Timeshare Wholesalers - Specializing in Timeshare Foreclosures and Timeshare Resales.

	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". [ Return to Term Table ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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]. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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 ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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 ]
	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 ]
	Lockout Unit: This unit has the capability of being divided into two (or more) separate smaller units, giving the owner a few options; He can use his timeshare unit at the resort or through the exchange as one big unit or he can take 2 (or more, depending on the lockout configuration of his unit) weeks in smaller units in the locked off portion either at the resort or through the exchange. As an example; John Smith owns a 2 Bdrm Lockout unit, wk 48, at Vacation Village at Bonaventure in Weston, FL., and he wanted to use his unit as 2 smaller,1 bdrm units. The configuration of his unit locks out to 2- 1 bdrm units. (Some 2 bdrm units will lockout to a studio and a 1 bdrm unit-FYI) John is going to deposit one of the 1 bdrm units into the exchange and request a different resort at a different time and he is going to use one of his 1 bdrms at the resort to go golfing. At this particular resort John could exchange both of his 1 bdrms and go somewhere else and some resorts require that the owner use the week in the smaller unit (for instance some units lockout into a 1 Bdrm and a hotel unit) at the resort and it is never available for exchange. IT is best to verify this information when purchasing a lockout resale as these cases are rare but they do occur. [ Return to Term Table ]
	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 ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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
	Private Occupancy: See "maximum occupancy". [ Return to Term Table ]
	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. We 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 ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]
	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. [ Return to Term Table ]

	Time Division: A system of establishing the value of an interval week typically based upon season. For example: a week 3 (Mid January) purchased at a New England beach resort would not hold the same value as a mid-summer week at the same resort due to the fact that the season in January is not condusive to vacationing on the beach. Time divisions are expressed as high time or red time meaning prime time, white time or medium time meaning medium desirability, or blue time or low time meaning the least desirable time. Some resorts such as Hawaian resorts consider all weeks as prime time since their tropical climate permits pleasant vacations throughout the calander year. Additionally, many resorts offer year-round activities, often referred to as four season resorts, in which the owner may participate in a variety of seasonal activities. Other factors which affect the interval week's desirabilty would be holidays and special local events. [ Return to Term Table ]
	Trading Power: The assesed value of an interval week when trading or exchanging for another week within the same resort or at a different resort. In some situations, the owner of a red week at an RCI Gold Crown resort can trade that week for two or more weeks at a resort of lessor distinction or for weeks in a lower time division. Supply and demand rules prevail in this type of exchange and the owners can greatly enhance their trading power with high demand weeks and resorts. [ Return to Term Table ]
	Unit Size: Normally expressed as hotel unit, studio unit, efficiency unit or by number of bedrooms. Hotel units, studio units, and efficiency units typically are a single room with sleeping accomodations and perhaps a small built in kitchen and sleep from two to four persons. One, two, or three or more bedroom units are usually condominium style accomodations and feature a partial or full kitchen and other living areas. [ Return to Term Table ]
	Unit Sleeps: See "Maximum Occupancy". [ Return to Term Table ]