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- Banking: Depositing a week of timeshare into an exchange "bank."
- Biennial: Use of a week every other year. Owners are often referred to as either "odd" or "even"
year owners.
- Club: Consumers join to obtain all aspects of their vacation needs, including travel as well as lodging for a finite
term. It may or may not be tied to real estate ownership, provides the use of accommodations in multiple locations and may offer other benefits.
- Developer: The company owning the resort that constructs the accommodations and amenities on site.
- Exchange: The system that allows timeshare owners to trade the accommodations they own for comparable accommodations
or travel-related services.
- Fixed week: A type of timeshare ownership in which usage rights attach to a specific week of the year each year in perpetuity.
- Floating week: A type of timeshare ownership in which the owner owns a week within a season.
- Homeowners Association (HOA): The group of owners that administer the rules and regulations at a resort.
- Home resort: Where a new owner has purchased his or her week or joined a club or point-based program.
- Maintenance fee: A fee, usually paid annually, that timeshare owners pay to cover the costs of running the resort on
a day-to-day basis (upkeep and improvements).
- Rescission: A period of time granted by company policy and state statutes during which a person has the right to cancel
a purchase contract for a timeshare without incurring a penalty. The person also receives a complete and full refund of his deposit. Rescission
periods vary from state to state.
- Right to use: A timeshare owner's right to occupy a unit at a resort for a specified number of years.
- Season: Time distinctions into which deposited vacation time is divided based on demand. A key component of trading power,
as each resort may have different seasons depending on the geographic position, etc.
- Timeshare: A term used to describe the right and joint ownership of a resort property (e.g., a condominium) shared with
others. Each "owner" owns a certain period of time and occupies a unit of accommodation on a regular basis for a number of years.
Timeshare is sometimes referred to as "Vacation Exchange," "Holiday Ownership," "Multi Ownership" or "Group
Ownership."
- Timeshare interval: Period of use typically one week.
- Trading power: A term used for the value assigned to a member's deposited vacation time and to the related exchange request.
- Vacation ownership: A term often used to describe resort timesharing.
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©2005 Grand Pacific Resorts, Inc. |
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