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By:Timeshare Info:
Q. What is timeshare A. A timeshare is a type of vacation property ownership in which the owner
has a deeded or right to use agreement with a resort for a designated period
of time. Timeshares have become a great alternative to the high cost of
owning a vacation home.
Q. What is the difference between deeded and right to use A. A major difference in types of vacation ownership is that between deeded
and right to use contracts. With deeded contracts the use of the resort is
usually divided into week long increments and these are sold as fractional
ownership and are real property. As with any other piece of real estate the
owner may use his or her week rent his or her week give it away leave it
to his or her heirs or sell the week to another prospective buyer. While this
form of ownership can offer additional security to the owner as a form of
physical ownership deeded ownership can be as complex as outright property
ownership in that the structure of deeds varies according to local property
laws. Leasehold deeds are common and offer ownership for a fixed period of
time after which the ownership reverts to the Freeholder. Occasionally
leasehold deeds are offered in perpetuity however many do not convey
ownership of the land but merely the apartment or unit of accommodation. With right to use the purchaser has the right to use the property in
accordance with the contract but at some point the contract ends and all
rights revert to the property owner. In other words the right to use
contract grants the right to use the resort for a specific number of years.
In many countries there are severe limits on foreign property ownership so
this is a common method for developing resorts in countries such as Mexico.
Disney Vacation Club is also sold as a right to use. Care should be taken
with this form of ownership as the right to use often takes the form of club
membership or right to use the reservation system. Where the reservation
system is owned by a Company not in the control of the owners the right of
use may be lost with the demise of the controlling Company.
Q. Where are timeshares located and where should I purchase mine A. Timeshares are all over the world most people purchase at: A resort that they can trade for other locations. A resort in their local area they can drive to. A resort in a specific location that they would enjoy vacationing at
several times.
Q. What if I want to see the resort before I purchase A. You have a couple options to do this one is to rent from a person who is
trying to sell theirs or rent theirs. Another way is to good to the resort on
a vacation package which will save you hunderds of dollars on your stay and
also allow you to do a tour of the property.
Q. What is a maintenance fee A. The maintenance fee is an annual charge on top of your initial purchase
cost that goes toward the upkeep of your timeshare. Your maintenance fee
usually covers property taxes insurance utilities cable telephone and
all property up keep such as furniture carpet and the common facilities of
the resort. Usually the resorts Homeowners Association decides this fee.
Q. What is a transfer fee A. A transfer fee is a cost that resorts charge to transfer ownership from
one party to another. This fee applies directly to resale timeshares.
Transfer fees are determined by the resort and will vary depending on what
resort you are buying.
Q. What types and sizes of accommodations are available A. These properties tend to be apartmentstyle units ranging in size from
studio units (with room for two) to three and fourbedroom units. These
larger units can comfortably house large families. Units normally include
fully equipped kitchens with a dining area dishwashers televisions DVD
players and more. It is not uncommon to have washers and dryers either in the
unit or easily accessible on the resort. Kitchens are equipped to the size of
the unit so that a unit that sleeps four should have at least four glasses
plates forks knives spoons and bowls so that all four guests can sit and
eat at once. Sizes of units vary from resort to resort but as a rough guideline are
broken down by bedroom number and how many adults they sleep. Here is the
breakdown: Hotel Unit Sleeps 2 Studio Unit Sleeps 2 to 4 One Bedroom Unit Sleeps 4 to 6 Two Bedroom Unit Sleeps 6 to 8 Three Bedroom Unit Sleeps 8+
Q. What is a fixed week A. A fixed week is ownership of a specific week of usage each year. The first
week of the year will be designated as week #1 and the last week of the year
will be week #52. Usually fixed weeks are assigned to a fixed condominium
unit as well.
Q. What is a floating week A. A floating week means that the week you own is not a predetermined week.
A floating week guarantees you one week within a certain time period based on
what season rating your membership is. An example of this may be a floating
summer week where the owner may request any week during the summer season
generally weeks 22 through 36. In this example there would be competition for
prime holidays such as the weeks of Memorial Day Fourth of July and Labor
Day. The weeks when schools may still be in session would not be so high in
demand. Some floating contracts exclude major holidays so they may be sold as
fixed weeks. If you plan on exchanging your floating week you will need to
make a reservation before you deposit your week with the exchange company.
Q. What is a rotating week A. Some timeshare weeks are sold as rotating weeks. In an attempt to give all
owners a chance for the best weeks the weeks are rotated forward or backward
through the calendar so one year the owner may have use of week 25 then
week 26 the next year and then week 27 the year after that. This method does
give each owner a fair opportunity for prime weeks but it is not flexible.
Q. What is a point system A. A point system is a vacation ownership in which you own points that
represent the quality of the unit you will have. More points translate into
higher season ratings larger accommodations and better trading power.
Q. What is a lockoff unit A. Lockoff units may be divided into two or more smaller units for exchange
or usage purposes. For example a two bedroom lockoff may be divided into a
one bedroom and a studio or some other configuration which the particular
resort will provide. Usually one of the units is used for exchange purposes