Visions of the World Timeshare Glossary of Terms
Please feel free to explore our Timeshare Glossary of Terms to better understand some of the specialist timeshare terminology used within our industry. After browsing our Timeshare Glossary of Terms, if you have any unanswered questions please feel free to contact us.
Click a letter: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Accelerated Use allows an owner to use their ownership in larger increments than purchased originally.
Accrued timeshare weeks are weeks banked from previous years that are unused and available for exchange.
Ad Valorem is a legal term "according to value", which refers to an assessment of property tax.
Annual General Meeting held once a year for the owners and commitee to discuss resort business.
This relates to the day on which earned points accumulate once per year. This only applies to timeshare resorts that offer point systems.
An appraisal or evaluation, is the estimated value determined by a review of the real estate property in question.
When a real estate properties value increases over a length of time, this is the appreciation of that property.
ARDA is the American trade association representing vacation / timeshare ownership and property development within the industry.
The term banking refers to the action of depositing your timeshare weeks or points for later use.
Bi-Annual or Biennial usage is a timeshare week that can be used every other year e.g odd years or even years only.
The time spent at your home resort above and beyond your allocated ownership, this is Bonus Time.
Bonus weeks are extra weeks available above and beyond your vacation / timeshare ownership.
Bulk Banking or Block Banking applies to Banking a large amount of timeshaee weeks with an Exchange Company.
Commonly the Check In/Out day is the day of arrival or departure at any one Timeshare Property.
Closing costs are expenses incurred while transferring the vacation / timeshare ownership from owner to purchaser.
This term denotes a program or resort which allows year round usage of facilities.
Club Trustee is a term used when a Trustee Company issues a membership certificate on behalf of a developer.
The cooling off period ia a number of days where by the purchaser has the right to change their mind without incurring a penalty.
The Constitution is a document which outlines the usage rights and obligations for the Vacation / Timeshare Ownership.
CRDA is the Canadian Resort Development Association dedicated to the furthering of the Vacation / Timeshare Ownership Industry.
The term Deposit Week and Early Deposit refer to the Banking of Vacation / Timeshare Ownership weeks.
When the value of a real estate property, or timeshare, decreases over a period of time, this is depreciation.
When a buyer has been offered a loan to finance the vacation, or timeshare purchase.
In Spain and the Canary Islands, the registration and process for Deed of Title.
Escrow is an account specifically to hold monies for the timeshare sale while the transfer of ownership is taking place.
An exchange is when a timeshare owner swaps his timeshare ownership for another time of year or location.
Exchange Companies are independent third parties who expedite the timeshare exchange.
Some exchange networks offer extra holidays / vacations as a member only benefit.
Generally a Fee Simple ownership continues forever much like a deeded vacation / timeshare ownership.
A fixed unit is the right to use a specific unit at a specific timeshare resort.
A fixed weekly period specified by a week number between 1 and 52 during the calender year of the given timeshare resort.
A floating week is usable within the specified band attributed by the given timeshare resort.
The First National Trustee Company are the largest and most recognised Timeshare / Vacation Ownership Trustees in the World.
A "for Sale by Owner" purchase generally means that the buyer will be in direct contact with the owner.
Fractional Ownership is typically a longer period of ownership than a week, usually anywhere up to a quarter.
This applies only to Timeshare Resales Companies that provide a full Resale service from start to finish.
The Gold Crown status is awarded to the top few timeshare resorts within the RCI exchange system.
A guest certificate is a document allowing someone other than the timeshare owner use the timeshare exchange program.
Holiday Ownership is tantamount the same as the timeshare term
Instant Exchange is an exchangeof a timeshare week confirmed through RCI at short notice.
An Internal Exchange is executed usually through the home resort itself or by a developer program, vacation club etc.
In timeshare terms the period of time the ownership refers too.
Interval International is the second largest exchange company in the World.
Late Deals refer to the time when the Vacation / Holiday is booked with the Exchange Network.
A lease is a period of time that the timeshare ownership is owned for.
A Levy maybe an administation fee, usage charge, or one off fee charged by the resort or management company.
This would apply when two agreements look to be seperate, however they are linked within the agreements.
A Lock Out or Lock Off unit is a unit which is able to be split into more than one room by in most cases a dividing door.
A Maintenance Fee is an annual charge, and in most cases charged by a management company for the use of the ownership for any given year.
The Management Company is responsible for the day to day running of the timeshare resort.
Odd or Even Year usage is when a timeshare owner has the right to use it every other year.
The term On-Site Facilities is usually found within an exchange system or network, referring to the facilities or amenities at any given timeshare resort.
The term Other Facilities is again a term found usually within an exchange companies website or exchange brochure and refers to facilities or amenities within a certain distance from anyone given timeshare resort.
Timeshare Points are a currency used by exchange companies and some developers to allow greater flexibility over season, size and resort location.
Three-month ownership with a rotating schedule.
RCI is the largest timeshare exchange company in the World.
The RDO / OTE is the main timeshare trade association for Europe.
The term Red Week refers to a High/Peak season time of year when the timeshare resorts are at their most desirable.
The Rescission (also see Cooling Off Period) period, is an amount of time allowed by law within the agreement, for the buyer to cancel with no finanial penalities.
A Resale timeshare is an ownership which is being marketed for sale after its original purchase from a resort developer.
Resort Recognition is a term used by RCI when awarding a vacation or timeshare resort its standard through stringent tests for overall vacation or holiday experience.
Right to use is very similar to a lease agreement where by the timeshare owner has a specific length of time to use.
Seasons are designated time periods throughout the year denoting usage value and/or period of ownership.
Red - High
White - Mid
Blue - Low
Red - High
Yellow/Amber - Mid
Green - Low
Silver Crown is a status awarded by Resort Condominiums International (RCI) exchange network to timeshare resorts which fall within the criteria.
A sinking fund is a percentage of each owners management fee which is allocated to the restoration of facilities and furnishings to keep them in "like new" condition.
Space Banking is when an owner deposits his ownership with an exchange company so to exchange via their portfolio.
A Special Assessment is an additional cost above and beyond the annual yearly maintenance fee. This charge is intended to cover expenses related to major repairs and refurbishments.
TATOC or the Timeshare Association is a timeshare body which was formed in 1989 by owners for the owners and the interests of timeshare committees.
Timeshare is the concept of owning a specific recurring increment of time at a resort, condominium, apartment or other facility. Timeshare properties mean multiple parties can hold rights to use the property, and each person is allotted a period of time in which they may use the property.
The TCA or Timeshare Consumers Association is a small UK based timeshare body recognised by a wide range of organisations within the industry.
Times Bands or Time Division is a term used by most exchange networks to classify the demand for the Timeshare Weeks.
Trading Power refers to the exchangablilty of a timeshare interval when trading for a different property through a timeshare exchange company.
Trustees of a resort property are put in place as an insurance policy in order to safe guard the owners in case a developer does not succeed financially.
The term Units Max/Privacy refers to the maximum occupancy level, and the level of privacy.
Unit Types is used when indicating the type of Vacation / Timeshare unit available at any given Timeshare Resort.
Vacation Club is tantamount the same as the timeshare term.
Vacation Ownership is tantamount the same as the timeshare term.
Week Fifty-Three is generally reserved for the exclusive use of the resort developer or other important member or Trustee. It also allows the calender to rectify itself.