Timeshare Terminology & Terms
Our team at Timeshare Title & Escrow want to keep you in the loop about your timeshare closure and transfer, which starts with understanding some of the more industry specific lingo.
We put our heads together and created a glossary of some common timeshare terms as a reference for title transfer and escrow contracts. Below you can find a list of definitions, or you discuss it with your experienced closing agent.
You have questions, we have answers. Even if you can’t find the answer you’re looking for, Dave or Crystal can help and you can give them a call anytime at 407-751-5550.
BANKING / DEPOSIT
Depositing a week of timeshare into an exchange system or inventory pool
Use of a timeshare week every other year
Expenses incurred in the closing process of a timeshare resale
DECLARATION OF CONDOMINIUM
Established guidelines for resort operations
A legal document used to transfer real estate rights from one person to another
The resort property owner that sells and manages a resort property
A loan to purchase a timeshare property
An account created to hold and transfer funds between a buyer and seller
A verification of ownership and fees owed according to the official records from the timeshare management company or resort
The option to trade one timeshare week for a different timeshare week.
The system that allows timeshare owners to trade the accommodations they own for comparable accommodations or travel-related services
A type of timeshare ownership in which usage rights attach to a specific week of the year each year in perpetuity
HOMEOWNERS ASSOCIATION (HOA)
The group of owners that administer the rules and regulations of a resort. Creation of an HOA is often required by state laws
A fee that timeshare owners are required to pay, usually on an annual basis, to cover the costs of running the resort, including daily management, upkeep, and improvements
A legal period of time after a sale when a buyer can cancel the sale. The timeframe can range from anywhere between 3 to 15 days, depending on the applicable state laws. Some states do not provide for a rescission period.
Advertising the sale of a timeshare property purchased from a resort, developer or subsequent owner
RIGHT TO USE
A Right to Use timeshare is a type of ownership which allows the buyer to use a timeshare for a period of years, after which the ownership is terminated.
An additional charge on top of a yearly maintenance fee billed by management companies to cover repairs, refurbishments, and updates.
Proof of ownership listed in county clerks’ records
The process of passing over the possession of a timeshare property and deed to a second party