available to an owner may or
may not be the unit they actually own. This ownership type is popular because it
provides more availability to owners. At some resorts you will own a fixed week
but a floating unit.
Floating Week/Flex Week (also called "flex" time):
The purchaser of a floating timeshare week has the flexibility of
scheduling their vacation interval with yearly variations in accordance with the
resort's guidelines. Typically, resorts will accept requests for specific weeks
by the interval owner as soon as the annual maintenance fees are paid.
Therefore, the earlier the maintenance fees are paid the better the chance that
the owner can pick a specific interval week. Resorts will sometimes have seasons
that a unit floats so the week is not available for all 52 weeks. Starwood
Sheraton Vistana Fountains units are a good example of having two different
seasons for floating time. It is important to check with the resort for the
floating time or flex time associated with the unit.
Floating:
Your time period is defined by a season and your week period is not
fixed. You reserve your time period within the appropriate season annually. Most
resorts have a High, Medium, and Low Season. Owners of a floating unit at a
resort might not vacation in the same physical unit each year. Interval owners
may request a specific unit and, if available for that particular week, the
resort normally will honor the request.
Floating week based on fixed rotation - a type of timeshare ownership
in which specific weeks rotate among owners from year to year on a fixed
schedule. This is common with fractional ownership interests/private residence
clubs.
Floating week based on ownership rotation - a type of ownership in which the
owner purchases week(s) and works out the appropriate vacation time with the
other owners on a rotating basis each year.
Fractional Ownership:
Timeshare ownership of two or more weeks at the same resort during a
calendar year. Generally defined as ownership in intervals of more than one week
and less than whole ownership. "Fractionals" are a fast-growing segment of the
timeshare industry. As it is substantially more expensive to buy larger blocks
of time, fractionals usually tend to be higher-end luxury properties. The
concept of fractional ownership can also extend to other luxury properties such
as boats and aircraft.
Fractional Package:
Annual multiple-week ownership at one resort, usually no more than
five weeks (PLEASE NOTE - 12 weeks of ownership or more in one resort may
subject the owner to Arizona Subdivision Laws and Regulations, and this could be
very costly when selling them).
Full Kitchen:
Kitchen facilities that include a standard refrigerator, sink and a
conventional oven. The kitchen will sometimes dictate whether a lock off unit is
exchangeable through the exchange company.
Gold Crown Resort:
RCI's resort recognition program honors resorts that consistently
offer superior vacation experiences. The Gold Crown award requires resorts to
meet more stringent standards in these areas. Additionally, Gold Crown resorts
are rated highly in the areas of resort amenities, unit amenities, and guest
services. RCI's highest rating for a resort. This is similar to Interval
International's "Five star resort" designation.
Guarantees:
See our listings for eMidsouth's Guarantees
HOA/POA (Home Owners Association/Property Owners Association):
When a resort is sold out or approaching sell out its ownership is
generally turned over to an HOA or POA consisting of the timeshare owners of the
resort, with an elected board to administer the rules and regulations. Sometimes
a sold out resort will hire an outside management company to operate the resort,
collect maintenance fees, etc. and/or sometimes the developer maintains
management rights.
Holiday Ownership:
Synonymous with vacation ownership, another term for Timeshare.
Home Resort:
Means the actual resort at which one owns vacation interval property
or the resort of ownership, from which one deposits vacation weeks into the
exchange company's spacebank. In the case of points based resorts, this could be
important.
Holiday Club/Vacation Club:
An organization which provides a number of timeshare weeks to
members. In some parts of the world these organizations may not be covered by
laws regulating timeshare sales. For this reason certain "holiday clubs" have
earned a bad name, especially in the UK. However there are many legitimate
vacation clubs, many of which are affiliated with major resort corporations. You
must do your due diligence before signing up with clubs that are not regulated.
Host Resort:
The resort to which you travel on a vacation exchange.
Internal Exchange (Exchanging):
The process of trading an interval week at one resort for an interval
week at another resort, or trading a specific week at the home resort for
another week at the same resort. The exchange system allows an interval owner to
trade their week with other interval owners, thereby allowing each owner to
travel and vacation throughout the world. Some resorts have internal exchanges
with other resorts which are usually owned by the same company. An Internal
Exchange Fee is required for the exchange of fixed weeks, or the exchange to
another location.
