Timeshare Terminology

Amenities:
Features that add value to the timeshare property. They include swimming pools, tennis courts, golf courses, boating, full kitchens, laundry facilities, etc.

Camping Membership:
A resort membership that specializes in the specific needs of a camper. Some camping resorts are affiliated with organizations, such as Coast to Coast, that provide numerous camping resorts for members in many other locations nationally and internationally.

Closing Costs:
Costs associated with the closing process; usually including: deed preparation or transfer of a right-to-use properties, recording costs, escrow fee, and administrative fees etc.

Deeded Property:
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.

Fixed Week:
A fixed week property assures the owners that they have the same week each year.

Floating Week:
You reserve your time period within the appropriate season annually. Many resort maintain a High, Medium, and Low Season.

Lease:
A lease grants the purchaser the right to use the property for a specified period of time allotted in their contract. The usual lease term is from 30 to 99 years. The management or resort entity holds ownership of the resort property.

Lockout Unit:
A unit that has the capability of being divided to create two separate but complete sections. The owner of a lockout unit can divide the unit and 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. This fee is used to maintain the property, pay insurance, utilities, and refurbishing. Maintenance fees vary with each resort and depending on the type and size of the unit.

Odd or Even Year Usage:
Ownership with usage every other year. Either in even numbered years or odd numbered years.

Points:
Timeshare ownership offered to interval owners by resorts that allows the owner’s 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