Sitemap

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:

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 $75. 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.

Florida law, under section 721.20(6), F.S., prohibits a real estate broker or salesperson from collecting any advance fee for listing a Florida timeshare week for resale. However, there are many different kinds of companies in existence that claim they can sell your timeshare for you, if you pay them in advance. Some resale companies may provide "legitimate" resale services, while many do not. The advance fee may be called an "appraisal fee," an "advertising fee," an "Internet fee," or an "exchange fee," among other terms. The fees charged by these companies range anywhere from several hundred to several thousand dollars. Payment is often collected by credit card. Consumers need to be aware that once they pay an up-front fee, even if the fee turns out to be a violation of Florida’s advance fee law, there is no guarantee that the money can ever be recovered if your timeshare is not sold. Other States have similar laws. Never pay a fee over $75.00.

Affidavit:

A written and sworn to statement in the presence of a notary public.

Affiliated Resort:

A developer or timeshare resort that is partnered with or owns resorts in more than one 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.

AIRDA (the All India Resort Developers Association):

The trade association in India for the timeshare industry. http://www.airda.org/

All-inclusive resort:

A holiday resort that includes all meals, soft drinks, and most alcoholic 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 a week other than the fixed week they own in a resort. There is normally an exchange fee required.

Amber (Time) Week:

See Season . 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 of 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 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.

Appraisal:

An appraisal is an estimate of a timeshare property’s market value, as assessed by the appraiser. A licensed Appraiser would probably not handle an appraisal for a timeshare. Market value is considered to be the price a ready buyer would pay a voluntary seller, and that information is reflected in recent sales data. Many timeshare appraisals have been shown to have no basis in reality, fail to show truly comparable data, and/or cannot lend credibility to the sales process. The need and legitimate use of appraisals in the timeshare market has often been questioned. It appears that some timeshare resale companies requiring an appraisal to accept a listing also own the appraisal company they recommend. Be careful when getting a fair appraisal value. Ask the resale company who owns the appraisal company before accepting the market value as being fair. If you are looking for fair market value, a market value analysis will serve as an alternative to an appraisal. There should be no charge for this service. This analysis can be done by a licensed Real Estate Broker. They will compare current sales and listings for similar properties just as they would for a comparative market analysis for a home.

Appreciation:

This refers to the increase in value of real property. Timeshare weeks in this country seldom appreciate because Vacation Clubs and condominiums with seasonally-changing values are difficult to appraise. Furthermore, even a noticeable increase or decrease in the property value, when distributed among 50 or more owners per unit, often equates to a negligible difference per owner. Therefore, timeshare appreciation seldom occurs. You will find appreciation in timeshares that are in areas that do not have any more land to build on, or in areas of high demand. If the resort has a right of first refusal on their units then you will see appreciation. If you buy on the resale market you have a better chance of your timeshare appreciating.

ARDA (The American Resort Development Association):

The main trade association in the US for the timeshare industry. Provides lobbying and other services in support of the industry. ARDA is the Washington, DC-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 US 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.

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.

Be-Back:

Salesperson's term for prospective buyers who avoid the purchase of a retail timeshare by saying that they will "be back". Be-Back’s usually don’t buy or buy on the resale market.

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:

Vacation property ownership where the owner can use their property every other year, 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 an annual floating week will, just with the every other year usage involved. With biennial weeks, you normally 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 usually half that of an agreement allowing for annual usage, though biennial deeded units are normally sold at 60% of the annual price. Also see odd year usage 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 .

Block Banking (Bulk Banking):

Depositing a large number of weeks into the exchange company "bank" at the earliest time possible.

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/

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 the Buyer, the Seller or split between both parties.

Close Escrow:

The time in which the purchase of a property has been completed. The completion includes the title being transferred, verified, and all funds disbursed.

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, and 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 Interval International 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.

Cooling-off period:

The time given to a purchaser following signing of a purchase agreement during which they may cancel without penalty. In the UK the cooling off period is 14 days, while elsewhere in Europe it’s 10 days. In Mexico it is 5 days, and in the USA the period varies from state to state. You can usually go the state laws governing timeshare to find out the amount of days you have for rescission. In Florida there is a 10 day right of rescission. Most states require the time to be written on the contract. http://www.myflorida.com/dbpr/lsc/timeshare.html

CRDA:

Canadian Resort Development Association, based in Toronto, is a non-profit, self-regulating body composed of and supported by the majority of creditable resort developers, marketing agencies, vacation exchange companies, and related service companies in Canada.

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 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.

Default:

Also called breach of a contract. Failure to do or not to do something that you have agreed either to do or not to do. For example, if you do not pay your resort's maintenance fees, as agreed to, you may default on your agreement.

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.

Depreciation:

The decrease in the value of an asset. Real Estate usually goes up in value over time. However, timeshares usually go down in value over time. A timeshare that is bought from the developer for full price could be two to three times as much as the same week that is a resale by a timeshare owner. The value is in using the timeshare.