Interval:
This term refers to a unit of time or an assigned period of time. As
an example, one week of timeshare ownership is an interval week. An interval
week is usually assigned a number (1-52 , sometimes 53) depending on where in
the year it falls.
Interval Calendar:
An annual timeshare weeks calendar depicting the fifty-two or
fifty-three weeks of each calendar year showing starting days of Friday to
Friday, Saturday to Saturday, and Sunday to Sunday check-in dates. View
timeshare calendar.
II (Interval International):
The second largest exchange company in the world.
Interval International Travel:
II’s full service travel agency that operates exclusively for II
members.
Interval Ownership:
This is the term used by developers and sales centers to introduce
the concept of Floating Time and Floating Weeks, and distinguish it from the
original timeshare product, which was often Fixed Weeks in Fixed Units.
Instant Exchange:
Instant Exchange Services allow owners to conveniently request
interval exchange accommodations on short notice (2 to 45 days into the future).
Instant exchanges also waive size and season requirements applied in the
standard exchange process, which effectively allows members to utilize larger,
more luxurious accommodations for short-notice vacations. The exchange company
may waive the fee or offer a week at a discount for moving their last minute
inventory.
Joint Tenancy:
A legal term for the form of ownership by two or more people who
share equal rights in a property, and the survivor continues to hold all rights
on the death of one or more of the tenants. Joint tenancy is a common form of
ownership when two or more persons buy a timeshare.
Kitchen Types:
There are several different kitchen types found in units. Full
kitchens will include at least of a sink, conventional oven, and a standard size
refrigerator. Mini kitchens will include the basic appliances, some of which are
smaller than standard. Partial kitchens do not include all the basic appliances
that are found in a full kitchen.
If you are dealing with a lock-off unit the kitchen in the lock-off
portion of the unit is important. The kitchen type will decide if the unit can
be divided into two weeks with the exchange company.
Land Title Office:
A recording office where titles are registered. Sometimes called the
Official Records office.
Lease/Leasehold:
Some states and some foreign countries do not allow deeded ownership
of timeshares. Alternatively, a lease ownership or Right-To-Use (RTU) ownership
grants the lessor the right to use the property for a specified period of time,
usually from 20 to 99 years. Ownership of the physical property is held by the
resort developer or management company. Most properties in Hawaii, for instance,
are leasehold properties. The same is true in Mexico. There are leased
properties in the United States. The Disney Vacation Club would be an example
of this. The Hilton Club New York would be another example.
Leased Unit:
A timeshare unit that is leased instead of being owned by the
vacationer, see also Lease.
Leasehold Property:
See also Lease.
Levy:
In a points club, the annual charge to members to pay for
administration of the club in addition to any management charge or supplementary
management charge made for actual use of a week. Also a one-time charge made to
owners by an Owners Club or Management Company to pay for major or unexpected
costs. See Special Assessment.
Licensed Real Estate Brokers:
In the timeshare business, any licensed office that can sell a
timeshare week. If you are dealing with a licensed real estate Broker and there
is a problem, you will have recourse through the local Government Departments
that control the license of the real estate community. If you are dealing with
a Realtor, then you will also have the resources of the Local and State Board of
Realtors, as well as the National Association of Realtors.
Listing Agreement:
Just like selling a home with a realtor, a timeshare listing
agreement is a contract with a company to sell your timeshare. Read the
agreement carefully and do not pay an up front fee. It is against the law in
most states for a licensed real estate Broker to accept an upfront fee. That is
why a “sister” company is opened to charge upfront fees for advertising. A true
listing agreement will not have an upfront fee. An advertising agreement will
have an upfront fee. Never pay more than $50.00 to an advertising company for
advertising.
Listing Prices:
The price that a timeshare is listed for sale. People that want to
sell their timeshare quickly might ask nothing whereas some people want to get
back what they paid for their week. If a Company tells you a high price that
your timeshare is worth and is charging you an upfront fee they are usually
misleading you.
