FREQUENTLY
ASKED QUESTIONS
TIMESHARE PRODUCT QUESTIONS
What is deeded ownership?
Deeded ownership is when
the property title does not expire. Once you own
it, it's yours until you decide
to sell it, much like home ownership. Deeded properties
may also be passed to your heirs.
What is Right-to
Use Plan?
Under a Right-to-Use Plan, ownership of
the resort remains with the developer. The purchaser
reserves
the right to use one or more resort accommodations
for a specified number of years, ranging generally
from 10 to 50 years, after which all use rights
return to the developer. These plans come in a
variety of
forms, most commonly as club membership.
What
is a fixed time week?
With fixed time week, the unit,
or unit type, is purchased for a specific week during
the
year. The first week
of the year will be designated as week #1,
and the last week of the year will be week #52.
That week
is reserved for the owner every year, subject
to
cancellation
if the vacation owner does not plan to use
it
in a given year. The fixed time week may
also be deposited
for exchange at another resort or the owner
can rent it.
What is a floating time week?
Floating time weeks
refer to the use of vacation accommodations usually
within a certain
season of the year, often
within a three- to four-month period
such as spring or summer. The owner must reserve his
or her desired
vacation time in advance, with reservation
confirmation typically provided on a
first-come,
first-served
basis. The purchaser may also receive
a deed under a floating
time arrangement. According to a recent
national study, approximately 70 percent of vacation
ownership condominiums
in the United States are sold as floating
time.
Is it better to own a fixed week or a
floating week?
If you intend to use the resort, at
which you purchased, for vacations every
year, and it
is of importance
that you can go to your home resort
at a certain time, then
a fixed week would be high on your
priority list. A good example would be an individual
who owns
at a ski
resort and wants to take his vacation
the second week of February, each
year. If,
on the other
hand, you
want the flexibility to use your
resort at different times each year, or if
you
want
to use it strictly
for exchange, then a floating week
would meet your needs
What is a points based club
or program?
Points-based clubs or programs provide
the flexible use of accommodations
in multiple resort locations.
With these products, club members
purchase points, which represent either a travel
and
use membership
or a deeded real estate product.
These
points are then used like currency
to access the
various size
accommodations,
season and number of days at the
participating resort. The number of points needed
to access the resort
accommodations will vary by the
members' demand for unit size, season,
resort location, and amenities.
A points
based club or program may have
a specific term of
ownership or be deeded in perpetuity.
In other words, a
point system
is a form of vacation ownership
in which you own a number of points
each year
that represent
the
quality
of the unit you have. When exchanging,
more points translate into higher
season ratings,
larger
accommodations, and better trading
power. For example, a low season
studio unit may take 100 points
to reserve the time, but a high season
two-bedroom
unit may
require 300
points. Most systems will allow
you to borrow from future years or to
carry over unused
points to
the next year.
What are split weeks?
Split weeks are popular with
consumers who prefer shorter vacations,
as the owner may
split use
of the interval
into two separate visits to
the resort, such as one three-night
and one four-night
stay
at two
different
times of the year. Reservations
are usually granted on a first
come,
first served
basis and are based
on availability.
What is biennial
ownership?
Biennial ownership, or alternate
year ownership, allows use
of a resort ownership
product
every other year
and costs less than annual
ownership at comparable resorts.
Biennial
ownership is an excellent
vacation option for families
who can't take a vacation
every single year.
What is
fractional ownership?
Fractional ownership enables
consumers to purchase a
larger share of a
vacation ownership
unit
usually from five to 26
weeks. This type of ownership
is popular in ski, beach
and island resort areas.
What is a "Lockoff" or "Lockout" unit?
"
Lockoff" or "lockout" units are constructed
so that they may be divided
into two or more smaller units for exchange or usage
purposes. For example,
a two-bedroom lock-off
may be divided into a one bedroom and a studio, or
some other configuration, which the
particular resort will
provide. If you own one of these types of units you
have the ability to trade both parts
of the unit for two weeks.
Or if you prefer, you can use one of the parts for
exchange purposes and vacation
in the other part, giving
you the ability to vacation an additional week each
year. The real plus here is
that even though you
have the ability to have two weeks of vacation, you
still only pay one maintenance bill.
What sizes of
accommodations
are available?
Sizes
of units vary from resort to resort.
While
many resorts
have a
mixture of
Studio's, one
bedroom's and
two bedroom's, many
others have three
bedroom units
as well.
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