Glossary

accelerated use — a program offered by select resorts that allows the owner to accelerate use of the timeshare weeks purchased by, for example, reserving two weeks in a calendar year instead of one

accrued weeks — a timeshare week (or weeks) that has been banked for use at a later time

amenities — recreational features at a timeshare or fractional property that are available for the owners’ use, including swimming pools, water slides, hot tubs, fitness centers, tennis courts, golf courses, game rooms, spas, and BBQ areas

ARDA (or American Resort Development Association) — the American trade association for the vacation ownership and resort development industries

banking (or depositing) — to deposit a timeshare week into an exchange or inventory pool for use at a later date or for exchange purposes

biennial — a vacation ownership plan that gives the owner usage of the property or unit every other year, usually termed “odd” or “even” ownership  

bonus time — extra vacation periods available at a timeshare beyond the owner’s normally scheduled weeks; often used by exchange companies to entice an owner to bank high-demand weeks; also called space available at fractional properties

check-in date — the day(s) of the week an owner arrives to begin his or her vacation

check-in time — the earliest time an owner may arrive at the resort and begin his or her vacation

closing costs — the costs associated with closing a sale, including deed preparation, recording costs, escrow, commissions, and administrative fees

deed — the legal document which grants ownership rights and title to a timeshare or fractional property

deeded ownership (or fee simple ownership) — a form of timeshare or fractional ownership that, much like owning any other piece of real estate, entitles the owner to use, sell, bequeath, or rent his or her timeshare week(s); owners are often also liable for their portion of property taxes and may be eligible for tax deductions available to vacation homeowners

developer — the company that develops, builds, owns, and often sells a timeshare or fractional propert

developer price — the price a developer has set to purchase a timeshare interest at their property

escrow — an account established by a trusted third party to receive and distribute money and documents related to the buyers and sellers of a timeshare property

exchange — an option for timeshare or fractional owners to trade in vacation time at their home resort for use of a comparable unit at a different property, allowing for the flexibility to travel to new destinations each year

exchange company — the company affiliated with a timeshare or fractional property that allows the owner to trade in vacation time at their home resort for use of a comparable unit at a different resort  

financing — the option to obtain a loan for the purchase of a timeshare or fractional interest

fixed week — timeshare or fractional ownership that gives the owner access to a property for the same week each year, often represented numerically, such as week 1 or week 52

fixed week rotation — a timeshare option in which the owner’s week rotates through the calendar each year, allowing all owners access to the most in-demand weeks on the interval calendar

fixed unit — timeshare or fractional ownership that gives the owner access to the same unit each year

floating week — a flexible timeshare option that allows the owner to choose which week(s) to visit each year, with vacation time reserved on a first-come, first-served basis

fractional ownership — shared ownership, typically of luxury real estate (but also jets, yachts, and cars), which is sold in intervals of longer than one week but shorter than a full year

home resort — the designated resort property where a buyer owns their timeshare interval, at which he or she will often receive priority reservation opportunities as opposed to those exchanging for time at the resort

homeowners’ association (or HOA) — an elected board of owners who set rules and regulations and manage the resort; also called a common-interest realty association (CIRA), condominium owners’ association (COA), or property owners’ association (POA)

II (or Interval International) — one of two major exchange companies, which handles the majority of exchanges alongside RCI (Resort Condominiums International)

interval week (or interval) — the amount of time sold to a timeshare owner, which is typically seven days but can be longer depending on the needs of the buyer and the policies of the resort

interval calendar — the annual timeshare calendar used to depict the 52 (or occasionally 53) weeks of each year, often color-coded by demand time or season

leasehold (or lease) — the right to use a timeshare unit for a certain duration of time, most often 20 to 99 years, whereby the developer or management company retains ownership of the actual property; this form of timeshare ownership can be found in states or countries where the deeded ownership of a timeshare is generally prohibited, including Hawaii and Mexico

levy — essentially a maintenance fee for points club members charged for the upkeep, management, and administration of a property, or a one-time fee for unanticipated repairs to the resort or unit, similar to a special assessment

