Timeshare Terminology
Amenities
Camping Membership
Closing Costs
Deeded Property
Fixed Week
Floating Week
Lease
Lockout Unit
Maintenance Fee
Odd or Even Year Usage
Points
Amenities: (
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Features that add value to the timeshare property. They include
swimming pools, tennis courts, golf courses, boating, full kitchens,
laundry facilities, etc.
Camping Membership: (back
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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: (back
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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: (back
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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: (
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A fixed week property assures the owners that they have the same
week each year.
Floating Week: (back
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You reserve your time period within the appropriate season annually.
Many resort maintain a High, Medium, and Low Season.
Lease: (back
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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: (back
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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: (
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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: (
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Ownership with usage every other year. Either in even numbered
years or odd numbered years.
Points: (
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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
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