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.

Developer's Price:

The price a resort developer is asking for a timeshare week. It is the full retail price, including the developer's advertising and marketing costs, etc.

DOS - Director of Sales:

The head sales manager, in charge of managing the sales process and all of the timeshare sales reps in a sales room. The actual duties will vary depending on the hierarchy at specific resorts or companies.

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, usually at a high interest rate. Some finance agreements are personal loans (without security), while others are loans secured by the timeshare week, or occasionally 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.

Escritura:

The Spanish term for the deeding and registering of a ‘Deed of Title’. Similar to registration of the Land Registry in England and Wales.

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 that is available every other year on the even years 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 via the internet with Owners exchanging with other Owners. 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 (e.g. prime season versus low season), the size of the unit desired, etc. There are a number of exchange companies to choose from. However, RCI and Interval International are 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 of the right to use and occupy accommodations and facilities in a timeshare project. The exchange does not affect the owner’s rights in regards to the property, it simply allows the owner to exchange a set period of usage, usually a week, for comparable usage at another resort, or at the same resort but at a different time. 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 match to your 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. 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.

Factoring Fee (‘Factorial’):

The Scottish term for the Management Company profit mark-up included in the Management Agreement.

Fair Exchange Policy:

RCI and Interval International’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.

Fee Simple:

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.

Financing:

Usually provided in developers’ sales centers, offering terms of 12% to 18% interest on a 3 - 7 year mortgage. Some lenders now offer funding for the resale market. Most reputable Licensed Real Estate Brokers specializing in timeshare can provide financing resources with similar terms. Purchasers often obtain 100% financing through credit card purchases; interest rates can be attractive, and there is no prepayment penalty. Some sellers are willing to consider seller-financing, generally accepting terms of 30% down, 10% interest, and 36 month payment schedule. Assuming the seller’s existing mortgage is seldom an option.

Five Star Resort:

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 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 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, e.g. 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.

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 or 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.

Owners of a floating unit at a resort usually don’t vacation in the same physical unit each year, though they can request a specific unit, and, if available for that particular week, the resort normally will honor the request.
See also Floating Week Based on Fixed Rotation and Floating Week Based on Ownership Rotation .

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.

Floating Week Based on Ownership Rotation:

A type of timeshare 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.

Fly-Buy:

Also called a mini-vac or mini-vacation package where the resort offers an extremely discounted package as long as you attend a timeshare sales presentation. They might offer free tickets to a park, or a certificate for dinner along with the package.

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 Law 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 the whether a lock-off unit is exchangeable through the exchange company.

Gold Crown Resort:

RCI's resort recognition program that honors resorts that consistently offer superior vacation experiences. The Gold Crown award requires resorts to meet more stringent standards in the areas of resort amenities, unit amenities, and guest services. This is RCI's highest rating for a resort, and is similar to Interval International's Five Star resort designation.

Green (Time) Week:

See Season . Interval International uses the following colors to denote demand at a particular resort:
Red - High demand
Yellow/Amber - Middle demand
Green - Low demand.

Guarantees:

When offered with timeshare resale services, guarantees are often of little value, unrealistic, and possibly fraudulent. Most state Departments of Real Estate discourage or do not allow Licensed Real Estate Brokers to make such assertions regarding real estate transactions. If you are offered a guarantee, ask that it be put in writing and review it carefully with a Licensed Real Estate Broker before making your decision.

Guest Certificate:

A certificate issued by the resort's affiliated exchange company authorizing a nominated guest to use an exchange instead of the owners.

Hacienda:

The Mexican and Spanish Tax Office.

Heat Merchant:

A sales person who is willing to tell even the most outrageous of lies in order to make a sale.

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 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.

Hospitality Award:

See RCI's Hospitality Award. .

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 affiliated resort or trading a specific week at the home resort for another week at the same resort. An internal exchange fee is usually required for these exchanges.

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 Friday to Friday, Saturday to Saturday, and Sunday to Sunday check-in dates. View timeshare calendar.

Interval International or II:

Interval International is the second largest exchange company in the world.

Interval International Travel:

Interval International’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:

A service that 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.

In-House Reps:

Sales staff employed to sell to existing owners who are staying at the resort. Also known as IPC (Internal Personal Contacts).

IPC (Internal Personal Contacts):

Sales staff employed to sell to existing owners who are staying at the resort. Also known as In-House Reps.

IVA:

Abbreviation for Spanish Value Added Tax.

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 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 type of kitchen 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 and The Hilton Club New York would be examples of this.

Leased Unit:

A timeshare unit that is leased instead of being owned by the vacationer, as described under Lease .

Leasehold Property:

See 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 also Special Assessment .

Linked Agreement:

In the UK and Europe, this is a method of getting around the law banning the taking of deposits. The Timeshare Purchase Agreement, in which no deposit is shown, is linked with another (which might be a holiday voucher [aka - a "cert"] or some other holiday scheme) which is, in reality, the deposit. The two agreements appear to be separate, but in reality they are linked.

