Timeshare Glossary E-G

We collated this Timeshare Glossary to help you become familiar with many of the common and sometimes confusing words and phrases used in the timeshare industry.   If you have any timeshare questions, do feel free to use the contact us link to ask a question.

 

Exchange: 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. An example of this would be Wyndham Resorts.

 

Exchange Company: A company or organization that accepts timeshare weeks on deposit from its interval owners/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 exchange value are – the resorts’ rating, the time division; i.e., prime time versus low time, the size of the unit desired, etc.

 

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.

 

Five Star Resort: Interval International uses the 5-Star designation for their finest resorts. It is equivalent to RCI’s “Gold Crown Resort”. These are timeshare resorts that offer only the highest level of accommodations and services. The properties offer a high degree of personal service. The resort locations can vary from the very exclusive locations of a suburban area, to the heart of downtown. The amenities often include – VCR’s, CD stereos, garden tubs or Jacuzzis, in-room video library, heated pools and more. Fitness Centers and valet and/or garage parking are typically available. A concierge is also available to assist you.

 

Fixed Unit: 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 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 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.

 

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 42. 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.

 

Floating: 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 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.

 

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.

 

Fractional: Multiple week ownership at the same resort–2 or more weeks of timeshare ownership for use in one calendar year.

 

Gold Crown Resort: RCI’s highest rating for a resort. This is similar to Interval International’s “Five star resort” designation.