CT Water's Edge Resort Timeshare Resales, Rentals & CT Shoreline Homes

Understanding Timeshare


 Glossary Definitions

1. Right-To-Use - A timeshare owner's right to occupy a unit at a resort for a specified number of years.

2. Timesharing - A term used to describe a method of use and/or shared ownership of vacation real estate where purchasers acquire a period of time (often one week) in a condominium, apartment or other type of vacation accommodation. Timeshare is also known as "vacation ownership."

3. Vacation Club - A term used to describe various types of timesharing and usually involving use or access to more than one resort location and other vacation and travel services. However, the term is used for many different purposes, including "clubs" which may have nothing to do with timesharing.

4. Vacation Owner - A person (including a corporate participant) that has purchased Vacation Time.
5. Banking - Depositing a week of timeshare into an exchange system or inventory pool.

6. Right-to-Use Agreement - A timeshare owner's right to occupy a unit at a resort for a specified number of years.

7. Deeded Agreements - Agreement to purchase timeshare, which is a lifetime ownership represented by a deed.

8. RCI Weeks - The timeshare exchange program owned and operated by RCI, that allows members of RCI to exchange their Vacation Time via the RCI SPACEBANK® system. RCI Weeks is the traditional week-for-week timeshare exchange program.

9. Affiliation Agreement - The agreement between the Network Administrator and a timeshare resort or club pursuant to which that resort or club becomes an Affiliated Resort.

10. Points Conversion Program - An offering whereby owners of a timeshare interval(s) pay(s) a fee to convert their interval for the equivalent in points.

11. Points - A symbolic measurement related to a timeshare ownership that is used to establish value for seasons, unit sizes, and resort locations. Points are used by developers for both internal and external exchange.

12. Fixed Time - This is the timeshare ownership system that a resort developer may use to permanently assign the unit and/or Week during each year of your vacation ownership.

13. Maintenance Fee - 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.

14. RCI Weeks Program - RCI Weeks is the traditional week-for-week timeshare exchange program.

15. RCI Points® Partners Program - Our providers offering non-timeshare vacation options that you may book with RCI Points ® . Examples include airlines, cruise lines, hotels, car rentals and more.

16. Floating Time - This is the timeshare ownership system for resort developers who give ownership flexibility through a variable unit and/or Week assignment during each year of your vacation ownership. A year-round "float" is most often found in resorts with similar seasons, like Hawaii or the Caribbean.

17. Exchange Company - The system that allows timeshare owners to trade the accommodations they own for comparable accommodations for travel-related services. Most resort companies are affiliated with an exchange company. Many resort companies offer an internal exchange mechanism that allows owners to exchange to resorts within their company's portfolio of resorts.

18. Lock-off - A type of timeshare unit consisting of multiple living and sleeping quarters designed to function as two discrete units for purposes of occupancy and exchange. The unit can be combined to form one large unit or can be split or "locked-off" into two or more separate units, allowing the owner to split the vacation into multiple stays or bank all or a portion for exchange purposes.

19. Rescission - Sometimes called a "cancellation" or "cooling off" period. A period of time during which a consumer has the right to cancel a purchase contract and obtain a full refund of his/her deposit with no penalty. Dictated by state statute and company policy, rescission periods vary from state to state, but range on average from 5 to 7 days. This is another example of the strong consumer protections built into timeshare sales.

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Gail Garrity