Abstract of Title
This varies from state to state, but is usually recorded in the county clerk’s official records office. It is a the history of title to real property.
Accelerated Use
A program that allows a timeshare owner to use their weeks sooner than originally planned. For example, if you bought 20 years you can use 2 weeks a year for 10 years rather than one week a year for 20 years
Accrued Weeks
Any weeks from previous years that you did not use and have banked that are now available for the current calendar year.
Ad Valorem
A legal term that refers to the 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 $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.
All-Inclusive
A resort where all items such as meals, drinks, accommodations, taxes and tips are covered in a single up-front fee. These are common in Mexico. Be sure to check to see if tips and alcohol are included as what is included varies.
see https://www.MyResortNetwork.com/all-inclusive-resorts/index.html
Anniversary Date
For resorts that use the points system, it is the date on which earned points accumulate.
Amber 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
Features at resorts that add to the value of the property, such as swimming pools, golf courses, exercise rooms, tennis courts, full kitchens, laundry facilities, hot tubs, etc.
Appraisal
A report by a qualified person that is an estimation of the worth of a given property.
To get a report to help you price your rental or resale see: https://www.MyResortNetwork.com/timeshare-market-value.asp
Appreciation
The increase in the value of an asset. Real Estate usually goes up in value over time. However, cars and timeshares usually go down in value over time. A timeshare that is bought from the developer for full price could be twice as much as the same week that is on the resale market by a timeshare owner.
ARDA (American Resort Development Association)
The American Resort Development Association (ARDA) is a professional association representing the vacation ownership and resort development industries.
Banked Week
A week that is not used by the timeshare owner, but rather is deposited with the resort or an exchange company for someone else to use. This week can then be used at a later date or traded for time at another resort. Many timeshare owners bank their week each year and trade for weeks all over the world. By using an exchange company you can deposit your week and select another week during some predetermined time period.
Bank
The process for depositing (or “banking”) a week with a resort or exchange company in exchange for a weeks somewhere else. See the definition for Banked Week above.
Banking
See the definition for Bank and Banked Week above.
Be-back
A timeshare sales team’s term for a person taking a tour and attending a presentation but avoids buying by saying that they will “be back”.
Benefits of Ownership
The benefits of ownership will vary from resort to resort and resort group to resort group. They are special rights that come along with ownership a specific resort, such as discounts on services, discounts on renting by the night, the right to exchange for other weeks or other resorts, preferred check-in and checkout, etc.
Biennial
Rather than every year, your timeshare week occurs every other year (EOY). These are generally much less expensive than an annual timeshare week. Owners of biennial weeks are referred to as odd year or even year owners.
Biennial Ownership
See Biennial above.
Bi Annual
See Biennial above.
Blue Week
see Season
Block Banking
Banking a large amount of timeshare weeks with an exchange company by a person or a resort.
Bulk Banking
See Block Banking above.
Bonus Time
Owning one or more additional weeks along with your regular fixed or float week timeshare. Sometimes as an incentive to purchase, resorts will give a new purchaser one bonus week a year for ten years, as an example. Bonus weeks are always in addition to regular allocated time on a space available basis.
Bonus Weeks
See Bonus Time above
Camping Membership
A club or membership to a resort group associated with camping. Many of the groups are affiliated with national organizations offering members camping locations in many states and other countries.
see https://www.MyResortNetwork.com/camping-timeshares/
C.A.R.E. Cooperative Association of Resort Exchangers
C.A.R.E. is a non-profit trade association 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 the week begins. You can check in any time on or after that date during the seven day period. Weeks usually start on a Saturday or Sunday.
Check-In Day
The assigned day the week begins. You can check in any time on or after that date during the seven day period. Weeks usually start on a Saturday or Sunday.
Check-In Time
The earliest time that you can check in on your check-in day. Check-in time is often 4pm.
CTLS
A computerized system used by some buyers, sellers, exchanges and brokers for the purpose of resale and rentals of timeshare properties.
Closing Costs
Miscellaneous costs associated with buying and selling a timeshare week. There are usually charges for the deed preparation, and transferring the ownership. There are many reputable timeshare closing companies and their services and fees vary.
