Timeshare Glossary of Terms
If you are new to the idea of timesharing, or even if you're not, there may be some timeshare terms you are not familiar with. The following timeshare glossary defines many of the timeshare terms used in the timeshare resales industry.
Accrued Weeks: Weeks that have accumulated from the prior year and are available for use in the current calendar year.
Affiliated Resort: A timeshare resort, or developer, that also owns resorts in other locations or has contracted with other resorts to allow owners to use their week(s) at the “affiliated” resorts. This is most common with vacation clubs.
Amenities: Features that add to the value of the property such as swimming pools, tennis courts, golf courses, boating, full kitchens, laundry facilities, etc. The more amenities a resort offers the greater the increase in value and desirability of the property.
Bank or Space bank: The term used when an owner decides to not use their allocated time for the current year. The owner can choose to “bank” their time with an exchange company to use at a future date. Typically an owner has two years to use the time once it has been banked.
Biennial: The time allocated to use your timeshare is on an every other year basis.
Bonus Time: Use of your resort in addition to your regular allocated time on a space available basis.
Camping Membership Resales: 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.
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. For example, if the interval week begins on Friday, the week ends on the following Friday. The interval owner (or renter) need not check in on the specific check-in day; however, late check-in does not extend the interval week beyond the scheduled checkout day.
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].
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 have been disbursed.
Closing Costs: Those costs associated with the closing process; usually including: deed preparation or transfer of equity for right-to-use properties, recording costs, escrow fee, and administrative fees.
Deed: Ownership interest providing title to your property. Fee simple.
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 giveaway the property.
Developer: A company that owns and constructs the resort is known as the “developer”.
Developer's Price: Estimated developer's current or market price. Full retail price.
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 Timeshare: 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.
Timeshare Exchange Company: A company or organization that accepts interval weeks on deposit from it's 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 resorts' rating, the time division; i.e., prime time versus low time, the size of the unit desired, etc.
Exchange fee: The service fee that is charged during the exchange process when using your deposited time.
Fee Simple: The preferred type of real estate 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 his/her name and the ownership of the property can 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 interval 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.
For m ore information about timeshare weeks, view our timeshare calendar.
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 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 Week: The purchaser of a floating 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.
Home Owners Association: (HOA) A selected group of timeshare owners that determine and administer the rules and regulations at a resort.
Home Resort: The resort stated on your purchase agreement or deed that is provided by the company from which you purchased your timeshare interval.
Interval: An assigned period of time. Based on the interval calendar wherein the fifty-two weeks of the year are numbered sequentially: Week 01 through Week 52 or Week 53. A specific interval week is a seven-day period encompassing one of those fifty-two weeks.
Interval Calendar: An annual 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.
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.
Lease: Some states and some foreign countries do not allow deeded ownership of timeshares. Alternatively, a lease ownership or Right-To-Use ownership grants the right to use the property for a specified period of time; usually from 20 to 99 years. The resort developer or management company holds ownership of the physical property.
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: Maintenance fees are established and collected by the Homeowners Association or Resort Management Company to maintain the property, pay insurance, utilities, refurbishing and taxes. These fees vary from resort to resort and with the type and size of the unit purchased.
If you are tired of paying maintenance fees, then sell your timeshare now.
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.
Odd or Even Year Usage: Timeshare ownership usage every other year--some odd-numbered, some even. The ownership of this type of interval is valued at one-half the value of a full ownership property since the use is restricted to one-half of the annual usage.
OPC: Off Premise Contact is one who approaches a prospect outside of the resort grounds and may offer gifts to lure individuals or couples in to attending a sales presentation.
Timeshare Points: Programs offered to interval owners by resorts that allow the owners choice and control over when and where they vacation or for how long or short they stay. Points are a symbolic unit of measure having no intrinsic value separate and apart from interval ownership.
Property Taxes: These may be included with the maintenance fees charged by the resort. 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.
Quartershare: 3-month interval ownership with rotating schedule.
Rescission period: This is the period in which a person has the right to cancel the purchase of their property and will not be penalized. When a person cancels within this time period, he or she will receive a full refund of any deposits made in connection with the purchase. The time to rescind varies from state to state. This is also known as a cooling off period.
Resort Ratings: A system of comparison of resort quality, amenities, and location. The two foremost rating systems are Resort Condominiums International (RCI), Interval International (II). RCI and II 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. II designates their top resorts as 5-Star resorts.
Right To Use (RTU): Occupancy rights for a specified number of years, with no ownership interest in the property. Some states and some foreign countries do not allow deeded ownership of timeshares. Alternatively, a lease ownership or Right-To-Use ownership grants the right to use the property for a specified period of time; usually from 20 to 99 years. The resort developer or Management Company holds ownership of the physical property. However, during the right-to-use period, the owner may rent, transfer, or bequeath the remaining years of their right-to-use property.
Stroman Realty, Inc.: A licensed timeshare broker offering timeshare services for selling timeshares and buying timeshares. Timeshare Resale Broker is the progressive leader of the Timeshare and Resort Property Resale Industry who provides professional service and assistance to its clients on a worldwide basis.
Season: Designated season of the year denoting period of ownership for exchange or usage value.
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
Time Division: A system of establishing the value of an interval week typically based upon season. For example: a week 3 (Mid January) purchased at a New England beach resort would not hold the same value as a mid-summer week at the same resort due to the fact that the season in January is not conducive to vacationing on the beach. Time divisions are expressed as high time or red time meaning prime time, white time or medium time meaning medium desirability, or blue time or low time meaning the least desirable time. Some resorts such as Hawaiian resorts consider all weeks as prime time since their tropical climate permits pleasant vacations throughout the calendar year. Additionally, many resorts offer year-round activities, often referred to as four season resorts, in which the owner may participate in a variety of seasonal activities. Other factors that affect the interval week's desirability would be holidays and special local events.
Timeshare: An ownership to a resort property or unit that is shared by others. Each owner has their own time period (typically one week) in which they can utilize the facilities, amenities, accommodations and all attributes associated with the resort. A timeshare is also known as a “second home”.
Trading Power: The value assigned to one’s timeshare when deposited with the owner’s exchange company and is related to the exchanging the owner’s unit to use at another time or location.
Unit Size: Normally expressed as hotel unit, studio unit, and efficiency unit or by number of bedrooms. Hotel units, studio units, and efficiency units typically are a single room with sleeping accommodations and perhaps a small built in kitchen and sleep from two to four persons. One, two or three or more bedroom units are usually condominium style accommodations and feature a partial or full kitchen and other living areas.
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 at another location without paying exchange fees.