Are you new to timeshares? Are some of the terms confusing to you? Here’s a short list with a few definitions to help you understand the timeshare terminology.
Accelerated Use:
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 two weeks every year for five years or five weeks per year for two years (based on availability).
Banking:
Depositing a week into an timeshare exchange company’s “bank.” If an owner does not use a week in a particular year, they are generally allowed to bank it and use it at a later time.
Fractional:
Timeshare ownership of two or more weeks at the same resort during a calendar year.
Lockout/Lock-off Unit:
Some timeshare condominium units are referred to as “lock-offs.” A lock-off, sometimes called a lockout, is a unit that can be divided into two separate sections. The owner of a lock-off can choose to rent the entire unit to one party, stay in one half of the unit and rent out the other half, or rent out both halves to different parties. The lock-off portion will likely look more like a hotel room – with one room, a bathroom, and possibly a small kitchenette. Before renting, make sure to ask whether you are getting a lock-off, and confirm the unit size and amenities in writing (an escrow agreement is the most secure way to do this).
Points Clubs:
A system where owners hold timeshare points which entitle them to use a period (varying from a few days to a few weeks) every year from a choice of resorts. Sometimes points are backed by an actual deed.
Time Division:
A system of establishing the value of a timeshare week typically based upon season. For example: a week 3 (Mid January) purchased at a New England beach resort would not hold the same value as a mid-summer week at the same resort due to the fact that the season in January is not conducive to vacationing on the beach. Time divisions are expressed as high demand or prime time, white time or medium time meaning medium desirability, or blue time or low time meaning the least desirable time. Some resorts, in locations such as Hawaii, consider all weeks as high demand since their tropical climate permits pleasant vacations throughout the calendar year.
See our full list of Timeshare Glossary Terms on our web site.