Life Style / Time Shares Glossary

Accelerated Use: Accelerated use refers to a program that permits someone to use their purchased time in increasingly larger increments. For example, you have one week or year at a timeshare property with a . . . View Full Definition

Accrued Weeks: Any unused weeks from the previous year that have been banked and are available for use this year. This will not be the same with all time shares so you should check your contract for furthe . . . View Full Definition

Ad Valorem: A legal term which translates to 'according to value'. This refers to assessment of property tax.

Amenities: Features such as swimming pools, tennis courts, laundry rooms and boat docks that offer additional conveniences.

American Resort Development Association (ARDA): Based in Washington, D.C., this is the foremost trade association representing the timeshare ownership and property development industries. ARDA advocates on behalf of resort owners and deve . . . View Full Definition

Anniversary Date: The day on which earned points accumulate, once per year. This applies in the case of timeshare resorts offering a points system. For credits based or point based products or programs, the . . . View Full Definition

Appraisal: For real estate, an estimation of the worth of a given property, expressed as market value. Determining the market value of timeshare properties is not an exact science. Because of this, tim . . . View Full Definition

Appreciation: When real estate appreciates, it has accrued value. Rarely, however, do timeshare properties appreciate. Since the value of a vacation property fluctuates depending on the time of year, it i . . . View Full Definition

Banking: Generally, when dealing with a timeshare exchange company, a timeshare owner has the option to reserve unused weeks for use at a later time. These may also be exchanged for different weeks a . . . View Full Definition

Biennial (EOY): Usage of a timeshare week occurring every other year. Also referred to as EOY (every other year).

Block Banking: Banking a large amount of timeshare weeks with an exchange company as soon as possible.

Bonus Time: Bonus time is use of a resort in addition to regular allocated time on a space available basis. A Developer Bonus Week (DBW) is available to members who own timeshares only at a participatin . . . View Full Definition

Bonus Weeks: Often promoted by a timeshare developer, timeshare resort, or exchange company, these are usually low-demand weeks offered as an incentive to buyers.

Bulk Banking: Banking a large amount of timeshare weeks with an exchange company as soon as possible.

Closing Costs: Expenses incurred during the sale closing process, or 'back end' of a transaction. These normally include preparation of the deed, equity transfer for right-to-use timeshare properties, reco . . . View Full Definition

Club-Trust Membership: Becoming more popular, this system of timeshare ownership is most common in the UK. Members of a club have the privilege of using a resort's facilities year-round. Their right-to-use agreeme . . . View Full Definition

Constitution: Legal documentation which describes and regulates the relationships between the management company, trustee, developer, and owner. The constitution essentially establishes guidelines as to h . . . View Full Definition

Cooling-Off Period: Also know as rescission, this term refers to the time period following the purchase of a timeshare property during which a buyer may cancel the agreement without incurring penalties. In the . . . View Full Definition

Credits: Related to timeshare products or programs offered by some timeshare companies that assign a yearly allotment of 'credits' that can be used like currency for resort stays. This allows timesha . . . View Full Definition

Deeded Ownership: A timeshare product that is evidenced by an actual deed to a specific property or unit. Deeds are recorded in the county in which the property is located.

Deeded Property: A deeded property is one in which the property title does not expire. Once you own the timeshare, it's yours until you decide to sell it, much like home ownership. Deeded timeshares may also . . . View Full Definition

Demand Times: The periods of time in a resort that are requested the most. These are often unique to the particular resort location and depend on things such as climate and activities.

Deposit Window: The 24 month time frame within which timeshare owners are eligible to deposit their vacation week in the exchange pool.

Depreciation: Reduction of the value of real estate or other property. Vacation properties are not necessarily prone to depreciation, though they are likely to cost much less on the resale market than wha . . . View Full Definition

End-User Finance: When a loan is provided to enable a buyer to purchase timeshare property.

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