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Accelerated Use
Accelerated use refers to a program that permits someone to use their purchased time in increasingly larger increments.
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Accrued Weeks
Any unused weeks from the previous year that have been banked and are available for use this year.
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Ad Valorem
A legal term which translates to "according to value". This refers to assessment of property tax.
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Anniversary Date
The day on which earned points accumulate, once per year. This applies in the case of timeshare resorts offering a points system.
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Appraisal
For real estate, an estimation of the worth of a given property, expressed as market value.
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Appreciation
When applied to real-estate, the term "appreciation" means that the property has accrued value over time.
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ARDA (American Resort Development Association
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 developers and also lobbies for the industry. ARDA was first known as the American Land Development Association, originally founded in 1969. Today, ARDA is comprised of nearly one thousand small companies and large conglomerates from all over the world.
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Banking
Banking, when referring to timeshares, is the option to put away unused weeks, or points, to be used later.
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Biennial
Usage of a timeshare week occurring every other year.
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Bulk Banking/Block Banking
Banking a large amount of timeshare weeks with an exchange company as soon as possible.
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Bonus Time
Bonus Time is time spent at your resort that falls outside of your allocated week.
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Bonus Weeks
Extra weeks offered as incentives to buyers.
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Closing Costs
Closing Costs are expenses incurred during the sale-closing process.
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Club/trust membership
Club/Trust Membership refers specific resort programs which allow for year-round usage of resort facilities.
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Constitution
A document that establishes guidelines as to how the resort is run.
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Cooling-off period
The Cooling-Off Period refers to the number of days within which a buyer may rescind his or her purchase of a timeshare property without incurring penalties.
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Depreciation
Depreciation refers to the reduction of the value of real-estate or other property.
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End-user finance
When a loan is provided to enable a buyer to purchase timeshare property.
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Escritura
In Spanish, the registration and deeding process for a Deed of Title.
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Escrow
Escrow is an account specifically set up to hold and transfer funds between a buyer and seller.
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Exchange
Exchange refers to the option to trade one timeshare week for another timeshare week.
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Exchange company
Exchange Companies are third-party organizations that exist to facilitate the exchange of banked timeshare weeks.
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Fee Simple
A type of timeshare ownership wherein the owner holds a deed in his/her name. Fee Simple is considered to be the opposite of right-to-use or lease ownership. This type of ownership continues forever; the ownership of the property can even be bequeathed to heirs.
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Fixed Unit
A Fixed Unit means that the owner has rights to the same physical unit every year.
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Fixed Week
A Fixed Week is a specific week during the calendar year that is usually identified by a number.
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Floating Week
A floating week may be used any time during the calendar year based on a resort's availability.
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Fractional Ownership
Fractional Ownership is a specific type of deeded vacation property ownership wherein usage and ownership are based on the division of property into shares.
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Gold Crown Resort
RCI's highest rating for a resort. Similar to I.I.'s criteria for "five-star resort".
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Guest Certificate
A Guest Certificate is documentation which authorizes a guest to use a timeshare exchange in lieu of the owners.
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Holiday Club/Vacation Club
A Holiday Club or Vacation Club is an organization or program which provides a number of timeshare weeks to members.
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Holiday Ownership
Synonymous with vacation ownership, another term for timeshare.
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Interval International
Interval International, the second largest exchange company in the world.
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Instant exchange
An exchange of timeshare intervals on short notice through RCI.
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Internal Exchange
Internal Exchange refers to exchange of a week of vacation ownership within a particular resort network.
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Interval
With respect to timeshares, the term Interval refers to a unit of usage time.
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Lease
A Lease is an arrangement that allows for property usage in localities where deeded ownership of vacation properties is not permitted by law.
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Levy
Among members of a points club, the term levy refers to administrative fees incurred by individual members. Levies can also encompass any charges the resort management may impose for use of a particular week.
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Linked Agreement
A Linked Agreement is actually two agreements appearing to be separate which are, in fact, linked.
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Lockout, a.k.a. lock-off unit
A Lockout or Lock-off is a unit that can be divided into two or more separate sections.
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Maintenance fee
A Maintenance Fee is a regular charge levied by the management company of a particular resort or the home owners association responsible for the upkeep of the property.
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Management company
The Management Company is a company responsible for running the resort on a day-to-day basis.
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Odd- or even-year usage
Odd or Even Year Usage is vacation property ownership where the owner can use his or her property every other year.
