Weeks that have accumulated from the prior year and are available for use in the current year.

Amenities

Features such as swimming pools, tennis courts, laundry rooms and boat docks that offer additional conveniences.

Anniversary Date

For credits- or points-based products or programs, the date each year when owners receive their annual allotment of credits or points.

Closing Costs

For deeded properties, costs associated with the closing process. These may include administrative fees, recording costs and escrow fees.

Credits

Related to timeshare products or programs offered by some timeshare companies that assign a yearly allotment of "credits" that can be used like currency for resort stays. This allows timeshare owners choice and control over when and where they vacation, how long or short they stay, and the size of the unit they stay in. In these programs, there is no deed to a physical unit.

Deeded Ownership

A timeshare product that is evidenced by an actual deed to a specific property or unit. Deeds are recorded in the county in which the property is located.

Demand times

The periods of time in a resort that are requested the most. These are often unique to the particular resort location and depend on things such as climate and activities.

Exchange

The process of trading intervals, credits or points at one resort for those at another resort, or in another unit at a home resort. This can allow owners to travel and vacation at various locations. Exchanges are normally facilitated by an intermediary, which could be the timeshare company or a third party exchange company.

Fixed Week Ownership

Weeks are numbered 1-52, with week one being the first week in January. With a fixed week timeshare, an owner has access to a particular unit the same week every year.

Homeowner's Association (HOA)

Timeshare developments are often structured like any condominium association, with a Homeowner's Association (HOA) comprised of all owners, and a management company hired by the HOA to manage the property.

Interval

An assigned period of time in a timeshare resort. Typically, an interval consists of one or more weeks assigned within an interval calendar, which is the 52 weeks of the year numbered sequentially. An interval week is a seven-day period.

Lease

An alternative to deeded property. A lease ownership, which is a form of Right-To-Use ownership, grants the leasor the right to use the property for a specified period of time, usually from 20 to 99 years. The resort developer or management company holds the ownership of the physical property.

Maintenance Fee

The Homeowners Association or Resort Management Company establishes and collects maintenance fees for timeshares. These fees cover utilities, taxes, insurance costs, and property maintenance and refurbishing. Depending upon the program or product, these fees can vary based on the intervals, credits or points purchased, the type and size of the unit, and the resort.

Points

Related to timeshare products or programs offered by some timeshare companies that assign a yearly allotment of "points" that can be used like currency for resort stays. This allows timeshare owners choice and control over when and where they vacation, how long or short they stay, and the size of the unit they stay in. Some points systems are deeded, and some are not.

Right To Use

An alternative to a deeded timeshare, a right-to-use product is made by an owner agreement granting the owner access to the resort(s). The agreement could be perpetual or for a finite number of years. Instead of individual deeds held by owners, the legal title to the resort property may be held by the owners collectively.

Timeshare Developers

Companies that develop or acquire resort properties, and usually market and sell the timeshare inventory in those resorts to consumers. The developer entity may also act as the property manager during and even after the selling of the inventory, and may also offer financing to timeshare buyers.

Trading Power

The value assigned to intervals, credits or points for the purpose of exchanges. Supply and demand rules these exchanges. Owners with high demand weeks or resorts often have a higher trading power. Third party exchange companies classify timeshare products to ensure that owners receive a comparable stay or benefit in exchange for the particular timeshare week(s) or points they wish to trade.

Unit Size

Timeshares are usually described as condominium units, hotel-style units, studio units, or by the number of bedrooms. Sizes can range from studios to spacious four-bedroom units that sleep 10, to luxurious penthouse and presidential suites.