Timeshare Frequently Asked Questions

Q. What is a timeshare?
A. A timeshare is ownership of a vacation property for a specific period of time, usually a week on an annual basis. The owner does not bear the cost of owning a property year round, essentially paying only for the time used. The owner may use the home resort timeshare every year or trade with numerous affiliated resorts worldwide.

Q. What is a fixed week?
A. Fixed week is set week, usually Saturday to Saturday, that can be used annually.

Q. What is a float week?
A. A float week is vacation time that can be used anytime of the year based upon availability.

Q. What is a banked week?
A. A banked week is one which is deposited with one of several exchange companies. It can be saved (banked) for use at a later time.

Q. What is exchanging?
A. Exchanging is trading vacation time at one timeshare for one time use at another resort.

Q. What is deeded property?
A. Deeded property is property which is owned in fee (lawyer term) by the owner which may be sold, gifted, or transferred by will. It is an ownership interest in real estate which never expires.

Q. What is a leased property?
A. Leased property is an interest in property which has a limited duration, sometimes renewable for extended periods. It can be assigned (transferred) by an assignment of lease or other similar document executed by the lessee or by his estate if he dies before the lease expires. It is basically an ownership interest for a limited period of time.

Q. What are maintenance fees?
A. Maintenance fee are annual fees paid to a management company or the resort to maintain and improve the property, pay real estate taxes, insurance, and for other expenses.

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. Usage varies from resort to resort.

Q. What is red, white-yellow, and blue-green time?
A. This system is used for rating the desirability of a particular timeshare week: red is the most desirable, followed by white and yellow and green are off-season.

Q. What is a bi-annual timeshare?
A. A bi-annual timeshare is one available to the owner every other year.

Q. Who are Interval International (II) and Resort Condominium International (RCI)?
A. They are the two largest exchange companies, responsible for 98% of all exchanges.

Q. What is a five-star resort?
A. A five star rating is the highest rating given to a resort in the Interval International system.

Q. What is a Gold Crown resort?
A. A Gold Crown resort is the highest rating given to a resort in the Resort Condominium International system.

Q. What is a lockout?
A. A lockout in timeshare terminology is not a type of labor dispute. It pertains to a unit divided into two separate living spaces with separate entrances, sort of a timeshare duplex. One week in a lockout unit can usually be exchanged two weeks in a regular unit.

Q. Do I need a Real Estate broker to sell my timeshare?
A. No. Most brokers charge an appraisal fee and take 20% to 40% commission of the sale. Frequently brokers don’t actually advertise or otherwise expose the property. If a buyer calls about purchasing a timeshare, the broker may direct him to another property on which the commission is greater. A buyer contacting us is able to search our entire inventory, with asking price, on our website. Because we are not commission driven, we have no incentive to direct a buyer to favor any one property over another.

Q. Will my resort resell my property?
A. Most don't offer resale programs. If there are new units to sell, the staff will usually focus on them because the profit to the resort is usually higher.

Q. Do I have to have an appraisal to sell my property?
A. No. Some brokers require one (for which you are charged) before advertising a property. You are not legally required to have one. TS Sales Team does not require an appraisal to advertise your resort.

Q. Who handles the closing?
A. TS Sales Team has an A+ and 5Star rated affiliate closing company that will handle all aspects of the typical timeshare closing cost to either party if the listed property is one of our Platinum Ad.

Q. Can I use my timeshare and advertise it for sale at the same time?
A. Yes. You can continue to use your property up until the time it is sold. However, if your week occurs later in the year than the date of the sale, you would not own it when that week arrives and therefore not have the right to use it unless you made special arrangements with the new owner.

Q. What is a joint tenancy?
A. A joint tenancy is ownership by more than one person or entity. It may between a husband and wife, by two or more friends, or two or more businesses, such as corporations. A joint tenancy between a husband and wife is usually a tenancy by the entireties in which each owns an undivided interest with the survivor acquiring unrestricted title. If the owners are not married, the usual way of holding title is as tenants in common, which may be with or without survivorship rights.

Q. What is the difference between a warranty deed, a fee simple deed, and a quit claim deed?
A. A warranty deed guarantees the buyer that the seller can and has conveyed clear title; a fee simple deed guarantees the buyer that the ownership is bona fide but not that the property is free of liens, mortgages, or other encumbrances; a quit claim deed conveys whatever the seller may own (which could be nothing) simply transferring whatever he owns, defects and all, to the buyer. Our attorney highly recommends the use of a warranty deed.

Q. What is title insurance?
A. Title insurance is insurance coverage assuring a buyer that the seller is conveying good title to the property. In essence it insures the warranties of a warranty deed and protects the buyer against claims made against the title even in the event the seller’s warranties are no longer enforceable, for instance because he has passed away or declared bankruptcy. Because of its cost, it is rarely used in timeshare resales.