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OTE (Organisation for Timeshare in Europe)
The Organization for Timeshare in Europe is a trade association in Europe composed of resort owners and developers.
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Points
Points are a unit of measurement used by exchange companies and timeshare owners to establish value for seasons, sizes of resorts, and resort locations.
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Quartershare
Three-month interval ownership with a rotating schedule.
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RCI
RCI (Resort Condominiums International) is the largest timeshare exchange company in the world.
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Red Week
The term "Red Week" refers to the peak season at a resort during which timeshare properties are at their most desirable.
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Resale
A Resale timeshare is a vacation property being advertised for sale after it was originally purchased from the resort developer.
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Rescission
A Rescission is a grace period allowed by law and/or company policy during which a timeshare buyer has the right to cancel a purchase agreement without penalties.
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Right to use (RTU)
Right to Use refers to a lease agreement granting use of a timeshare property for a specific period of time.
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Season
Seasons are designated time periods throughout the year denoting usage value and/or period of ownership.
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Sinking fund
A fraction of a resort's management fee that is allocated specifically to ensure that the facilities and furnishings are kept in "like new" condition.
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Space Banking
Space Banking occurs when a timeshare owners deposits a timeshare week into an exchange company's "bank" or inventory in order for the option to trade for another week.
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Special Assessment
In addition to a yearly maintenance fee, sometimes this additional charge is billed to timeshare owners from a management company. This charge is intended to cover expenses related to major repairs and refurbishment endeavors.
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Timeshare
Timeshare is the concept of purchasing a recurring increment of time at a resort, condominium, apartment or other facility.
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Time Division
Time Division is a way of classifying interval weeks according to their value. Time division breaks all the weeks in a given year down into three distinct categories: high demand, medium demand and low demand.
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Trading Power
Trading Power refers to the relative value of an interval week when trading for a different property through a timeshare exchange company.
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Trustees
Trustees of a resort property exist primarily as a kind of insurance policy, in order to provide a secure backing in case a resort developer does not succeed financially.
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Vacation Ownership
Synonymous with "timeshare"
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Week Fifty-Three
Week Fifty-Three is generally reserved for the exclusive use of the resort developer or other important member or Trustee.
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Q:
What is a timeshare?
A:
Vacation property ownership without the up-front cost of owning a property year round, you pay for the time you use. You may use your home resort every year or trade to thousands of other affiliated resorts worldwide.
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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 off-season.
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Q:
Fixed or floating time what's the difference?
A:
Fixed time is a specific week during the year usually defined by a number. Generally the week will begin on a Friday, Saturday or Sunday and is given a number starting with the first week in January and continuing through the end of December.
Floating time means you have the right to select any available week within a certain season of the year. Therefore, if you own a summer season week you could pick any week that falls within the defined summer months.
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Q:
What is a banked week?
A:
A week of timeshare deposited in one of the many exchange companies to be saved or banked for use at a later time.
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Q:
What does lockout mean?
A:
A timeshare that is divided into two separate living spaces with two separate entrances. A lockout will usually exchange one week for two weeks in a smaller unit.
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Q:
How long do I get to stay at the resort if I purchase?
A:
Usually one week - 7 nights. Timeshares are typically sold in intervals consisting of a seven-night stay.
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Q:
Can I use the resort at other times in addition to my week usage?
A:
YES. Most resorts offer additional time to owners at a reduced rate; this benefit is most commonly known as bonus time.
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Q:
Will I receive clear title on the property?
A:
YES. Every sale is processed through a title and escrow company.
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Q:
What is a point system?
A:
Points are offered annually and can be redeemed for daily stays, weekend getaways, full week stays or other products. Additional points can be purchased but usage varies from resort to resort.
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Q:
Do I have to have an appraisal to sell my property?
A:
No, Not to sell a vacation property and be very leery of any organization telling you different.
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Q:
If I own a fixed week, am I limited to vacationing that particular week every year?
A:
No. You can always request a different week at your resort, or request at another resort in the same geographical location. Or, if you'd prefer a week somewhere else in the world, you can simply exchange your week by using a timeshare exchange organization like RCI (Resort Condominiums International) or Interval International.
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GO AHEAD-Make an Offer!
Only the owner knows what they will accept, and it may be less than you think. If you are interested in a listing, hit the "make an offer" button ... and give it your best shot.
Resort:
MROP at Alii Kaill
City:
Kauai
State:
Hawaii
Country:
United States of America
Bedrooms:
2
Bathrooms:
2
Sale price:
$11,000
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