Glossary of Timeshare Terms and Acronyms
In order to assist our visitors that are new to the world of timeshare ownership, Resort Timeshare Marketing has compiled the following Glossary of Terms to help you understand the some of terms used in timesharing. Included below are some of the terms used throughout Europe and in the UK which are different from terms commonly used in North America, along with a handful terms that are used within the industry in sales rooms.
PLEASE NOTE Some of the below terms have been sent to us by readers, and some are so prevalent on the Web that we have no way of knowing where they originated. If we have stepped on any toes, please let us know so we can provide proper credit where it is due.
A right-to-use program that allows the member to accelerate usage of the time purchased. For instance you have a 10-year right to use one week per year at a resort offering accelerated use. Instead of using one week every year, you may choose to use 2 weeks every year for 5 years or 5 weeks per year for 2 years. (Based on availability.)
Weeks that you "banked" from the prior year which are available for use in the current calendar year.
AIRDA (The all India Resort Developers Association)
The trade association in India for the timeshare industry.
Features that add to the value of the property such as swimming pools, tennis courts, golf courses, spas, boating, fitness room, laundry facilities, etc. Generally speaking, the more amenities a resort offer the greater the increase in value and desirability of the property.
ARDA (The American Resort Developers Association)
The main trade association in the United States for the timeshare industry. Provides lobbying and other services in support of the industry.
Depositing a week of timeshare into an exchange company's "bank". If you do not use a week in a particular year, you are generally allowed to bank it and use it at a later time. See Accrued Weeks, Block Banking and Space Banking.
Salesperson's term for prospective purchasers who avoid buying by saying that they will 'be back'. Salespeople sometimes refer to them as "riding the be-back bus" and in other less flattering terms.
Use of a fixed week every other year ('EOY'). Owners are referred to as 'Odd' or 'Even' year owners. See Odd or Even Year Usage.
Block or (Bulk) Banking
The depositing, usually by the resort management, of a large number of weeks into the exchange company "bank" at the earliest time possible.
Use of your resort in addition to your regular allocated time on a space available basis. A Developer Bonus Week (DBW) is available to members who own at participating resort. These bonus weeks are issued directly from the resort, often issued as a signing bonus upon the purchase of a timeshare interval. Sometimes owners can purchase bonus weeks from the resort as unsold developer-owned weeks. A second type of bonus week is one issued by an exchange company. Owners of high-demand resort weeks receive them as incentives to deposit their timeshare week.
A membership to a resort or resort community catering to campers, some of which are affiliated with national organizations providing camping locations for members in many states and other countries.
Cooperative Association of Resort Exchangers. A trade association established in 1985 comprised of resort developers, independent exchange companies, management companies, travel clubs and resort service companies.
The assigned date and day of week the interval week begins; usually Friday, Saturday, or Sunday. The check-in day begins the seven-day interval week. For example, if the interval week begins on Friday, the week ends on the following Friday. The interval owner (or renter) need not always check in on the specific check-in day; however, late check-in does not extend the interval week beyond the scheduled checkout day.
Check -in Time
The assigned hour an interval week begins; usually 300 PM, 400 PM, or occasionally 500 PM prevailing time. The interval owner need not check in at the precise time; however, late check in does not extend the interval week beyond the assigned
Check Out Time
Check-out time is normally 10.00 AM or 11.00 AM prevailing time on the seventh day following check-in. [Example check-in on Saturday at 4.00 PM and check-out on the following Saturday at 10.00 AM].
Those costs associated with the closing process, usually including deed preparation or transfer of equity for right-to-use properties, recording costs, escrow fee, and administrative fees.
Club Trust Membership
Year-round usage of resort facilities with purchase, on a space available basis. This is the most generally used system of timeshare 'ownership' in the United Kingdom and is growing in popularity everywhere else. Owners belong to a Club; their accommodation units (and sometimes the leisure facilities) are held by Trustees who license a 'Right-to-Use' to 'Owners'. Sometimes club membership is backed by a deed of ownership, sometimes it is not. (The escritoire system in Spain is a deeded system, but deeded timeshare ownership is not legal in the UK and some other countries.)