A glossary of timeshare terms
Definitions of commonly use timeshare resale and
rental terms . Use
this glossary as a reference tool for understanding timeshare terms.
- a timeshare program that
lets someone purchase their time in increasingly larger increments.
Accrued weeks - Unused weeks from the previous year that have been banked and
are possibly available for use the following year.
Anniversary Date - This is the day on which
your earned points accumulate. This happens once per year. This
applies in the case of timeshare resorts that offer a points system.
ARDA (American Resort Development Association) -
The foremost trade association
representing the timeshare industry for owners and property
Banking - Banking putting away
unused weeks, or points, to be used at a later date.
Biennial - Usage of your timeshare week every other year
instead of once a year.
Bonus Time - time spent at your timeshare resort that falls outside of
your normally allocated week.
Bonus Weeks - Extra weeks offered as incentives to buyers by
the timeshare company to get you to visit the resorts more often.
Club/trust membership - specific resort programs which allow
year-round usage of the resort facilities.
Cooling-off period - the number of days which
a buyer may take back his purchase of a timeshare property
without incurring financial penalties.
End-user finance - When a loan is provided to enable a buyer to purchase timeshare
Escritura - In Spanish, the registration and deeding process for a Deed of
Escrow - Escrow is an account specifically set up to hold and transfer
funds between a buyer and seller.
Exchange - Exchange refers to the option to trade one timeshare week for
another timeshare week.
Exchange company - Exchange Companies are third-party organizations that exist to
facilitate the exchange of banked timeshare weeks.
Fee Simple - A type of timeshare ownership wherein the owner holds a deed in
his/her name. Fee Simple is considered to be the opposite of
right-to-use or lease ownership. This type of ownership continues
forever; the ownership of the property can even be bequeathed to
Fixed Unit - A Fixed Unit means that the owner has rights to the same physical
unit every year.
Fixed Week - A Fixed Week is a specific week during the calendar year that is
usually identified by a number.
Floating Week - A floating week may be used any time during the calendar year
based on a resort's availability.
Fractional Ownership - Fractional Ownership is a specific type of deeded vacation
property ownership wherein usage and ownership are based on the
division of property into shares.
Gold Crown Resort - RCI's highest rating for a resort. Similar to I.I.'s criteria for
Guest Certificate - A Guest Certificate is documentation which authorizes a guest to
use a timeshare exchange in lieu of the owners.
Holiday Club/Vacation Club - A Holiday Club or Vacation Club is an organization or program
which provides a number of timeshare weeks to members.
Holiday Ownership - Synonymous with vacation ownership, another term for timeshare.
Interval International - Interval International, the second largest exchange company in
Instant exchange - An exchange of timeshare intervals on short notice through RCI.
Internal Exchange - Internal Exchange refers to exchange of a week of vacation
ownership within a particular resort network.
Interval - With respect to timeshares, the term Interval refers to a unit of
Lease - A Lease is an arrangement that allows for property usage in
localities where deeded ownership of vacation properties is not
permitted by law.
Levy - Among members of a points club, the term levy refers to
administrative fees incurred by individual members. Levies can also
encompass any charges the resort management may impose for use of a
Linked Agreement - A Linked Agreement is actually two agreements appearing to be
separate which are, in fact, linked.
Lockout, a.k.a. lock-off unit - A Lockout or Lock-off is a unit that can be divided into two or
more separate sections.
Maintenance fee - A Maintenance Fee is a regular charge levied by the management
company of a particular resort or the home owners association
responsible for the upkeep of the property.
Management company - The Management Company is a company responsible for running the
resort on a day-to-day basis.
Odd- or even-year usage - Odd or Even Year Usage is vacation property ownership where the
owner can use his or her property every other year.
OTE (Organisation for Timeshare in Europe) - The Organization for Timeshare in Europe is a trade association
in Europe composed of resort owners and developers.
Points - Points are a unit of measurement used by exchange companies and
timeshare owners to establish value for seasons, sizes of resorts,
and resort locations.
RCI - RCI (Resort Condominiums International) is the largest timeshare
exchange company in the world.
Red Week - the peak season at a resort during which
timeshare properties are busiest and most wanted.
Resale - A Resale timeshare is a vacation property being advertised for
sale after it was originally purchased from the resort developer.
This can usually be at a fraction of the original cost.
Rescission - A Rescission is a grace period allowed by law and/or company
policy during which a timeshare buyer has the right to cancel a
purchase agreement without penalties. This is usually 10 days.
Season - Seasons are designated time periods throughout the year denoting
usage value and/or period of ownership.
RCI - Red is high season, White is Mid
Season, Blue is Low Season
Iinterval - Red is high season, Yellow is mid season, green is low
Space Banking - this occurs when a timeshare owners deposits
their timeshare week into an exchange company's "bank" of time in order
to have the
option to trade for another week.
Timeshare - Timeshare is the purchasing of a week of vacation
time at a resort, condo or other facility.
Trading Power - Trading Power refers to value of a week
when trading for a different property through a timeshare exchange
company. Some locations have more trading value on the market.
Vacation Ownership - This is the same thing as timeshare
Week Fifty-Three - Week 53 is reserved for the exclusive use of
the resort developer or other important members or VIPS of the