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Absolute: Used
primarily in auctions indicating the minimum amount necessary to purchase
a property. For example: If the absolute price shown on an auction
property is $1,000 any bid of $1,000.00 or more buys the property. See also "Reserve".
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Amenities:
Features that add to the value of the property such as swimming pools,
tennis courts, golf courses, boating, full kitchens, laundry facilities,
etc. The more amenities a resort offers, the greater the
increase in value and desirability of the property.
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Check-In
Date: The assigned date and day of week the
interval week begins; usually Friday, Saturday, or Sunday. The
check-in day begins the seven-day interval week. [Example: If
the interval week begins on Friday, the week ends on the following
Friday]. The interval owner (or renter) need not check in on the
specific check-in day; however, late check-in does not extend the interval
week beyond the scheduled check-out day.
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Check-In
Time: The assigned hour an interval week begins; usually 3:00
PM, 4:00 PM, or occasionally 5:00 PM prevailing time. The interval
owner need not check in at the precise time; however, late check in does
not extend the interval week beyond the assigned check out
time. Check-out time is normally 10:00 AM or 11:00 AM
prevailing time on the seventh day following check-in. [Example: check-in
on Saturday at 4:00 PM and check-out on the following Saturday at 10:00
AM].
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Closing
Costs: Those costs associated with the closing
process; usually including:
deed preparation or transfer of equity for right-to-use properties,
recording costs, escrow fee, and administrative fees.
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Deeded
Property: True property ownership with deed recorded in the county where the
property exists. 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. [
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Escrow: A special secured account used to
hold funds from the buyer and the seller related to closing of purchase
and/or sale of a
property.
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Exchange:
The process of trading an interval week at one resort for an
interval week at another resort or trading a specific week at the home
resort for another week at the same resort. The exchange system
allows an interval owner to trade their week with other interval owners
thereby allowing each owner to travel and vacation throughout the
world. [ Return to Term Table ] |
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Exchange Company: A
company or organization that accepts interval weeks on deposit from it's
interval members to establish a pool of weeks from which other members may
select the resort and vacation times of their choice. When a member
deposits their week with an exchange company, the company compares the
week the depositor is asking for with weeks deposited by other members and
provides a suitable match based on availability and value. Factors
affecting the "trading
value" are: the resorts'
rating, the time
division; i.e., prime time versus low time, the size of the unit
desired, etc.
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Fee
Simple:
The preferred type of real
estate ownership.
This type of interval ownership is the opposite of Right-to-Use
or lease ownership and continues
forever. The owner holds a deed in his/her name and the ownership of
the property can be bequeathed to heirs. [
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Fixed
Unit: Unlike a floating
unit, a interval owner who owns a fixed unit at a resort will always
vacation in the same physical unit each year he/she vacations at that
resort. This type of ownership is particularly important if you have
purchased, for example, an ocean-front property with the ocean at your
door step and are not willing to vacation in an ocean-view unit. A
fixed unit property assures the owner that he/she will always have the
exact location and the exact unit they have purchased.
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Fixed
Week: Referring to the interval calendar, the purchase
of a fixed week property assures the owners that they will always have the
same week each year; i.e., week 26. Alternatively, an owner of
a floating
week may choose another week within their time division or may elect
to upgrade or downgrade to another time division to meet their annual
vacation schedule. Upgrading to a higher time division usually
incurs an additional cost.
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Floating
Unit: Unlike a fixed
unit, interval owners of a floating
unit at a resort may not vacation in the same physical unit each year they
vacation at their home resort. Interval owners may request a
specific unit and, if available for that particular week, the resort
normally will honor the
request.
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Floating
Week: The
purchaser of a floating week has the flexibility of scheduling their
vacation interval with yearly variations in accordance with the resort's
guidelines. Typically, resorts will accept requests for specific
weeks by the interval owner as soon as the annual maintenance fees are
paid. Therefore, the earlier the maintenance fees are paid,
the better the chance that the owner can pick a specific interval week.
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Interval:
An
assigned period of time. Based on the
interval calendar wherein the fifty-two weeks of the year are numbered
sequentially: Week 01 through Week 52 or Week 53. A specific
interval week is a seven day period encompassing one of those fifty-two
weeks.