See https://www.MyResortNetwork.com/timeshare-closing/
Club Membership
Members of a club have the right to use a resort on a space available basis. Also called Trust Membership, Vacation Club, and Holiday Club. The is popular in England and gaining in popularity around the world. You buy into the membership and get certain rights to use the resort or affiliated resorts. The terms vary widely from club to club.
see https://www.MyResortNetwork.com/Vacation-Clubs/anywhere/world/
Commission Amounts
The fee charged by a reseller for selling your timeshare week, points, or membership. This can vary from 0 to thousands of dollars.
Constitution
The constitution for the resort lays out the guidelines as to how the resort is managed and operated. It is a legal document which describes and regulates the relationships between the management company, trustee, developer, and owner. It is the rules by which the resort is run.
Cooling-Off Period
Regulated state by state and country by country. Also know as rescission, this is the time period following the purchase of a timeshare property during which the buyer may cancel the agreement without incurring penalties. For example, if the cooling-off period is 10 days, then you have 10 days from the date you purchase a timeshare to cancel the purchase and get a full refund. This law helps an impulsive purchase.
Day Use
This allows a timeshare owner to use the resort’s amenities while not staying 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.
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.
Deeded Property
Regular property ownership where the deed is recorded in the county where the property exists. The owner has full rights to sell or rent their property.
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.
Depreciation
The decrease in the value of an asset. Real Estate usually goes up in value over time. However, cars and timeshares usually go down in value over time. A timeshare that is bought from the developer for full price could be twice as much as the same week that is a resale by a timeshare owner.
Deposit
If you do not use your week, you can deposit it with the resort or an exchange group for use later. See Banking above.
Deposit Window
Usually one or two years, the period that owners may deposit their vacation weeks with the resort or an exchange group.
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 sales manager that is in charge of managing the sales process and all of the timeshare sales reps in a sales office.
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. A purchaser can usually get a better deal by going directly to their bank for the loan.
See https://www.MyResortNetwork.com/timeshare-financing/index.asp
EOY (Every Other Year)
Biennial use of a timeshare week.
Escritura
In Spanish, the registration and deeding process for a Deed of Title.
Escrow
A third-party account set up for the purpose of holding monies between the buyer and a seller during a sale. This could include the down payment, closing costs, and final amount to purchase the timeshare. Timeshare closing companies can not only prepare the paperwork for transferring the property, but hold the monies in escrow.
Exchange
This is depositing your week and getting another week in place of the week you deposited. This can be at the same resort if you exchange within the resort, or it could be within the the same group if you exchange within a large group of resorts such as Marriott, or it could be anywhere in the world if you exchange with a large exchange company such as RCI.
See https://www.MyResortNetwork.com/timeshare-exchange/
Exchange Confirmation
A document provided to both the owner and the resort stating that the exchange request has been granted for a particular date and size unit at the particular resort.
Exchange Company
A large organization which exists to facilitate the exchange of timeshare weeks. Hundreds of thousands of timeshare owners deposit their week when they can not use it. So the exchange company would have hundreds of thousands of available weeks. The largest exchange companies are RCI (Resort Condominiums International) and II (Interval International). There is usually a yearly fee to be a member of the exchange company and a fee to make the exchange. Memberships allow you to travel around the world with the one week you own.
See https://www.MyResortNetwork.com/timeshare-exchange/
Exchange Program
See Exchange Company above.
Exchange Season
Exchange companies use a High-Medium-Low method to indicate the demand for a certain week at a certain resort. They use this to set priorities or power when you deposit your week. Each exchange company is different in terms of how they use the season to prioritize exchanges.
Exchange Values
See Exchange Season above
Exchanging
See Exchange above
Exit Program
When a salesman has tried to sell a new timeshare week to a client and the client is ready to leave without buying, the salesman will offer a a lower priced package to try one last time to sell to them. This might be an every other year week rather than a once a year .
Factoring Fee (‘Factorial’)
The Scottish term for the Management Company’s profit included in the Management Agreement.
