Accrued Weeks: Weeks from a previous year that have accumulated and are available for use in the current calendar year.
Acknowledgement: A form for authenticating instruments conveying property or otherwise conferring rights; a declaration by the party executing an instrument that it is his act and deed.
Affidavit: Sworn statement in writing, made before an authorized official.
Affiliated Resort: A timeshare resort, or developer, that owns multiple resorts in other locations or has contracted with other resorts to allow owners to use their week(s) at the “affiliated” resorts. This is most common with vacation clubs.
Agency: The relationship between a principal and an agent arising out of contract where an agent is employed to act on behalf of the principal in dealings with third parties.
Agent: A person who acts for another, called a principal.
Amenities: Features offered at resorts that add to the value to the property such as swimming pools, tennis courts, golf courses, boating, full kitchens, laundry facilities, and more. The more amenities a resort offers the greater the increase in value and desirability of the property.
Assessments: Special taxes imposed to pay for public improvements beneficial to a limited area.
Attorney-In-Fact: An agent authorized to act for another under power of attorney.
Bank or Space Bank: The term used when an owner decides to not use their allocated time for the current year. The owner can choose to “bank” their time with an exchange company to use at a future date. Typically an owner has two years to use the time once it has been banked.
Biennial: Your timeshare use is available on an every other year basis.
Bonus Time: Additional use of your timeshare on top of your regular allocated time on a space available basis.
Closing Costs: The costs required in order to transfer the timeshare to the new owner; such as: resort transfer fees, demand fees, recording costs, escrow and title fee, and broker fees.
Cloud on Title: An impression of title or claim appearing in some legal form but which is in fact invalid
Community Property: Property acquired by husband or wife or both during marriage when not acquired as separate property.
Deed: Written instrument by which the ownership of land is transferred from one person to another.
Deeded Property: Real property that requires a title or deed to be recorded in the county where the property is located and has the same rights of ownership as any other deeded real estate. The owner may sell, rent, bequeath, or giveaway the property.
Developer: The company that owns and constructs the resort.
Documentary Transfer Tax: A tax on the transfer of real property located in any county in the state. Additionally, some cities have their own city transfer taxes.
Double Escrow: A procedure in which the closing of one escrow is dependent on closing of another; also known as concurrent escrow. The procedure is commonly used in exchanges of property as well as instances where the buyer depends on funds he expects from the sale of another property.
Escrow: A deposit of a deed or other instrument with a third party for delivery upon performance of a condition.
Exchange: The process of depositing your week with an exchange company and receiving an equal resort week at another resort.
Exchange Company: A company or organization that accepts resort weeks from its members and establishes a surplus supply in which those members can then chose a comparable week at another resort of their choice or allowing them to vacation at a more convenient time.
Fee Simple: Complete ownership to deeded property which the owner holds title to the property and their ownership is forever.
Fixed Unit: A specific unit in a resort in which an owner has use to the same unit each time they vacation. 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: A fixed week allows an owner to vacation the same week each calendar year.
Foreclosure: A proceeding to enforce a lien by a sale of the property in order to satisfy the debit.
Grant Deed: A form of deed common in California which contains implied warranties to the effect that the grantor has previously conveyed or encumbered the property.
Grantee: The person to whom a grant is made. The person the property is going to.
Grantor: The person who makes a grant. The person the property is coming from.
Home Owners Association: (HOA) A governing body that manages the resort and enforces the covenants, conditions and restrictions (CC&R’s) for the timeshare.
Joint Tenancy: Title held by two or more persons in equal shares with right of survivorship.
Lease: A deeded ownership to a timeshare for a specific period of years; usually from 20 to 99 years. After that time the property reverts back to the resort developer.
Lien: A charge upon property for the payment of a debt or performance of an obligation; a form of encumbrance. Taxes, special assessments, and judgments, as well as mortgages, are liens.
Lockout Unit: A unit which has the capability of being divided to create two completely separate units. This allows the owner a choice of having a one bedroom for two weeks, a two bedroom for one week or a one bedroom for one week, at two separate times of the year. This also allows the owner to rent or exchange one week and still use the other.
Maintenance Fee: A fee billed by the management company, based on a budget approved by the HOA, to maintain the resort, pay insurance, utilities, appliances and sometimes taxes.
Odd or Even Year Usage: Timeshare ownership that is an every other year use. If you own an “odd” you will have use every other year on odd years (0,1,3…). If you own an “even” you will have use every other year on even years (2,4,6…).
Property Taxes: A tax charged by the county where the timeshare is located. This is a required fee based on the value of the property. These may be included with the maintenance fees charged by the resort. Some states may not require property taxes to be paid on timeshare resorts, while others do.
Prorate: To divide equally or proportionately to the time of use.
Quitclaim Deed: A deed which conveys whatever present right, title or interest the grantor may have.
Right of Survivorship: The right to succeed to the interest of a deceased joint tenant. It is the distinguishing feature of joint tenancy.
Season: A designated period of the year. Most resorts have several seasons. Based on the level of ownership you have this will determine what dates are available for you to book your reservation.
Special Assessment: A special fee over and above the annual maintenance fee, billed by the management company to pay for an unbudgeted expense. This is usually to pay for unanticipated major repairs and refurbishing of resort equipment, facilities, and units.
Tenancy in Common: Ownership of property by two or more persons in an undivided interest without right of survivorship.
Timeshare: An ownership to a resort property or unit that is shared by others. Each owner has their own time period (typically one week) in which they can utilize the common facilities, amenities and accommodations for that resort.
Trading Power: The value assigned to one’s timeshare when deposited with the owner’s exchange company and is related to the exchanging the owner’s unit to use at another time or location.
Vacation Clubs: A type of ownership where an owner belongs to a club that includes several timeshare locations and is usually set up as a point based program. This allows an owner to do an exchange within the resort system they purchased to use at another location without paying exchange fees.