Know Your Timeshare Terms

Amenities - Features that add to the value of the property such as swimming pools, tennis courts, golfing or boating facilities.

Check-in Date - The assigned date and day of week the interval week begins (usually Friday, Saturday or Sunday). The check-in day begins the seven-day interval week.

Check-in Time - The assigned hour an interval week begins. 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.

Closing - The final act of a real estate transaction signifying mutual acceptance of financial and legal matters indicated by the signing and recording of deeds and the disbursing of funds.

Closing Cost - Those costs associated with the closing process.

Deed - A legal document that certifies ownership.

Disclosure Statement - Details of the purchase and a breakdown of costs and distribution of funds at the closing.

Escrow - A special secured account used to hold funds from the buyer and the seller related to closing of purchase and/or sale of a property.

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.

Exchange Company - A company or organization that accepts interval weeks on deposit from its interval 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 "trading value" are the "resort rating" and the "time division" (i.e. prime time versus low time, the size of the unit desired, etc.).

Fee Simple - A manner of owning land in one’s own name, free of any conditions, limits or restrictions.

Fixed Unit - Owning a fixed unit at a resort assures the owner of the same physical unit each year he/she vacations at the resort.

Fixed Week - The purchase of a fixed week property assures the owners that they will always vacation the same week on the interval calendar each year.

Floating Unit - Interval owners of a floating unit at a resort may not vacation in the same physical unit each year they vacation at their home resort. Interval owners may request a specific unit and, if available for that particular week, the resort normally will honor the request.

Floating Weeks - A system whereby the timeshare weeks purchased vary from year to year. Resorts have specific guideline for this plan.

Interval - An assigned period of time. Based on the interval calendar wherein the fifty-two weeks of the year are numbered.

Interval Ownership/Timesharing - Individuals buy or lease a specific time period in a selected condominium. Owners then have possession of deed and Title Insurance with the right to rent, loan or resell the property.

Lease - An alternative to ownership whereby the developer retains ownership of the property and the customer enters into a contract to use the property for a specified time.

Lockout Unit - Typically a unit which has the capability of being divided to create two separate but complete sections. If an owner buys a lockout unit, he can divide the unit and either stay in one half of the unit and rent the other half or rent both halves to different parties.

Maintenance Fee - Money paid annually to cover costs of maintaining the grounds of the resort, the units and management fees. These fees vary with the amount of time purchased.

Maximum Occupancy - The maximum number of persons an interval unit will accommodate.

Red, White or Blue Week - A system denoting peak times at resorts determined by season. Red weeks are considered the most desirable followed by white, then blue weeks.

Right To Use - A type of ownership where by actual ownership reverts back to the developer after a specified period of time.

Title Insurance - A document that guarantees that property is free and clear of claims by others pronouncing an interest in the property.

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