In the United States this could also apply to companies that open sister companies to avoid license laws, etc.

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 licenses 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 some potentially less-than-honest companies open a “sister” company, so that they may upfront fees for advertising. A true listing agreement will not have an upfront fee, but an advertising agreement probably will. Never pay more than $75.00 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 is telling you that your timeshare is worth a very high price, especially one more that is more than half of what you originally paid for the property, and is charging you an upfront fee, they’re usually lying. See our Scams page for more information on that.

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, 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-off unit that can be split in half would have two front doors and be totally independent of each other. There are different rules regarding the lock-off 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 or Lock-out:

See Lock-Off Unit .

Locale:

The location of a particular timeshare resort.

Lug:

At any time, obtaining a "premium" or higher price for a timeshare week than the developer is currently asking.

Maintenance Fees (Timeshare):

Maintenance fees are established and collected by the Home Owners Association or Resort Management Company to maintain the timeshare, pay for 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 and 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 Maintenance Fees .

Marketing Company:

A separate company from the developer responsible for marketing. Sometimes a developer will manage the on-site marketing and employ a separate marketing company to manage off-site marketing. They might be responsible for promoting and sales of weeks.

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.

Mini Vac:

A mini-vacation package where the resort charges a discount and provides incentives such as a dinner certificate or tickets to a show in order to get vacationers to attend a sales presentation. The resort may also pay all or most of the holiday costs of a prospective purchaser in return for that prospect attending a sales presentation. See Fly-Buy .

Mooch:

A term used by timeshare sales people to describe prospective buyers who are attending a sales presentation only for the gift, with no intention of even considering a purchase. This is one of the more flattering terms (relatively speaking). There are other industry terms for such people, but they are mostly unprintable. A professional mooch is someone who makes a regular practice of doing this.

Multi-site Projects and Programs:

A type of ownership program where the developer offers a large group of 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:

See Biennial .

Odd Year Usage:

Timeshare ownership usage every other year, on the odd year only.

OPC (Off Premises Contact; Outside Public Contact)

A marketing term used to describe people who approach potential buyers on the street and offer an incentive, such as a gift or tickets to a local attraction, to visit a timeshare project or sales booth to find out more about purchasing options.

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 consumer affairs.

Owner Referrals:

Resorts that are in active sales often have special vacation promos that they offer through their current owners. The owners are encouraged to submit referrals and will receive various incentives from the resort for their leads. The resorts will offer the referrals incentives to visit the resort and take a timeshare tour.

Ownership and Ownership Types:

Timeshares have different ownership types. The most common are Deeded , where the purchaser receives the actual deed and the timeshare is owned forever, and Right-to-Use , where 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 a two-week 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.

PD - The Project Director:

The person who is, at least theoretically, in charge of running all the other departments at a timeshare resort.

POA (Property Owners Association):

See HOA/POA (Home Owners Association/Property Owners Association) .

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 vacation time that can range from just a few days to full weeks. 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 Wyndham/Fairfield are two good examples of the point program.

Points 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.

Premium:

Incentives given to a prospective customer to attend a timeshare sales presentation.

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.

Qualified prospect:

A potential prospect for a timeshare sale that meets the criteria of the resort developer. This is normally based on income and age. See NQ (Not Qualified) .

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 Gold Crown Resort:

See Gold Crown Resorts .

RCI Guide:

According to RCI, your guide is 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 an award 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 II 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.

Rescission:

A grace period allowed by law and/or company policy during which time a timeshare buyer has the right to cancel a purchase agreement and receive a full refund. The length of the rescission period and the procedures you must follow to rescind vary from state to state. But as long as those procedures are followed in a timely manner, the buyer is entitled to receive a refund of his or her full deposit. Rescission is also known as a Cooling-off period .

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 Time:

See Season or Red Week . Interval International uses the following colors to denote demand at a particular resort:
Red - High demand
Yellow/Amber - Middle demand
Green - Low demand.

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.

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.

Resale:

A timeshare property being offered for sale after it was originally purchased from a resort developer during the initial sales at that resort. Timeshare resales are typically available for 30%-50% off a resort's original asking price.

Resort Affiliation Agreement:

The written contract governing the relationship between RCI and an affiliated resort.

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:

This is RCI's resort recognition award 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. Also known as Silver Crown, this is RCI’s second highest resort rating.

Resort Ratings:

A system of comparison of resort quality, amenities, and location. The two foremost rating systems are RCI’s and Interval International’s. RCI and II rate their affiliated resorts based upon 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. II designates their top resorts as 5-Star. There are other rating systems that are usually based upon user ratings, such as appears in Timesharing Today and on the Timeshare Users Group site. http://www.tug2.net

RID:

See Resort of International Distinction . Also known as Silver Crown .

Right To Use (RTU):

With right-to-use timeshare (usually referred to as a "vacation interval"), although usually less expensive than deed