Lock-Off/Lockoff Unit:
A timeshare property which can be divided into two complete sections
so that two different parties may occupy either half at the same time. These
timeshares come in many sizes and have 2 distinct living and sleeping areas. If
an owner buys a lockout unit, they can stay in the whole unit or divide the unit
and stay in one half of the unit and rent the other half or rent both halves to
different parties. A lock out unit that can be split in half would have two
front doors and be totally independent of each other.
There are different rules regarding exchanging the lockoff units through the
exchange companies. Check with the exchange company to see if the unit you own
will exchange for two weeks. They will also tell you what size unit you will
get for each week.
Lockout:
See also Lock-Off Unit
Locale:
The location of a particular timeshare resort.
Maintenance Fees (Timeshare):
Maintenance fees are established and collected by the Home Owners
Association or Resort Management Company to maintain the timeshare, pay
insurance, utilities, refurbishing, and taxes. These fees vary from resort to
resort and with the type and size of the timeshare unit purchased. The cost of
resort operation is spread among owners. This fee must also build up reserves to
pay for non-recurring costs like furniture, appliances, etc. that need periodic
replacement, plus other capital costs as normal physical deterioration occurs.
Note - during the active sales period, maintenance fees may be temporarily
subsidized by the developer as a marketing tool. When the HOA takes over, fees
may rise to unsubsidized levels.
Management Company:
A company responsible for running a resort on a day-to-day basis,
often contracted to do so by the homeowners association. Frequently, the resort
developer will have a controlling interest in the company contracted to manage
the resort. Management fees usually take the form of a yearly charge. See HOA/POA
Management Fees:
The fees, usually paid annually, by each owner or points club member
to cover the costs of running the resort on a day-to-day basis. See also
Maintenance fees.
Maximum Occupancy:
The maximum number of persons an interval unit will accommodate,
usually from 2 to 10 persons. Maximum occupancy is typically expressed in
conjunction with "private occupancy," referring to the number of persons the
unit will sleep privately and the number of bedrooms within the unit.
Configurations of units vary from resort to resort.
Mini-Kitchen:
Kitchen facilities that feature the basic appliances found in a full
kitchen, although they may be smaller than standard size. Sometimes the items
in the kitchen can determine whether the unit will meet the qualifications for
an exchange through the exchange company.
Multi-site Projects and Programs:
A type of ownership program where the developer offers a group of
many resorts to accommodate the club membership concept. The major benefit is
the owner's ability to make an exchange within the group of resorts.
NQ (Not Qualified):
A term for prospects that do not fit the qualifications profile
outlined by a resort or marketing company trying to make a sale. See Qualified prospect
Net Listings:
They provide the seller a specific dollar amount for the sale of
their timeshare week regardless of the actual sales price. Net listings are
illegal in some states.
Odd- or even-year usage:
Biennial vacation property ownership where the owner can use their
property every other, termed either odd or even year depending upon the
ownership of the interval week(s). An even year usage agreement would consist of
the timeshare owner occupying the same week and unit in 2008, 2010, 2012, etc.
A biennial floating week would work the same way. Normally you pay maintenance
fees every other year. If you pay the fees annually they are one-half the
amount that an annual user would pay. The value of a biennial right-to-use
agreement is half that of an agreement allowing for annual usage. The biennial
units are normally sold at 60% of the annual price.
Odd Year Usage:
Timeshare ownership usage every other year on the odd year only.
OTE (Organization for Timeshare in Europe):
A trade association in Europe composed of resort owners and
developers. The OTE is similar to ARDA, but with more of an emphasis on.
Ownership and Ownership Types:
Timeshares have different ownership types. The most common are:
Deeded - the purchaser receives the actual deed and the timeshare is owned
forever & Right-to-Use - ownership is for a certain time period agreed upon by
the buyer and developer. This is sometimes called a Membership.
Partial Kitchen:
Kitchen facilities that do not feature all of the basic appliances
found in a full kitchen. Normally if this is in the lock-off side of the unit
it does not qualify for an exchange. The total unit is then used as one
exchange. However, the resort may allow the unit to be used for two weeks by
using the one bedroom one week, and the studio side the second week.
