Q: What does lock-out mean?
a: A timeshare that is divided into two separate living spaces with
separate entrances. A lock-out will usually exchange for two weeks in a smaller
unit.
Q: What is a biennial timeshare?
a: A property that can be used every other year. Do not confuse this with
biannual which means two times a year.
Q: What is a five-star resort?
a: The top rating given to a resort.
Q: What is a gold crown resort?
a: The top rating given to a resort in the resort condominium international
system.
Q: What is red, white-yellow, and blue-green
time?
a: A color system used for rating the desirability of a timeshare week. red
is considered the most desirable followed by white and yellow. Blue and green
are considered the off-season.
Q: What are maintenance charges?
a: An annual fee paid to maintain and improve the property.
Q: What is a float week?
a: Vacation time that can be used anytime of the year based upon
availibility.
Q: What is a deeded property?
a: A property that is owned for life and may be willed to someone.
Q: What is a leased property?
a: A property that you own for a pre-determined number of years.
Q: What is exchanging?
a: The act of trading vacation time with other owners for a one time use.
Q: What is a banked week?
a: A week of timeshare deposited in one of the exchange companies to be saved
to leased or used.
Q: Will my resort resell my property?
a: Most resorts do not. the ones that do require a large commission.
Q: Do I need an attorney/who handles the
closing?
a: Legal counsel is not required to sell your timeshare. We prepare all closing
and transfer documents in-house, thus saving the Buyer hundreds of
dollars.
Q: What is an upfront fee?
a: An upfront fee is what you pay when you buy a timeshare property. You
are paying upfront for your vacations at a reduced rate.
Q: What is flex time?
a: Flex time is the same as float time however, you are not able to use all
52 weeks out of the year. you may be able to use timeframes such as, winter
flex or summer flex, blue time frames and white timeframes. Flex time does
differ from resort to resort, so be sure to ask.
Q: Can I use my timeshare and still market
the sale at the same time?
a: As long as you haven't accepted an offer, you can continue to use your
property or lease to potential buyers.
Q: Who are Interval international (II) &
Resort Condominium International (RCI)?
a: The two largest exchange companies. They are responsible for 98% of all
exchanges.
Q: Do I need a real estate broker to
sell my timeshare?
a: No, a real estate broker is not necessary. Most charge high commissions.
Some charge appraisals and for marketing costs.
Q: What are points/the point system?
a: The newest form of ownership to become popular is the point system or
credits. You purchase a specific number of points or credits, which enables
you to travel in specific seasons of the year and to various sized units.
You also have the ability to use most point or credit based resorts minimum
1 night to the maximum number of weeks purchased. The point or credit
distributions usually relate to more points or credits used during high seasons
and larger accommodations versus a smaller unit during the quiet season.
because this system is very flexible, it is growing in popularity. Down falls
are that their accounting systems are often confusing, and they are subject
to availability, same as with floating/flex time.
Q: Do I have to have an appraisal to sell
my Property?
a: You do not have to have an appraisal to selll your timeshare.
Q: What is a
timeshare?
a: Timesharing started in Europe in the 1970's and the concept was simply
an arrangement whereby a number of people joined to buy and run a holiday
resort for their benefit. the idea worked well and spread throughout the
world. Presently, there are several million timeshare owners. Vacation or
timeshare ownership is a simple concept. You avoid the yearly expense of
maintaining and furnishing a totally owned luxury vacation home. You pay
for only the time you wish to use.You may return to your home resort every
year or trade weeks to other destinations
worldwide
Vesting a
Timeshare
Tenancy by the
Entirety
A tenancy which is created between
husband and wife and by which together they hold title to the whole with
right of survivorship so that, upon death of either, other takes whole to
exclusion of deceased heirs.
Joint Tenancy
The distinguishing characteristic
of joint tenancy is the right of survivorship. If one of the joint tenants
dies, their interest passes automatically to the surviving party instead
of being tied up in lengthy probate proceedings. When two or more people
own a property as joint tenants, they own an undivided co-equal interest
in the property.
Tenancy-in-Common
This is a standard form of ownership
for unrelated buyers that 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
bequeath in their Last Will and Testament the person or persons to whom his
share will pass upon death.
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