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Features that add value to the property; such as swimming pools, tennis courts, golf courses or boating facilities.
- 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.
- 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.
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.
- Closing Cost
Those costs associated with the closing process.
A legal document that certifies ownership.
- Disclosure Statement
A document that provides the details of the purchase, including the breakdown of costs and distribution of proceeds.
A special secured account used to hold funds from the buyer and seller related to the purchase of a property.
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.
- 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 time, the size of the unit desired, etc.).
- Fee Simple
A manner of owning land in one’s own name, free of any conditions, limits, or restrictions.
- Fixed Unit
Purchasing a fixed unit assures the owner usage of the same physical unit each year he/she vacations at the resort.
- Fixed Week
Purchasing a fixed week property assures the owner usage of the same week on the interval calendar each year.
- Floating Unit
The owner of a floating unit might have to stay in a different physical unit each year. Interval owners may request a specific unit and, if available for that particular week, the resort will normally honor the request.
- Floating Weeks
Owners of floating weeks don’t vacation over the same interval week each year. These plans have specific guidelines at each Resort.
One who receives possession or title by a deed.
One who grants possession or title by a deed.
An assigned period of time. Based on the interval calendar wherein the fifty-two weeks of the year are numbered.
- Interval Ownership (Timesharing)
Individuals buy or lease a specific time period in a selected condominium. Owners then have possession of deed and Title Insurance with the right to rent, loan or resell the property.
- Joint Tenancy
The main distinguishing characteristic of joint tenancy is the right of survivorship. If one of the joint tenants dies, his interest passes automatically to the surviving party or parties instead of being tied up in lengthy probate proceedings. When two or more people own a property as joint tenants, they own an undivided equal interest in the property.
An alternative to ownership whereby the developer retains ownership of the property and the customer enters into a contract to use the property for a specified time.
- Legal Description
A description by which property can be definitely located by reference to surveys or recorded maps. Sometimes referred to simply as the legal.
- Lockout Unit
Typically a unit that has the capability of being divided to create two separate but complete sections. If an owner buys a lockout unit, he can divide the unit and either stay in one half of the unit and rent the other half or rent both halves to different parties.
- Maintenance Fee
Money paid annually to cover costs of maintaining the grounds of the resort, the units, and management fees. These fees vary with the amount of time purchased.
- Maximum Occupancy
The maximum number of persons an interval unit will accommodate.
A public officer or clerk who attests or certifies a document. Notarization is usually required for any documents to be filed and recorded in public records.
- Quitclaim Deed
A deed that transfers whatever interest or title a grantor may have, without warranty.
- Red, White, or Blue Week
A system denoting peak times at resorts determined by season. Red weeks are considered the most desirable followed by white, then blue weeks.
- Right of First Refusal (ROFR)
The legal right a resort company or group has to “buy back” or assume ownership of a timeshare property. A resort with the Right of First Refusal must be offered the resale price before the ownership can be conveyed to an outside source. The resort can exercise and purchase the property back at the sales price stated, or it will be waived, and the new owner can assume title. Not all resorts have the Right of First Refusal.
- Right To Use
A type of ownership whereby actual ownership reverts back to the developer after a specified period of time.
- Sole and Separate Property
Holding title this way means that no one else has any interest in it. If you are married and wish to take title this way, you should record a quitclaim deed from your spouse to yourself so that no community interest could be claimed at a later date (in community property states).
This is the standard form of ownership for unrelated buyers and is generally presumed to be the way they hold title if nothing else appears to the contrary. The shares are presumed to be equal unless stated otherwise on the deed, and each of the tenants has equal rights of possession. There is no right of survivorship; each tenant-in-common should note in his will the person or persons to whom his share will pass.
- Title Insurance
A document that guarantees that property is free and clear of claims by others pronouncing an interest in the property.
- Warranty Deed
A deed that guarantees the title from the seller to the buyer.