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Timeshare Glossary

Timeshare Glossary - Page 2 of 4

 

Deed
A legal document providing title to your timeshare property; gives you your ownership rights. See also: fee simple. (The escritura system in Spain is a deeded system, but deeded timeshare ownership is not legal in the UK and some other countries. See also: club/trust membership.)

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.

Depreciation
Depreciation refers to the reduction of the value of real-estate or other property.

Developer's Price
The developer's current or market price for a timeshare interval. This is a full retail price, including the developer's marketing costs, etc.

End-User Finance
When a loan is provided to enable a buyer to purchase timeshare property.

EOY (Every Other Year)
Biennial use of a timeshare interval. EOYO= Odd year usage only, EOYE= Even year usage only

Escritura
In Spanish, the registration and deeding process for a Deed of Title.

Escrow
Escrow is an account specifically set up to hold and transfer funds between a buyer and seller.

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. Some resorts have internal exchanges with other resorts which are usually owned by the same 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, for example prime season versus low season, the size of the unit desired, etc.

Fee Simple
A type of timeshare ownership wherein the owner holds a deed in his/her name. Fee Simple is considered to be the opposite of right-to-use or lease ownership. This type of ownership continues forever; the ownership of the property can even be bequeathed to heirs.

Fixed Unit
A time period that is fixed for each calendar year, either by date or by calendar weeks; most 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 timeshare 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 52 or week 35, etc. Alternatively, an owner of a floating week may choose another week within their season allocation. A floating week owner may also elect to upgrade or downgrade to another season allocation to meet their annual vacation schedule. Upgrading to a
higher time division usually incurs an additional cost.

Floating Week
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. 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.                                                                                     

Floating Week/Time (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.

Fractional Ownership
Fractional Ownership is a specific type of deeded vacation property ownership wherein usage and ownership are based on the division of property into shares.

Fly-Buy
A mini-vacation package where the timeshare resort pays all or most of the holiday costs of a prospective purchaser in return for that prospect attending a sales presentation.

Gold Crown Resort
RCI's highest rating for a resort. Similar to I.I.'s criteria for "Premier Resort".

Guest Certificate
A Guest Certificate is documentation which authorizes a guest to use a timeshare exchange in lieu of the owners.

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.; sometimes the developer maintains management rights.

Holiday Club/Vacation Club
A Holiday Club or Vacation Club is an organization or program which provides a number of timeshare weeks to members.

Holiday Ownership
Synonymous with vacation ownership, another term for timeshare.

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