POA (Property Owners Association):
Also HOA (Home Owners Association). When a resort is sold out or
close to sold out, its ownership is usually turned over to an POA, consisting of
the timeshare owners of the resort with an elected board to administer the rules
and regulations for that resort.
Points:
Points are units of measurement used by exchange companies and
timeshare owners to establish value for seasons, sizes of units, and resort
locations. Points clubs offer the owner a variety of resorts from which to
choose by exchanging points. Point owners are allotted a number of points each
year which can be used to book a period of time that can be a few days or a
week. Points can also be exchanged for cruises and other things at some
resorts. The resort point programs are different than the point program offered
by RCI. Hilton and Fairfield are two good examples of the point program.
Point Clubs:
A timeshare system where owners hold points which entitle them to use
a period of time (varying from a few days to a few weeks) every year from a
choice of resorts. Points are usually backed by an actual deed or a membership
certificate.
Property Bonds:
A system similar to points clubs for owning shares or bonds in a
company owning properties. This is used in Europe more than the United States.
Property Taxes:
Property taxes are regulated by the state in which the timeshare
resort is located. Some states may not require property taxes to be paid on
timeshare resorts, while others do. The property tax bill is divided and each
owner pays the percentage of their ownership. These are usually included with
the maintenance fees charged by the resort.
Primary Market:
The first offering of a timeshare resort to the public.
Principal:
The main party in a transaction, usually the seller.
Private Occupancy:
The number of people who can sleep in a unit while maintaining their
own privacy.
Public Report:
Is a public disclosure document that summarizes facts about the
resort and the developer.
Quartershare:
A three-month interval ownership with a rotating schedule. You own
one quarter of one unit.
Quit Claim Deed:
A deed which transfers whatever interest the maker of the deed may
have in the particular parcel of land. A quitclaim deed is often given to clear
the title when the grantor’s interest in a property is questionable. By
accepting such a deed the buyer assumes all the risks. Such a deed makes no
warranties as to the title, but simply transfers to the buyer whatever interest
the grantor has.
RCI (Resort Condominiums International):
RCI is the largest timeshare exchange company in the world.
RCI Guide:
Your personal ambassador to the world of vacation opportunities with
RCI Points. Each RCI Guide is a well-trained, service professional whose goal is
to help coach you through the vacation planning process.
RCI Hospitality Award®:
The RCI Hospitality® Award is a newly created award, which is given
to resorts that have consistently achieved high remarks in the areas of
check-in/check-out and hospitality by RCI Subscribing members.
RCI Points:
RCI Points is a points-based program that offers participants the
flexibility of using points for shorter vacations, as well as travel-related
products, including airfare, cruises, car rental, and hotel reservations.
RCI Travel:
RCI's full-service travel agency that operates exclusively for RCI
Members. You can usually book your reservations at a better rate through RCI or
I.I. Travel.
RCI Spacebank Pool™:
The pool of all vacation time deposited by RCI members.
RCI Weeks:
RCI's traditional week-for-week exchange service that allows RCI
members to deposit their timeshare interval and request an exchange for another
full week at a comparable resort elsewhere. RCI Weeks was the name given to this
program when the company launched its worldwide points-based exchange system in
December 2000.
Recourse Agreement:
An agreement between a Finance Company and a Developer where the
Developer pays off any outstanding debt if a purchaser financed by the Finance
Company defaults on a Finance Agreement.
Red Week:
This is the peak season at a resort during which time timeshare
properties are at their most desirable. Different areas naturally have different
peak seasons. This designation is given by RCI and Interval International as
their top season.
Resale:
A timeshare property being advertised for sale after it was
originally purchased from a resort developer during the initial sales at that
resort. Timeshare resales are typically available for 50%-70% off a resort's
original asking price.
Resort Information Sheets:
Information that is sent to you upon confirmation of your vacation
exchange to a host resort. These information sheets include important details
such as directions to the resort, resort amenities, unit amenities and area
attractions you may wish to visit while on vacation there. The sheets can also
be found online in the resort directory.
Resort of International Distinction / RID:
This is RCI's resort recognition program that honors resorts that
consistently offer superior vacation experiences. The Resort of International
Distinction award (RID) requires resorts to meet established standards, based on
member comment card ratings, in the areas of unit housekeeping, unit
maintenance, resort maintenance, hospitality, and check-in/check-out procedures.
