The collection of inter-related legal documents establishing the relationship between timeshare owner, developer, trustee and management company. Effectively the rules by which the resort is run.
Cooling Off Period
The time given to a purchaser following signing of a purchase agreement, during which they may cancel without penalty. In the UK the cooling off period is 14 days, elsewhere in Europe it is 10 days, in Mexico it is 5 days. In the USA the period varies from state to state. See Rescission
A legal document providing title to your property; gives you your ownership rights. See Fee Simple. (The escritoire system in Spain is a deeded system, but deeded timeshare ownership is not legal in the UK and some other countries. See Club/Trust Membership.)
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 give away the property
The developer's current or market price for a timeshare interval. Full retail price. Includes the developer's marketing costs, etc.
Director of Sales-- The head sales manager, in charge of managing the sales process and all of the timeshare sales reps in a sales room. The actual duties will vary depending on the hierarchy at specific resorts or companies. End-user
The Spanish term for the deeding and registering of a 'Deed of Title'. Similar to registration of the Land Registry in England and Wales.
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.
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. Some resorts have internal exchanges with other resorts which are usually owned by the same company.
Usually, a reduced cost package/trial program offered to a customer who is on the point of walking away. This serves two purposes it rescues something for the salesman and entices you to use the resort's facilities in the hope that they will get another crack at selling you
Factoring Fee (Factorial)
The Scottish term for the Management Company profit mark-up included in the Management Agreement.
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.
Provision of a loan to enable an owner to purchase a timeshare. Some finance agreements are personal loans (without security) while others are loans secured by the timeshare week or, occasionally, by a mortgage on the principle residence.
A time period that is fixed for each calendar year, either by date or by calendar weeks; most in numerical sequence 1-52. With a week number, your actual start date may vary slightly from year to year. Unlike a floating unit, a timeshare 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 oceanfront 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.
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 52 or week 35, etc. Alternatively, an owner of a floating week may choose another week within their season allocation. A floating week owner may also elect to upgrade or downgrade to another season allocation to meet their annual vacation schedule. Upgrading to a higher time division usually incurs an additional cost.
Your time period is defined by a season and your week period is not fixed. You reserve your time period within the appropriate season annually. Most resorts have a High, Medium, and Low Season. Owners of a floating unit at a resort might not vacation in the same physical unit each year. Interval owners may request a specific unit and if it's available for that particular week the resort normally will honor the request.
Floating week based on fixed rotation - a type of timeshare ownership in which specific weeks rotate among owners from year to year on a fixed schedule. Common with fractional ownership interests/private residence clubs.
Floating week based on ownership rotation - a type of ownership in which the owner purchases week(s) and works out the appropriate vacation time with the other owners on a rotating basis each year.
Floating Week (Flex Time)
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.
A mini-vacation package where the resort pays all or most of the holiday costs of a prospective purchaser in return for that prospect attending a sales presentation. See Mini Vic.
Multiple week ownership at the same resort--2 or more weeks of timeshare ownership for use in one calendar year. Guest Certificate A certificate issued by the resort's affiliated exchange company authorizing a nominated guest to use an exchange instead of the owners.