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Index of Frequently Asked Questions for Buyers
What is Vacation Ownership (Timesharing)?
What is a Deeded Property?
What are RTU (Right to Use)/Lease?
What is a Fixed Week?
What is a Floating Week?
What are Point Systems?
What are Vacation Clubs?
What does Odd or Even usage mean?
What is Fractional Ownership?
What are Campground Memberships?
What is a Maintenance Fee?
What is a Lock-off Unit?
What are Closing Costs?
What is Vacation Ownership (Timesharing)? Timeshare offers people the opportunity to purchase time at fully furnished condominiums or vacation homes in weekly increments for a fraction of the cost of full ownership. This allows timeshare purchasers, for a one time price and an annual maintenance fee to own their vacations rather than renting year after year.
What is a Deeded Property? This type of property has the same rights ownership awarded to it as other deeded real estate. The owner may sell, rent, trade, will or giveaway the property.
What are RTU (Right to Use)/Lease? A lease grants the purchaser the right to use the property for a designated period of time which is specified in the contract by the developer. A typical lease can run from 25 to 99 years.
What is a Fixed Week? A fixed week property ensures that the owners will have the same week every year.
What is a Floating Week? You purchase one week of vacation time at your resort each year and that week can be used anytime within the designated season that you own. You simply request the week that you want and these requests are granted based on availability.
What are Point Systems? These offer the greatest flexibility to the timeshare owner. Participants of these systems purchase points which are used as currency to reserve timeshare accommodations of various sizes, during different seasons for varying lengths of time.
What are Vacation Clubs? Rather than buying timeshare at a particular resort in a certain size unit, Vacation club members purchase the opportunity to use a variety of timeshare accommodations at various resort locations usually within one developer’s network of resorts. Most clubs operate on point systems.
What does Odd or Even usage mean? Ownership purchased for every other year usage, either in even numbered years or odd numbered years.
What is Fractional Ownership? Ownership sold in multiple week packages, usually in 4 to 13 week blocks. This type of purchase option is popular in high demand spots such as ski, beach and island spots.
What are Campground Memberships? This is a membership that specializes in the needs of a camper. Some camping resorts are affiliated with organizations like Coast to Coast which provide usage at numerous camping sites and resorts in different locations for its members.
What is a Maintenance Fee? Maintenance fees are established and collected by the Home Owners Association or the Resort Management Company. This fee is used to maintain the property, pay insurance, utilities and refurbishing.
What is a Lock-off Unit? A unit that has the capability of being divided into two separate but complete sections. The owner of a Lock-off unit has the option of using one week of vacation in the entire unit or splitting the unit for two weeks of vacation time.
What are Closing Costs? Costs associated with the closing process; usually including deed preparation or transfer paperwork, recording costs, escrow and administrative fees.
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