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Accrued Weeks
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Timesharing weeks that have accumulated from the prior year and are available for
use in the current calendar year. Also, (see exchange or trade) you may always exchange
into another resort worldwide.
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Bonus Time
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Use of your timeshare resort in addition to your regular allocated time on a space
available basis.
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Closing Costs
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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.
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Club Membership
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Year-round usage of vacation resort facilities with purchase on a space available
basis.
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Deed (Fee Simple)
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Year-round usage of vacation resort facilities with purchase on a space available
basis.
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Developer's Price
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Estimated developer's current or market price. Full retail price of timeshares.
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Exchange
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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.
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Exchange Company
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A company that allows timeshare owners to trade their timeshare for a week at another
timeshare resort.
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Fee Simple
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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.
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Fixed Week
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The same week each and every year at your timesharing resort.
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Floating Week
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This lets you choose the week of your choice, based on availability.
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Lockout Unit
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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.
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Maintenance Fee
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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.
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Odd or Even Year Usage
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Timeshare ownership usage every other year. Some odd-numbered, some even.
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Points
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Redeem for daily stamps, weeks and getaways. Resorts offer this type of program
to owners who allow the 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 the weekend getaway.
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Right to use
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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.