Timeshare Definitions

Timeshare:

A property ownership model where multiple individuals own shares in a vacation property, typically granting them the right to use the property for a specified period each year.

Resort:

A vacation destination offering accommodations, amenities, and recreational activities, often utilized by timeshare owners.

Ownership:

Legal possession of a timeshare property, typically acquired through purchase or inheritance.

Interval:

A specific period of time, usually a week, during which a timeshare owner has access to their property.

Maintenance Fees:

Regular payments made by timeshare owners to cover the costs of property upkeep, utilities, and amenities.

Exchange Company:

An organization that facilitates the exchange of timeshare weeks between owners, allowing them to vacation at different properties around the world.

Week Number:

The designated week of the year during which a timeshare owner has access to their property.

Points System:

A method of timeshare ownership where owners are allocated points that can be exchanged for accommodations at various properties within a network.

Deed:

Legal documentation proving ownership of a timeshare property.

Usage Agreement:

A contract outlining the terms and conditions of timeshare ownership, including usage rights, fees, and responsibilities.

Float Week:

A flexible timeshare ownership option that allows owners to reserve accommodations within a specified season rather than on specific dates.

Fixed Week:

A timeshare ownership option where owners have access to their property during the same week each year.

Exchange Fee:

A fee charged by exchange companies for facilitating the swapping of timeshare weeks between owners.

Resale Market:

The secondary market where timeshare owners can sell their ownership interests to third parties.

Upgrade:

The process of purchasing a higher level of timeshare ownership, typically with increased benefits and privileges.

Blackout Dates:

Specific dates during which timeshare owners may not be able to use their property due to high demand or restrictions.

Points Club:

A membership program offered by some timeshare companies, allowing owners to earn and redeem points for various travel-related benefits.

Sales Presentation:

A promotional event or meeting where potential buyers are introduced to timeshare ownership opportunities.

Fractional Ownership:

A type of timeshare ownership where individuals own a fraction of a property for an extended period, such as several weeks or months per year.

Rescission Period:

A legally mandated timeframe during which timeshare buyers can cancel their purchase without penalty.

Exchange Power:

The value assigned to a timeshare week by an exchange company, determining its ability to be traded for accommodations at other properties.

Unit Size:

The size and configuration of accommodations included in a timeshare ownership package, ranging from studios to multi-bedroom suites.

Rental Program:

A service offered by some timeshare companies allowing owners to rent out their unused timeshare weeks to third-party vacationers.

Annual Fee:

A recurring charge levied by timeshare companies to cover administrative costs and other expenses associated with ownership.

Right-to-Use:

A form of timeshare ownership granting individuals the right to use a property for a specified number of years without actual ownership of the property itself.

Home Resort:

The primary timeshare property owned by an individual, often where they have guaranteed access each year.

Exit Company:

An organization that assists timeshare owners in legally and ethically exiting their ownership contracts.

Board of Directors:

A governing body responsible for overseeing the management and operation of a timeshare resort or homeowners association.

Escrow:

A neutral third party that holds funds during a timeshare transaction until all terms and conditions have been met.

Use Year:

The annual period during which a timeshare owner has access to their property, typically designated by the calendar year or fiscal year.

Trading Power:

The ability of a timeshare owner to exchange their week for accommodations at other properties within an exchange network.

Affiliated Resort:

A resort property that is part of the same network as a timeshare owner’s home resort, allowing for easier exchange opportunities.

Incentive:

A promotional offer or perk designed to entice potential buyers to attend a timeshare sales presentation.

Annual Meeting:

A gathering of timeshare owners to discuss resort operations, finances, and other matters related to ownership.

Points Chart:

A visual representation of the number of points required for various accommodations within a timeshare network, typically based on factors such as seasonality and unit size.

Week Exchange:

The process of trading one timeshare week for another within an exchange network.

Title Insurance:

Insurance coverage protecting timeshare buyers against defects or disputes related to property ownership.

Lockoff:

A feature of some timeshare units that allows them to be divided into separate sections for rental or exchange purposes.

Bonus Time:

Additional time beyond an owner’s allocated week that they can use their timeshare property, often available at discounted rates.

Trustee:

A designated individual or entity responsible for holding legal title to timeshare properties on behalf of the owners.