Fee Simple
A type of timeshare ownership where the owner holds a deed in his/her own name. This type of ownership is the opposite of Right-to-Use or lease ownership. It continues forever and the owner can sell or pass on this ownership.
Financing
When a loan is provided to enable a buyer to purchase timeshare property. Large resort developers will finance the purchase themselves. A purchaser can usually get a better deal by going directly to their bank for the loan.
Five Star Resort
The highest designation for a resort. Five Star Resorts are usually top-of-the-line resorts.
Fixed Unit
When an owner has the same unit at the same resort during the same week every year. 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.
Fixed Week
Usually denoted by a week number, such as week 3. The resort has a timeshare calendar that would denote when week 3 is each year. If it is a Saturday check-in then week 3 will be slightly different each year.
Flex Change
Similar to what RCI calls Instant Exchange – it is Interval International’s term for the short-notice, requirement-waived exchange requests.
Float Week
A week owned that can be used any time during the year, but based on availability. Weeks are not fixed every year but owners can contact their resort and request a week of their choice. Some float weeks are only good during certain parts of the year or they might exclude certain weeks during the year.
Floating
see Float Week above.
Floating Unit vs Fixed Unit: See Fixed Week and Float Week above.
Floating Unit
See Float week above
Floating Week
See Float week above
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 presentation where the vacationer is required to attend a short sales presentation. They might offer free tickets to a park, or a certificate for dinner along with the package.
Fractional
Rather than own just one week at a resort you might own many weeks. Two or more weeks of timeshare ownership for use in one calendar year indicate fractional ownership.
Fractional Package
See Fractional above
Fractional Ownership
See Fractional above
Gold Crown Resort
RCI’s highest rating for a resort. The very best of resorts.
Green Week
Interval International uses the following colors to denote demand
Red – High demand
Yellow/Amber – Middle demand
Green – Low demand
Guest Certificate
A document provided by a resort or an exchange company that authorizes a guest to use a timeshare week instead of the owners.
Hacienda
The Mexican and Spanish Tax Office.
Heat Merchant
Refers to the sales agent during a timeshare presentation that will say anything in order to make a sale. Just walk away from the meeting when this happens.
HOA (Home Owners Association)
Also POA (Property Owners Association). When a resort is sold out or close to sold out, its ownership is usually turned over to an HOA, consisting of the collective group of timeshare owners of the resort, with an elected board, to administer the rules and regulations for that resort.
HOA Fees
Also called the Maintenance fee – An annual or semi-annual charge by the resort for upkeep of the property. This is similar to the monthly fee for someone that owns a condo with an association fee. This fee generally also covers taxes, utilities, insurance, and any other costs such as appliances and furniture, as well as any needed refurbishment. These fees vary from resort to resort and with the type and size of the timeshare unit purchased.
Home Resort
The actual resort at which an owner owns at.
Holiday Club
A club that might include discounts at timeshare resorts, cruises, All-Inclusive resorts, hotel stays, restaurants, golf, attractions and more as well as provide great rates on airfare, rental cars, tours, etc.
Holiday Ownership
Synonymous with vacation ownership, another term for timeshare.
I.I. (Interval International)
Interval International is one of the largest exchange company in the world.
See https://www.MyResortNetwork.com/Interval-International/
Instant exchange
A service that allows a timeshare owner to make an exchange on short notice. The exchange company may waive the fee or offer a week at a discount for moving their last minute inventory.
Internal Exchange
See Exchange above
Interval
This term refers to a unit 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.
In-House Reps
Also called IPC (Internal Personal Contacts). They are sales staff that try to sell weeks to people staying at the resort.
IPC (Internal Personal Contacts)
see In-House Rep above.
IVA
The abbreviation for Spanish Value Added Tax.
Interval Calendar
An annual calendar showing 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.
See https://www.MyResortNetwork.com/timeshare-calendar.asp
Interval Ownership
See Vacation Ownership.
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 Designations
An indication of the type of kitchen within a timeshare unit. This could range from no kitchen, partial kitchen, and full kitchen. Most timeshares have kitchens that provide all items you would need during your stay, from toaster ovens to cork screws.
Land Title Office
A recording office where titles are registered. Sometimes called the Official Records office.