Resort Ratings:
A system of comparison of resort quality, amenities, and location.
The two foremost rating systems are Resort Condominiums International (RCI),
Interval International (I.I.). RCI and I.I. rate their affiliated resorts based
upon predetermined criteria of exacting standards of quality and services
provided by the resort as well as the availability of amenities at or near the
resort. RCI uses the Gold Crown designation for their highest quality resorts
and Resorts of International Distinction for second-level resorts. I.I.
designates their top resorts as 5-Star resorts. There are other rating systems
that are usually user ratings such as appears in Timesharing Today and on the
Timeshare Users Group site. http://www.tug2.net
Resort Affiliation Agreement:
The written contract governing the relationship between RCI and an
Affiliated Resort.
Repossession:
The removal of rights to use by a Club (or Management Company) for
breach of the Constitution (usually non-payment of Management Fees) and the sale
of those rights to recover any debt. Deeded property cannot normally be
repossessed.
Right To Use (RTU):
With a right-to-use timeshare (usually referred to as a
"vacation interval"), although usually less expensive, you do not own the
property, but have the right to use it for a specified period of time. Because
it will revert back to the developer at some future date, the developer has a
greater incentive to keep the property in good condition. However, your resale
rights may be limited. Also, with vacation intervals or right-to-use timeshares,
your unit may be "fixed" (you’re entitled to use the same unit each time) or
"floating" (you’re entitled to a similar unit, but not necessarily the same
one). The time you’re entitled to use your timeshare, also, may be fixed or
floating. Time and unit could also be some combination of fixed or floating.
Season:
Each resort will have different seasons depending on the geographic
position, etc., and this has a significant impact on the demand of any timeshare
property. Since demand affects price and trading power, seasonal fluctuation of
demand is an important factor to consider when buying, selling, or renting
timeshare property.
RCI and
I.I. have similar ways of measuring a timeshare's demand and trading power
for exchange purposes.
Seasonal Designations:
The seasonal periods into which vacation time is divided, based on
demand. Red Time= Greater demand, White Time= average demand, Amber = Average,
and Blue and Green Time= Lesser demand.
Settlor:
The person setting up the Trust (the "Settlor") transfers the legal
title of any interest he might have in any property to named Trustees.
Silver Crown:
RCI's resort recognition program honors resorts that consistently
offer superior vacation experiences. The RCI Silver Crown® requires
resorts to meet established standards, based on member comment card ratings, in
the areas of unit housekeeping, unit maintenance, resort maintenance,
hospitality, and check-in/check-out procedures. (From RCI’s directory)
Sinking Fund:
A portion of the Management Fee specifically dedicated to ensuring
that the main structure, furniture and fittings of accommodation units (and
sometimes leisure facilities are kept in "like new" condition).
Space Banked:
The pool of all vacation time deposited by RCI and II members.
Special Assessment:
A fee over and above the annual maintenance fee assessed by the
resort pro rata to interval owners. This fee is, when assessed, is intended to
defray expenses related to major repairs and refurbishing of resort equipment,
facilities, and units.
Space Banking:
Depositing a week of owned timeshare with an exchange company. See
Banking
Split Week:
Use of a floating timeshare week in increments as short as a day or
two at a time.
Subscription Fee:
The annual fee for subscribing to Endless Vacation® magazine, which
includes all of your RCI exchange privileges and benefits.
Tenancy in Common:
A type of joint ownership in a property without right of
survivorship. If one dies, his or her share is distributed in accordance with
their will.
Time Division:
A way of classifying interval weeks as according to value, time
division breaks all the weeks in a given year down into three distinct
categories: high demand, medium demand, and low demand. Whereas resorts in
tropical locations with a pleasant climate year-round can boast of high demand
throughout the year, other resorts located elsewhere experience seasonal
fluctuations of demand. For example, one can expect to pay much less for a
timeshare in Myrtle Beach during the winter months. However, during the summer,
the price will increase along with the demand. See season, above, for the
color-coded classifications used by RCI and I.I., which have since been
assimilated into the universal language of timeshare.
