Amenities

Features that add value to the property; such as swimming pools, tennis courts, golf courses or boating facilities.

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Check-in Date

The assigned date and day of week the interval week begins (usually Friday, Saturday or Sunday). The check-in day begins the seven-day interval week.

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Check-in Time

The assigned hour an interval week begins. The interval owner need not check in at the precise time; however, late check-in does not extend the interval week beyond the assigned check-out time.

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Closing

The final act of a real estate transaction signifying mutual acceptance of financial and legal matters indicated by the signing and recording of deeds and the disbursing of funds.

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Closing Cost

Those costs associated with the closing process.

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Deed

A legal document that certifies ownership. Learn how to create a timeshare deed by clicking here.

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Disclosure Statement

A document that provides the details of the purchase, including the breakdown of costs and distribution of proceeds.

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Escrow

A special secured account used to hold funds from the buyer and seller related to the purchase of a property.

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Exchange

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 owners to vacation throughout the world.

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Exchange Company

An organization that accepts interval weeks on deposit from interval members. This creates a pool of weeks and resorts available to the members. All interval weeks are assigned a value upon deposit and the member can book interval weeks of similar value. Factors affecting the “trading value” are the “resort rating” and the “time division” (i.e. prime time versus low…

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