Lease
In states and some foreign countries where the deeded ownership of a timeshare is not permitted by law, it is standard practice for a resort developer or a management company to lease timeshare properties. This is also known as a right-to-use (RTU) agreement, the lease is usually good for a period from twenty to ninety-nine years. This is common with timeshare properties in Mexico. Ownership of the physical property is held by the resort developer or management company.
Leased Unit
A timeshare unit that is leased instead of being owned by the vacationer as described above under Lease.
Leasehold Property
See Lease above.
Levy
The administrative fees incurred by individual members of a points club. Levies can encompass any charges the resort management may impose for use of a particular week.
Licensed Real Estate Brokers
In the timeshare business, any licensed office that can sell a timeshare week.
See https://www.MyResortNetwork.com/timeshare-brokers/index.asp
Linked Agreement
Two agreements, appearing to be separate, which are actually linked. Common in Europe, this is a method of getting around the law prohibiting the taking of deposits. The Timeshare Purchase Agreement, in which no deposit is shown, is linked with another (which might be a holiday voucher) which is the deposit.
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 a large up front fee.
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 what to get back what they paid for their week.
Locale
The location of a particular timeshare resort.
Lock-Off 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.
Lockout
See Lock-Off Unit above
Lug
A term for obtaining a higher price for a timeshare week than the developer is asking.
Maintenance fee
An annual or semi-annual charge by the resort for upkeep of the property. This is similar to the monthly fee for someone that owns a condo with an association fee. This fee generally covers taxes, utilities, insurance, and any other costs such as appliances and furniture, as well as any needed refurbishment. These fees vary from resort to resort and with the type and size of the timeshare unit purchased.
Management company
A company responsible for the daily operations of a resort. This company is usually contracted by the homeowners association.
Management Fees
See Maintenance Fees above.
Marketing Companies
The company responsible for marketing timeshares for sale for a resort developer. They might be responsible for promoting and sales of weeks.
Market Value
What a timeshare would rent or sell for in the open market. To get a report to help you price your rental or resale see: https://www.MyResortNetwork.com/timeshare-market-value.asp
Maximum Occupancy
The maximum number of persons a unit will accommodate.
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.
See https://www.MyResortNetwork.com/vacation-ownership/
MyResortNetwork.com
The #1 website for timeshare rentals and timeshare resales
See https://www.MyResortNetwork.com/
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.
Net Listings
They provide the seller a specific dollar amount for the sale of their timeshare week regardless of the actual sales price.
Odd- or even-year usage
You can use your week every odd year or every even year. See Biennial above.
OPC (Off Premises Contact; Outside Public Contact)
A term used to describe people who meet potential buyers on the street and offer an incentive, such as a certificate for dinner or tickets to a local attraction, to visit a timeshare project. These could be booths set up on the street.
OTE (Organization for Timeshare in Europe)
A trade association in Europe composed of resort owners and developers.
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.
Points – Programs offered to owners by resorts which allow the owners choice of when and where they vacation or for how long or short they stay.
Owner Referrals
When a current owner refers someone to the resort to attend a timeshare presentation and sales meeting.
Nosebleed drop
A term used by timeshare sales people for quickly dropping the initial price without much negotiating.
NQ (Not Qualified)
A term for prospects who do not meet the qualification requirements of the resort. This could be based on age, employment status, marital status, or income.
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
A conventional timeshare owner has the right to use a week which is either specified (“week 19”) or a floating week. Points owners are allotted a number of points each year which can be used to book a period or periods of time at any one of the resorts owned by the resort group (such as Fairfield or Marriott). The points program allow owners to exchange a specific number of accumulated credits for a week, weekend or individual nights at resorts that participate in the this arrangement
See https://www.MyResortNetwork.com/timeshare-points/
Points Based Week
See points above.
Points Clubs
A membership that uses points (see above) as a method to book stays at a variety of locations.
Premium
Incentives given to a prospective customer to attend a 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.
PD (Project Director)
The person in charge of running a timeshare resort.
Property Bonds
A system for owning shares or bonds in a company owning properties. This is similar to a points clubs.
