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Timeshare Terminology Fixed Week: A specific week, which is used at a specified time of year at your home resort. (See Week Chart.) Float Week: A week, which may be used anytime during a specific time period, designated by the resort. Example; A floating week with the week numbers 22-36 would mean the owner may reserve any of those weeks during the summer period, on a first come first serve basis. It is always good to check with the resort to see what kind of reservation lead time you would need to guarantee you the week you really want. Multi-Resort-by-the-Week-Timeshare: Owner has access to several resorts (2 or more) and may reserve a week at any of the resorts free of charge or pay a nominal exchange fee to the management company to go from their resort to a sister resort. Points Based Programs: Many multi resort ownership programs run with a points-based system. This allows the owner flexibility in how long they vacation, in what size unit they use each trip and where they go each trip. When points are implemented the owner would own a certain amount of points and get that same amount deposited into their acct each year. So every year they have that amount of points to spend on vacation accommodations and whatever else their particular club has arranged. Point values are assigned to each size unit for a particular season & size of accommodation & resort location based on demand. Title to each is held in a variety of ways, but most are equity based perpetual memberships and can be willed, etc. in the owners estate. Points Based Programs Currently available in timeshare are;
Maint.: Annual maintenance fee required by the resort. The fee listed includes annual property taxes. Yes it does go up as the cost of business increases. RTU: Right-to-Use until a specific year (year is stated in listing). Deed: Ownership into perpetuity (fee simple) like your home, sometimes turns into fee simple absolute. You own it till you die or sell it (or until a majority of the owners vote to terminate ownership and either sell the land the building sits on (because the buildings are getting old and expensive to maintain) and divide the funds according to the interest owned by each owner or to re-develop the land to continue with ownership at the owners expense.). See the Timesharing Today article (Issue #58, July/Aug, 2001) ""In Perpetuity" doesn't mean Forever" by George Leposky. Leasehold: Ownership rights for a specific period of time that has an end date. Membership: Owner will have use till expiration of membership, if there is expiration. Some memberships run for the lifetime of the owner or their heirs.. Transfer Fee: A fee required by some resorts to transfer the ownership from the sellers’ name into the buyers’ name.
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