Better Business Lodging’s Glossary of Timeshare Terms
Timeshare usage is every year.
When owners can’t use their weeks, they can ‘bank’ or save the week with the resort for use at a later time. Banked weeks expire after a certain length of time but provide added flexibility for owners.
Timeshare usage is available every other year.
A Deeded property has the same rights of ownership accorded to it as any deeded real estate. The owner owns it in perpetuity and may sell, rent, bequeath, or give away the property.
Even year usage
Even year usage is one form of biennial ownership. Weeks with even year usage can be used during years ending in even numbers.
A fixed week is an ownership that assures the owner use of the same week each year. This week would be given a specific number, such as ’16’. Usually, the numbers start with ‘1’ being the first full week in January and continuing through the end of December. Generally, the week will begin on a Friday, Saturday, or Sunday.
A floating week is an ownership that allows the owner to reserve any week throughout the year. Some floating weeks are restricted by season and can only be used during a certain span of time during the year. For instance, a summer floating week could be used during any week that falls within the defined summer months.
The ‘float’ is a floating week and the number is the designation of a fixed week. Sometimes this means that a seller has one fixed week, such as 06, that can also float. Sometimes this means that a seller has two separate weeks, one floating and one fixed. For more information regarding the availability of property in this web ad, simply fill in the Request More Info form.
II (Interval International) is an exchange program. Exchange programs allow owners to exchange a vacation week for a week at any participating resort. This type of membership allows additional flexibility in ownership.
Maintenance fees are established and collected by the Homeowners Association or Resort Management Company at each resort to maintain the property and pay for insurance, utilities, and refurbishments. Maintenance fees vary with each resort and depend on the size and type of unit.
Rather than purchasing at a specific resort in a specific size unit, vacation club members purchase the opportunity to use a variety of timeshare accommodations at numerous resort locations in varied unit sizes. The owner would have the use of all accommodations affiliated with the specific vacation club.
Odd year usage
Odd year usage is one form of biennial ownership. Weeks with odd year usage can be used during years ending in odd numbers.
Owners in this type of system purchase points for use as currency to reserve timeshare accommodations of various sizes, during different seasons, and for varying lengths of time. Points can sometimes also be used for other vacation products such as airfare, hotel stays, and auto rentals.
RCI (Resort Condominiums International) is an exchange program. Exchange programs allow owners to exchange a vacation week for a week at any participating resort. This type of membership allows additional flexibility in ownership.
Right To Use
A Right To Use or Leased property grants the purchaser the right to use the timeshare for a specified period of time allotted in the contract. The usual term of a lease is 30 to 99 years. The resort management or resort entity holds actual ownership of the resort property. Upon the expiration of the lease term, the right to use will generally terminate and return to the resort. To find out how many years remain on the lease, simply fill in the form.
Season (Prime, Red, White, Etc.)
Some weeks are restricted by season and can only be used during a certain span of time during the year. Also, these seasons determine which weeks make a comparable exchange through an exchange system such as RCI or II. Different resorts specify different criteria for determining seasons. For more information regarding seasonal restriction for this particular resort, simply fill in the Request More Info form.
Some resorts further refine their season designations by adding modifiers such as “Silver” or “Bronze”. These special seasons vary from resort to resort. For more information about this resort’s special seasons, simply fill in the Request More Info form.
In a timeshare ownership, the owner purchases a certain amount of time at a given resort. Generally, that amount of time is one week. Resorts create their own individual schedules or calendars of weeks. Usually, weeks are given a number starting with the first week in January and continuing through the end of December and will begin on a Friday, Saturday, or Sunday. The numerical week designation on the ad shows during which week of the year the owner has access to the resort.