Public Report
Is a public disclosure document that summarizes facts about the resort and the developer.
Qualified Prospect
A potential prospect for a sale who meets the criteria of the resort developers, often based on income and age.
Quartershare
When you own at a resort for a three-month time period every year. You own one quarter of one unit.
RCI
Resort Condominiums International is owned by Cendant Corp. and is the largest timeshare exchange company in the world.
See https://www.MyResortNetwork.com/RCI/
Recourse Agreement
An agreement between a finance company and a developer where the developer pays off any outstanding loan if a purchaser financed by the Finance Company defaults on the loan.
Redemption Certificate
A travel-related premium paid to acquire the rights to goods and services at a business located in the area of the resort.
Red Week
The highest demand weeks at a resort during which time timeshare properties are at their most desirable. Different resorts have different peak seasons.
Rentals
An owner of a timeshare week can rent out their week. Resorts that have excess inventory might rent out their extra weeks. Timeshares make great rentals, sometimes cheaper than a hotel.
See https://www.MyResortNetwork.com/search-vacation-rentals/index.asp
Repossession
To reclaim possession of a timeshare for failure to pay the maintenance fees or the underlying loan.
Request
A request for a specific time period at a particular and resort.
Request Window
The time frame in which you may request a week at which to vacation.
Resale
A timeshare property that is advertised for sale after it was originally purchased from a resort developer during the initial sales at that resort. Resales generally are lower priced than the original sale.
See https://www.MyResortNetwork.com/sell-timeshare/
Resale Advertising and Marketing Companies
There are many companies that will list your timeshare week for resale. Be sure not to pay large up-front fees and watch out for companies that promise you top dollar for your week.
See https://www.MyResortNetwork.com/timeshare-brokers/index.asp
Resale Prices
May range between $0 and $50,000. The price depends on the size of the unit, the resort, the time of year, and how bad the seller wants to sell it.
Rescission
Rescission is also known as the “cooling-off-period”. Regulated state by state and country by country. This is the time period following the purchase of a timeshare property allowing the buyer to cancel the agreement without penalties.
Rescission Rights
See Rescission above.
Rescind
To cancel a contract and receive a 100% refund.
Reserve Accounts
Part of the maintenance fee that is set aside as reserve for large expenses such as furniture or a new roof.
Reserve Price
The dollar amount set by the owner for an auction to indicate the minimum acceptable selling price. Usually when the highest bid is under the reserve price the seller can accept or reject this bid.
Resort Directory
The exchange company’s list of resorts available for members. This can be on-line and also in a catalogue.
See https://www.MyResortNetwork.com/MRNsplash.asp
Resort Ratings
Systems indicating the quality of a resort taking into account the amenities, location, and more. The major ratings agencies are Resort Condominiums International(RCI) and Interval International (II). Resort Ratings: 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.
Resort of International Distinction
See Resort Ratings.
Right To Use (leasehold) (RTU)
See Lease above
Sales Commissions
The charges payable to the resale agency to sell your timeshare. This could be a percent or a flat fee.
Sales Inspection Visit (SIV)
The term for prospective buyers that stay at a resort for a low cost, on condition they attend a sales presentation.
Special Performance Incentive Fund (SPIFF)
A term for a bonus, paid in addition to a commission, to a salesperson for making a sale.
Sales Prices
The asking price for a timeshare resale.
Season
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 52 weeks each year into popular (Red), Medium ((White for RCI or Amber for II) and low demand (Blue for RCI or Green for II) for the calculation of trading power in exchanges.
Shares in a Company
For some resorts, instead of transferring the individual units, the resort issues shares in the corporation. The shares are issued along with a right to use agreement specifying the week or points purchased.
Sinking Fund
The portion of the maintenance fee specifically for ensuring that the main structure, furniture and major components are kept in very good condition.
Special Assessment
A fee, separate from the maintenance fee, assessed by the resort to the owners. This fee is, when assessed, is intended to defray expenses related to major repairs and refurbishing of resort equipment, facilities, and units. An example would be a special assessment of $300 to all owners to install elevators at a resort.
Space Banking
See Banking above
Standard Exchange
A regular exchange with an exchange company.