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Interval
Calendar:
An annual
calendar depicting the fifty-two or fifty-three weeks of each calendar
year showing starting days of Friday to Friday, Saturday to Saturday, and
Sunday to Sunday, check in dates. CENTURY 21 TRI-Timeshare has
furnished an interval calendar within this website which can be printed
from your browser. Click here to access: Interval
Calendar. [ Return to Term Table ] |
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Lease: Some states and some foreign
countries do not allow deeded ownership of timeshares.
Alternatively, a lease ownership or Right-To-Use ownership grants the
leasor the right to use the property for a specified period of time;
usually from 20 to 99 years. Ownership of the physical property is
held by the resort developer or management company. [ Return to Term Table ] |
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Lockout
Unit: Typically, a unit which has the capability
of being divided to create two separate but complete sections. If an
owner buys a lockout unit, he can divide the unit and either stay in one
half of the unit and rent the other half or rent both halves to different
parties.
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Maintenance Fee: A fee
paid annually to cover the costs of maintaining the grounds, units, and
facilities of the resort and the management thereof. These fees vary
from resort to resort and with the type and size of the unit
purchased. [ Return to Term Table ] |
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Maximum Occupancy: The
maximum number of persons an interval unit will accomodate; usually from 2
to 10 persons. Maximum occupancy is typically expressed in
conjunction with "private
occupancy" referring to the number of persons the unit will sleep
privately and the number of bedrooms within the unit. For example: a
2 beroom unit with a sleeping capacity of 4 persons and a maximum
occupancy of 6 persons would typically have a double bed in each of the
two bedrooms and a pull-out sofa in the living area; thereby allowing four
persons private sleeping arrangements and two persons less than private
sleeping arrangements. Configurations of units vary from resort to
resort. [
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Odd or Even Year
Usage: Use of the property is restricted to either odd
years (2001) or even years (2002). Obviously, the ownership of this
type of interval is valued at one-half the value of a full ownership
property since the use is restricted to one-half of the annual
usage.
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Points: Programs offered to interval
owners by resorts which allow the owners 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 sperarate and
apart from interval ownership |
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Private Occupancy: See
"maximum
occupancy".
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Resort
Ratings: A system of comparison of resort
quality, amenities, and location. The three foremost rating systems
are Resort Condiminiums International (RCI), Interval International (II)
and Timeshare Users Group (TUG).
RCI and II rate their affiliated resorts based upon a predetermined criteria of exacting standards of quality and services provided by the resort as well as the availability of amenities at or near the resort. RCI uses the Gold Crown designation for their highest quality resorts and Resorts of International Distinction for second-level resorts. II designates their top resorts as 5-Star resorts. TUG or Timeshare Users Group rates resorts on a scale of one to ten based upon the evaluations of TUG members who have stayed at a specific resort. CENTURY 21 TRI-Timeshares encourages any new timeshare owner to join this outstanding organization which offers unbiased resporting on resorts as well as online resort information, helpful bulletin boards, and lively chat rooms for discussions of the timesharing concept. Membership fees are a nominal $15.00 for the first year and $10.00 per year thereafter. Non-members may visit the public access areas of TUG at: http://www.tug2.net/ to evaluate this worthwhile organization. [ Return to Term Table ] |
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Reserve
Price: Used
primarily in auctions indicating the asking price requested by the
seller. In the event the highest bid received does not meet or
exceed the reserve price, the offer is conveyed to the seller for
acceptance, decline, or negotiation.
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Right To
Use (RTU): Some states and some foreign countries do not
allow deeded ownership of timeshares. Alternatively, a lease
ownership or Right-To-Use ownership grants the leasor the right to use the
property for a specified period of time; usually from 20 to 99
years. Ownership of the physical property is held by the
resort developer or management company. However, during the right-to-use period,
the owner may rent, transfer, or bequeath the remaining years of their
right-to-use property. [
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Special Assessment: A fee over and above the annual
maintenance fee assessed by the resort pro rata to interval owners.
This fee is, when assessed, is intended to defray expenses related to
major repairs and refurbishing of resort equipment, facilities, and units.
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