Glossary of Terms
- Accrued Weeks/Points - Any amount of unused weeks/Points that have been banked to be available for use for the current calendar year.
- APR - Annual Percentage rate is the annual interest rate you pay on your timeshare loan.
- Assessment Fee - Fees that are separate from your maintenance fees that are used for major repairs and refurbishment of the resort that are split amongst the owners.
- Assessment Lien - A lien placed upon the timeshare owners interest in the property for failure to pay an assessment and is potentially the start of the foreclosure proceeding.
- Assignment - The ability of the timeshare developer to transfer the mortgage debt owed on a timeshare to another company to collect. The owner does not have to be late on their payments for this to occur.
- Bank - The depositing of a week/points within a resort in exchange for time/points at another resort or to use for the next calendar year.
- Bonus Week/Points - Additional points given to a timeshare purchaser by the resort as an incentive for purchasing more weeks/points. It generally must be used in a specific time period from the date of the purchase.
- Consolidation - The combining of two or more timeshare mortgages into one loan.
- HOA/POA - Homeowner Association. The Homeowners Association is generally responsible for mortgage and maintenance decisions at the resort.
- Judicial Foreclosure - This is a litigation proceeding initiated by the resort to recover the property and the outstanding debt when an owner fails to pay the mortgage, maintenance fees or assessments.
- Maintenance Fee - Fees assessed to the owners for the upkeep of the property. These fees cover taxes, insurance and maintenance such as landscaping, pool maintenance, etc.
- Non-Judicial Foreclosure - A foreclosure proceeding not initiated in court to recover interest in a timeshare for the owner's failure to pay the mortgage, maintenance fees or assessment. This is often followed by a lawsuit to recover the outstanding debt.
- Ownership Interest - the portion of the weeks/points and owner has in a specific resort property.
- Rescission Period - The time period in the contract in which the owner can rescind the contract and get a refund. This period is generally set forth by state law and is sometimes referred to as a cooling off period.
- Rescind - The right to cancel a contract and receive a refund of any amount paid for the timeshare.
- Resale - A timeshare that is resold by either an owner or third-party entity after it was originally purchased from a resort.
- Special Assessment - A fee issued by a resort for repairs or refurbishment of the resort. This generally follows major damage to the resort as the result of water damage or a natural disaster.
- Up Front Fee - A fee which is charged upfront before starting the process of listing a timeshare for resale.
- WRAP Fee Wrap fees are the schedule of bundled rates that are charged to an investor. Instead of charging a separate fee for each service that is extended to the client, a brokerage or other type of financial service will provide the investor with a blanket charge for all services that are included in the program.
Glossary of Terms
- Accrued Weeks/Points - Any amount of unused weeks/Points that have been banked to be available for use for the current calendar year.
- APR - Annual Percentage rate is the annual interest rate you pay on your timeshare loan.
- Assessment Fee - Fees that are separate from your maintenance fees that are used for major repairs and refurbishment of the resort that are split amongst the owners.
- Assessment Lien - A lien placed upon the timeshare owners interest in the property for failure to pay an assessment and is potentially the start of the foreclosure proceeding.
- Assignment - The ability of the timeshare developer to transfer the mortgage debt owed on a timeshare to another company to collect. The owner does not have to be late on their payments for this to occur.
- Bank - The depositing of a week/points within a resort in exchange for time/points at another resort or to use for the next calendar year.
- Bonus Week/Points - Additional points given to a timeshare purchaser by the resort as an incentive for purchasing more weeks/points. It generally must be used in a specific time period from the date of the purchase.
- Consolidation - The combining of two or more timeshare mortgages into one loan.
- HOA/POA - Homeowner Association. The Homeowners Association is generally responsible for mortgage and maintenance decisions at the resort.
- Judicial Foreclosure - This is a litigation proceeding initiated by the resort to recover the property and the outstanding debt when an owner fails to pay the mortgage, maintenance fees or assessments.
- Maintenance Fee - Fees assessed to the owners for the upkeep of the property. These fees cover taxes, insurance and maintenance such as landscaping, pool maintenance, etc.
- Non-Judicial Foreclosure - A foreclosure proceeding not initiated in court to recover interest in a timeshare for the owner's failure to pay the mortgage, maintenance fees or assessment. This is often followed by a lawsuit to recover the outstanding debt.
- Ownership Interest - the portion of the weeks/points and owner has in a specific resort property.
- Rescission Period - The time period in the contract in which the owner can rescind the contract and get a refund. This period is generally set forth by state law and is sometimes referred to as a cooling off period.
- Rescind - The right to cancel a contract and receive a refund of any amount paid for the timeshare.
- Resale - A timeshare that is resold by either an owner or third-party entity after it was originally purchased from a resort.
- Special Assessment - A fee issued by a resort for repairs or refurbishment of the resort. This generally follows major damage to the resort as the result of water damage or a natural disaster.
- Up Front Fee - A fee which is charged upfront before starting the process of listing a timeshare for resale.
- WRAP Fee Wrap fees are the schedule of bundled rates that are charged to an investor. Instead of charging a separate fee for each service that is extended to the client, a brokerage or other type of financial service will provide the investor with a blanket charge for all services that are included in the program.