Timeshare:
The concept of purchasing an increment of time at a resort,
condominium, apartment, or other facility, often with the option to exchange
this time for time at a different location. What makes timeshare such a
desirable alternative to traditional lodging is the value. Because the cost of a
unit at a timeshare resort is split between many owners, it is possible to
vacation at an elegant resort for far less money than it would take to purchase
a unit outright, lease a property, or rent a hotel room for an extended period
of time. Timeshare exchange programs afford the owner the opportunity to
vacation all over the world and enjoy luxury amenities with no wasted expense.
Timeshare Lease:
A short term vacation lease should be used by both the landlord and
the renter when renting a week.
Timeshare Sales Contract:
A sales contract should be used by both the owner and the buyer when
selling a week.
Timesharing:
A term used to describe the joint ownership of a resort property,
such as a condominium shared by several families. Each family owns a certain
period of time.
Title:
The proof of a person's ownership of a property. This is usually
recorded with the local government.
Title Insurance:
Whenever you purchase a timeshare you need to get title insurance.
This will verify the owner actually owns the week, verifies the legal
description, and verifies that the title can be transferred without any
problems.
Trading Power:
The value assigned to an interval week when trading a timeshare
property for a different week through a timeshare exchange company. Exchange is
based heavily on supply and demand, but the features, amenities, location and
reputation of the resorts and weeks in question also influence trading power.
Consequently, a high demand week at a luxury resort could even be traded for two
weeks at the same resort during off-season, or for two weeks at a lower-demand
facility during the same peak season. . Read more about trading power and
exchange
Transfer:
The written instrument by which one person conveys a property to
another, signed by the seller, and delivered to the buyer.
Trustees:
A bank, trust company, or a group of individuals who hold timeshare
accommodation (and sometimes leisure facilities) in trust on behalf of the
owners and grant owners a right to-use through a license (Ownership
Certificate). Trustees provide security for owners in the event that a developer
fails financially. Some trustees may have added responsibilities such as
ensuring the continuity of the Owners Club. . A timeshare buyer's right-to-use
agreement is granted through the trustees through a license, or Certificate of
Ownership.
Unit Size:
Normally expressed as hotel unit, studio unit, or efficiency unit or
by number of bedrooms. Hotel units, studio units, and efficiency units typically
consist of a single room with sleeping accommodations and a small built-in
kitchen, sleeping two to four people. One, two, three, or more bedroom units are
usually condominium-style accommodations and feature a partial or full kitchen
and other living areas. Read more about the differences between hotel rooms and
timeshare condos.
Upfront Fees:
Up front listing fees to try to sell your timeshare can vary from
between $0 to $1,000. Never pay over $50 for advertising or upfront fees.
Vacation Clubs:
A type of ownership where an owner belongs to a club that includes
several timeshare locations and is usually set up as a point based program. This
allows an owner to do an internal exchange within the resort system they
purchased to use, allowing them to vacationanother location without paying
exchange fees.
Vacation Experience Profile (VEP):
Composite evaluation of an RCI-affiliated resort derived from member
comments.
Vacation Ownership:
Synonymous with "timeshare". The original timeshare product was a
fixed week in a fixed unit. This was known as Vacation Ownership.
Week Fifty-Three (53):
Almost all Calendars contain only 52 weeks of use in a year, but
roughly every seven years there is an extra week, week 53, which is generally
reserved for the use of the Developer/Founder Member.
Week Number:
The week number refers to the time period of a timeshare week .Weeks
are usually numbered 1-52 to coincide with the weeks of the year. See definition
for interval calendar or view a check-in date calendar by week number.
White (Time) week:
Each resort will have different seasons that reflect the demand
during the year, which differs from resort to resort and location to location.
Exchange companies divide the weeks in a year into popular (Red), medium (White
for RCI or Amber for I.I.), and low demand (Blue for RCI or Green for I.I.) for
the calculation of trading power in exchanges. See season.
Yellow (Time) Week:
Vacation time which is less highly demand by II members than Red
Time, and more highly demanded than Green Time. Sometimes called Amber Time.
(See: Seasonal Designations)
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