TATOC
The Association of Timeshare Owners Committees.
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 system of determining the value of a week usually based upon season. For example: a week 26 (mid summer) purchased at a beach resort would hold more value than the same resort in December. Time divisions are expressed as high time or red time meaning prime time; white time or medium time meaning medium demand; and blue time or low time meaning the least desirable time.
Timeshare
Other similar terms are Vacation Ownership, Holiday Ownership, Multi Ownership or Group Ownership. It is the right, shared with others, to occupy an accommodation for a period of time (usually a week) on a regular basis for a number of years.
See https://www.MyResortNetwork.com/
Timeshare Glossary
You are reading it!
Timeshare Lease
A short term vacation lease should be used by both the landlord and the renter when renting a week.
See https://www.MyResortNetwork.com/timeshare-lease/
Timeshare Sales Contract
A sales contract should be used by both the owner and the buyer when selling a week.
See https://www.MyResortNetwork.com/timeshare-sales-contract/
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
Designates the value of the week you are trading. The power is based on what you have deposited – size of unit, resort, time of year, etc. The higher the power of what you deposited, the more power you have to get what you want in trade.
Transfer
The written instrument by which one person conveys a property to another, signed by the seller, and delivered to the buyer.
Travel Insurance
If you are traveling for pleasure or work, you can purchase protection. You can buy protection under many names, such as Travel, Trip, Timeshare, Maintenance Fee, Exchange Fee, Travel Medical, International, and Student Travel Insurance.
See https://www.MyResortNetwork.com/travel-insurance/
Trustees
Trustees are a financial institution or group of individuals who hold timeshare properties in trust on behalf of the owners. A timeshare buyer’s right-to-use agreement is granted through the trustees through a license, or Certificate of Ownership.
Unit Size
The size of the unit. Some of the standard descriptions are as follows:
Studio: A single room that can sleep up to 4 – Like a hotel room with a partial kitchen.
One Bedroom: Includes a kitchen, living room and a bedroom. Sleeping capacity is up to 4 using a pull-out sleeper sofa in the living room.
Two Bedroom: Includes kitchen, living room and 2 bedrooms that can accommodate about 6
Three Bedroom: Includes kitchen, living room and 3 bedrooms that can accommodate about 8
Use Type
Describes the different uses that a timeshare can have. Some of the options are:
Bi-annual Ownership- timeshares that can be used every other year.
Floating Week – refers to timeshares which can be used anytime of the year or specified season based on availability.
Fixed Week – refers to a specific week each year (identified by number) that can be used at the home resort.
Up front Fees
Up front listing fees to try to sell your timeshare can vary from between $0 to $1,000. Never pay over $50 up front.
Vacation Club
A membership that might cost thousands of dollars that allows you to rent throughout the world at discount prices. This membership might include discounts at 5 Star Resorts, Cruises, All-Inclusive Resorts, Hotel stays, Restaurants, Golf, Attractions and more as well as provide great rates on airfare, rental cars, tours, etc.
See https://www.MyResortNetwork.com/vacation-travel-clubs/index.asp
Vacation Ownership
This is used by sales offices to describe the purchase of floating weeks, and distinguish it from the original timeshare product, which was fixed weeks in fixed units.
See https://www.MyResortNetwork.com/vacation-ownership/
VPG ( Value per Guest)
This is a measure of how the sales force is doing. It is the dollar volume of the sales divided by the total number of guests toured, As an example, If you do 10 tours and you sell one of them a week for $15,000. Divide 15,000 by 10 and you get 1,500. Your VPG is 1500.
Week Fifty-Three (Week 53)
About every seven years, a year will have fifty-three weeks instead of the normal fifty-two.
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.
What Is a Timeshare?
It is the right to use a resort property unit for a certain week each year, or every other year.
See https://www.MyResortNetwork.com/
White 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 company division of the weeks in a year into popular (Red), Medium ((White for RCI or Amber for II) and low demand (Blue for RCI or Green for II) for the calculation of trading power in exchanges.
www.MyResortNetwork.com
The #1 website for timeshare rentals and timeshare resales
See https://www.MyResortNetwork.com/