lock-off (or lockout) — a type of timeshare or fractional unit with multiple living and sleeping spaces and two entrances that can be split into two or more separate units; the locked-off unit can then be rented out, banked for future exchanges, or combined to create one larger unit

maintenance fee (also known as dues) — fee a timeshare or fractional owner will pay for the costs associated with maintaining, operating, or improving the resort, such as insurance, utilities, landscaping, furnishings, reserve for replacements, cleaning, and sometimes property taxes

management fee — fee a timeshare owner pays for the ongoing management of the resort

maximum occupancy — the greatest number of people who can occupy a unit at one time

mini vac (or fly-buy) — a “mini-vacation” used as a marketing tool by resorts to expose a potential buyer to a property, during which the resort pays all costs associated with the stay in exchange for attending a sales presentation

points — a form of currency used in certain timeshare ownership scenarios (especially vacation clubs) which can be used by the owner to book vacations or make exchanges and which have a greater or lesser value based on criteria such as the season, unit type, or destination owned

points club — a type of timeshare ownership in which points, which may or may not be backed by a deed, are used to reserve vacation time at a family of resorts

points conversion — an option whereby a timeshare owner can pay a fee to turn their timeshare ownership into an equivalent number of points to be used for exchange

RCI (or Resort Condominiums International) – the world’s largest exchange company, which handles the majority of exchanges alongside II (Intervals International)

red week — the peak/high/prime season to vacation at a resort according to the color-coded system used in interval calendars by timeshare resorts and exchange companies; often associated with holidays, special events, or particularly desirable seasonal weather

resale — a timeshare or fractional interest sold by an individual, agent, broker, or developer in the secondary market

rescission (or cooling-off period) — the period of time after a purchase during which a buyer has the right to cancel the contract and receive a full deposit refund without penalty

right to use (or RTU) — the right to utilize a timeshare unit (including renting, transferring, selling, or bequeathing) for a specified duration of time, most often 20 to 99 years, while the developer or management company retains ownership of the actual property

season — a term used by exchange companies and resorts to quantify the desirability of a timeshare week; they influence exchange trading power, are based on the popularity of that particular week at that specific destination, and often are depicted on interval calendars by a color-coded system (red for peak season, amber or white for intermediate season, blue or green for low/off-peak season)

sinking fund — a portion of the management fee held in a trust for the benefit of all owners which ensures there are funds available for any repairs, alterations, or replacements needed to keep the unit and resort in “like new” condition throughout the length of ownership

special assessment — a fee paid by an owner, beyond the regular maintenance fee, to cover unanticipated, major repairs to a resort or units

time division — system utilized to quantify the desirability of a timeshare week, based on season, location, holidays, and special events, most often represented by a color-coded classification system

timeshare — a form of vacation ownership that involves purchasing a home, condominium, apartment, or other resort property in conjunction with other owners for a designated amount of time (commonly one week) for a certain number of years, thereby reducing the costs paid by each individual owner

trading power — the assessed value of an owner’s deposited week for the purposes of exchanging based on factors like season, holidays, and special events

Vacatia Guaranteed — an extra step taken by the seller to confirm the accuracy of their listing. Buyers who see Vacatia Guaranteed listings will have extra peace-of-mind knowing that our staff has checked the content advertised against seller documentation and determined it to be satisfactory.

Vacatia’s financial guarantee is simple: if a buyer and seller have a signed purchase agreement and the transaction fails to close due to inaccurate listing content, we will credit the buyer:

• $500 for a Vacatia Guaranteed listing which was Resort Verified.

• $250 for a Vacatia Guaranteed listing where ownership documents and/or a maintenance bill was received.

Credits are given at the close of escrow and valid toward the buyer's next purchase of a vacation ownership interest on Vacatia.com. Multiple payments are not provided for a single, Vacatia Guaranteed  listing. Guarantee is void where prohibited by law.

vacation club (or holiday club) — a newer segment of the timeshare industry that involves buying redeemable points, to be used like currency, for worldwide vacations within a brand’s portfolio of properties rather than owning one specific unit in one destination

vacation ownership — a general term used to describe timeshare and fractional ownership