Useful Timeshare Terms

Accrued Weeks
Timesharing weeks that have accumulated from the prior year and are available for use in the current calendar year. Also, (see exchange) you may always exchange into another resort worldwide. 

Bonus Time 
Use of your timeshare resort in addition to your regular allocated time on a space available basis. 

Closing Costs 
Costs associated with the timeshare closing process, usually including deed preparation or transfer of equity for right-to-use properties, recording costs, escrow fee and administrative fees. 

Club Membership 
Year-round usage of vacation resort facilities with purchase on a space available basis. 

Deed (Fee Simple) 
Ownership interest providing title to your timeshare. 

Developer's Price 
Estimated developer's current or market price. Full retail price of timeshares. 
 
Exchange 
The process of trading timeshares at one resort for timeshares at another resort or trading a specific week at the home resort for another week at the same resort. 

Exchange Company 
A company that allows timeshare owners to trade their timeshare for a week at another timeshare resort. 

Fee Simple 
The timeshare owner holds a deed in their name and the ownership of the timeshare can be willed over to your children, a charity or friend. 

Fixed Week 
The same week each and every year at your timesharing resort. 

Floating Week 
This lets you choose the week of your choice, based on availability. 
 
Lockout Unit 
A unit which has the capability of being divided to create two separate but complete units. If an owner buys a lockout unit, he/she can divide the unit and either stay in one half of the unit and rent the other half or rent both. 

Maintenance Fee 
Maintenance fees are established and collected to maintain the timeshare resort, pay insurance, utilities, taxes and etc. These fees vary from resort and with the type and size of the timeshare unit purchased. 

Odd or Even Year Usage 
Timeshare ownership usage every other year. Some odd-numbered, some even. 

Points 
Redeem for daily stamps, weeks and getaways. Resorts offer this type of program for owners to choose and control over when and where they vacation or for how long or short they stay. 
Instead of staying for a week, owners can stay for 3 days, 4 days or stay just for a weekend getaway. 

Right to Use 
No deed. (It's just like leasing a car for x amount of years). After the lease is over you do not own any property. Occupancy rights for a specified number of years, with no ownership interest in the property.

This page was created to educate and to answer any of our customers' questions. resortvp.com is here to help you and provide all of the knowledge you need about timeshare/vacation ownership. If you feel we did not answer any of your questions please feel free to e-mail us. We will contact you as soon as possible.