WHAT IS A VACATION OWNERSHIP?
The exclusive right to vacation and enjoy ownership at a specific resort, during a specific week each year, for as long as you own it.
HOW IS VACATION OWNERSHIP DIFFERENT THAN A HOTEL?
Vacation Ownership is more luxurious than most hotels, offering a wide array of amenities and services. Most units offer fully furnished kitchens, living areas with TV and VCR/DVD and accommodations for numerous family members. Activities are available for children and adults. Most resorts offer activities like; golf, tennis, swimming, horseback riding, skiing and many other wonderful activities to keep you and your family entertained.
HOW LONG DO I OWN?
If you purchased a deeded Vacation Ownership than you own the unit until you either sell or pass it down to your heirs. A leased Vacation Ownership property gives you the right to use a week at the property for a specific number of years typically ranging from 20-99 years. When the lease matures, your property rights terminate and returns to the selling resort.
WHAT IS A FIXED WEEK?
A set time that can be used annually. This allows you to use the Vacation Ownership for that specific week for as long as you own.
WHAT IS A FLOATING WEEK?
Vacation week that may be used anytime during the year based upon resort availability.
WHAT IS FLEX TIME?
You are only allowed to use the Vacation Ownership during specific designated times of the year. This is usually categorized by a color such as yellow, green, red, blue or white. High and low seasons vary from resort to resort.
WHAT ARE MAINTENANCE FEES?
Annual or bi-annual fees paid to the resort to maintain and improve the resort. Owner fees are pooled together to pay for capital improvements, property maintenance, beautification, hospitality staff, and general upkeep of the resort.
WHAT IS AN ANNUAL VACATION OWNERSHIP?
Annual ownership allows the owner the use of the resort every year.
WHAT IS A BI-ANNUAL VACATION OWNERSHIP?
Bi-annual ownership allows the owner use of the resort every other year.
WHAT ARE POINTS?
The points system is a form of ownership. This system allows the owner to purchase points to be used for travel during specific seasons of the year. Points can be used as currently for resort stays. The more points you have available, the more desirable the resort you can stay at or you may be able to upgrade to a larger unit. The number of points it takes to stay at a resort depends on the resort location and time of year you will be staying. Different resorts have different ratings for high and low season.
WHAT IS A BANKED WEEK?
A week deposited in one of the many exchange companies to be used at a later time.
WHAT IS A LOCKOUT TIMESHARE?
A vacation ownership that is divided into two separate living spaces with two separate entrances. A lockout can be exchanged for two weeks in a smaller unit.