Glossary of Timeshare Terminology
Alternate Year (EOY)
A purchase or membership option whereby the owner or member has use of the product every other year. Typically, these products are at a lower cost and may be used as an entry level or starter program. There are also tri-anneals which have usage every third year.
A purchase or membership option whereby the owner or member has use of the product every other year. Typically, these products are at a lower cost and may be used as an entry level or starter program. There are also tri-anneals which have usage every third year.
Banking (a/k/a Space Banking)
When an owner/member chooses to not use their timeshare at their home resort during the week specified on the deed, they “deposit” that week with the exchange company to be used at a future date/other location. Banking is typically done with week-based timeshare, not point-based timeshare.
When an owner/member chooses to not use their timeshare at their home resort during the week specified on the deed, they “deposit” that week with the exchange company to be used at a future date/other location. Banking is typically done with week-based timeshare, not point-based timeshare.
Deed
A legal document providing title to your property, giving you ownership rights.
A legal document providing title to your property, giving you ownership rights.
Deeded Property
Deeded property in timeshare is similar in many ways to deeded property in anything else, such as a condominium or house. It gives the buyer ownership rights to the property. Remember that not all timeshare is deeded property.
Deeded property in timeshare is similar in many ways to deeded property in anything else, such as a condominium or house. It gives the buyer ownership rights to the property. Remember that not all timeshare is deeded property.
Exchange (a/k/a Trading)
The ability of the owner or member to use the timeshare product owned at another time/place. It does not affect ownership in any way.
The ability of the owner or member to use the timeshare product owned at another time/place. It does not affect ownership in any way.
Exchange Company
The company that facilitates the exchange of the timeshare product.
The company that facilitates the exchange of the timeshare product.
Exchange Fee
The fee that the exchange company charges the owner or member to exchange the product for another time/place. Exchange fees vary from company to company as well as the type (domestic vs. international, online vs. phone, etc.).
The fee that the exchange company charges the owner or member to exchange the product for another time/place. Exchange fees vary from company to company as well as the type (domestic vs. international, online vs. phone, etc.).
Fixed Week
A type of ownership or membership in which the owner or member has access to a specific week of the year.
A type of ownership or membership in which the owner or member has access to a specific week of the year.
Floating Week
A type of ownership or membership in which the owner or member has access to a week of the year, but this week is usually within a season.
A type of ownership or membership in which the owner or member has access to a week of the year, but this week is usually within a season.
Home Resort
The actual property where the owner owns the timeshare.
The actual property where the owner owns the timeshare.
Homeowner’s Association HOA
A group of individual timeshare owners and resort personnel/owners that determine and administer the rules and regulations at a resort as well as set annual fees. Not all timeshares allow individual timeshare owners to have a presence on the HOA.
A group of individual timeshare owners and resort personnel/owners that determine and administer the rules and regulations at a resort as well as set annual fees. Not all timeshares allow individual timeshare owners to have a presence on the HOA.
Interval International II
One if the two major timeshare exchange companies. Typically, a home resort is affiliated with either II or RCI.
One if the two major timeshare exchange companies. Typically, a home resort is affiliated with either II or RCI.
Leasehold
A contract in which all or a portion of the real estate is subject to the lease, the expiration or end of which will terminate the usage rights.
A contract in which all or a portion of the real estate is subject to the lease, the expiration or end of which will terminate the usage rights.
Lock Out
A type of timeshare unit which has the capability of being divided to create two or more complete units, thereby giving the owner/member usage of two more separate weeks.
A type of timeshare unit which has the capability of being divided to create two or more complete units, thereby giving the owner/member usage of two more separate weeks.
Maintenance Fees
The amount of money that the owner/member is charged annually to maintain the home resort property.
The amount of money that the owner/member is charged annually to maintain the home resort property.
Non-Deeded Property
This is a form of timeshare that has an expiration date either in terms of number of years or number of uses, similar to a leasehold.
This is a form of timeshare that has an expiration date either in terms of number of years or number of uses, similar to a leasehold.
Points
A type of timeshare ownership or membership in which the owner/member has a set allotment of points placed in their account each year of the ownership/membership. These points can be thought of as the “vacation currency” and many times can be used towards the purchase of airline tickets, car rentals and other vacation needs in addition to timeshare accommodations.
A type of timeshare ownership or membership in which the owner/member has a set allotment of points placed in their account each year of the ownership/membership. These points can be thought of as the “vacation currency” and many times can be used towards the purchase of airline tickets, car rentals and other vacation needs in addition to timeshare accommodations.
Rescission Period
The legal period of time in which a person has to cancel their ownership/membership and receive a full refund of all monies paid. Rescission periods vary from state to state and country to country.
The legal period of time in which a person has to cancel their ownership/membership and receive a full refund of all monies paid. Rescission periods vary from state to state and country to country.
RCI
One of the two major timeshare exchange companies. Typically, a home resort is affiliated with either RCI or II.
One of the two major timeshare exchange companies. Typically, a home resort is affiliated with either RCI or II.
Right to Use
A license or contractual membership right of occupancy in a timeshare that is not coupled with an estate in real property.
A license or contractual membership right of occupancy in a timeshare that is not coupled with an estate in real property.
Season
The time of year that the owner/member has a right to use the timeshare. Seasons may be referred to as “high” or “low” or some resort specific designation as “gold” or “silver”. Seasons vary from resort to resort.
The time of year that the owner/member has a right to use the timeshare. Seasons may be referred to as “high” or “low” or some resort specific designation as “gold” or “silver”. Seasons vary from resort to resort.
Special Assessment
The amount of money that the HOA assesses each owner/member to cover items that are not covered by regular maintenance fees.
The amount of money that the HOA assesses each owner/member to cover items that are not covered by regular maintenance fees.
Trading Power
The subjective “value” of a timeshare week or allotment of points in regards to trading or exchanging for another time/place. These values are determined by the individual exchange companies and encompass such criteria as location, size of unit, resort rating, etc.
The subjective “value” of a timeshare week or allotment of points in regards to trading or exchanging for another time/place. These values are determined by the individual exchange companies and encompass such criteria as location, size of unit, resort rating, etc.
Unit
The specific room in a specific building (for instance; Unit 105, Building 3) that is purchased and recorded on the deed.
The specific room in a specific building (for instance; Unit 105, Building 3) that is purchased and recorded on the deed.
Week
The week of the year (for instance Week 7) that is purchased and recorded on the deed.
The week of the year (for instance Week 7) that is purchased and recorded on the deed.
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