A TIME-SHARE GLOSSARY

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Disclaimer No written page can replace the advice of a competent professional. International Timeshare Resellers Ltd. is pleased to provide this Time Share Glossary as a convenience to our visitors and prospective purchasers. While every effort is made to ensure the accuracy of this information, users are advised that any information obtained through these pages should be verified independently by consultation with a qualified professional. International Time Share Resellers shall not be responsible for errors or omissions in any material provided in these pages.

Appraisal Bank Banked Week Certificate Deed Deeded Week Default Deposit Encumbrance Exchange Confirmation Fee Simple Fixed Week Floating Week Instant Exchange

Joint Tenancy Lease Leased Unit Maximum Occupancy Private Occupancy Request Request Window Shares in a Company Standard Exchange Tenancy in Common Title Trading Power Transfer return to Main Page

Appraisal: A determination of the market value of a piece of property done by a qualified professional trained in appraisal techniques and familiar with the local market. The usual phrase used is: "The value at which a given property will sell, between a willing seller and a willing purchaser, given a reasonable period of time for exposure to the market. NOTE: BEWARE OF ANY RESALE COMPANY THAT TELLS YOU THAT YOU HAVE TO HAVE AN APPRAISAL BEFORE THEY WILL LIST YOUR WEEK.

Bank - Banking or Depositing a Week: Turning over the use of one or more of your own weeks for use by someone else, through one of the exchange companies. After turning in your week, you can wait up to two years to book a week somewhere else. This is just like the banking you do with your savings. After you deposit a week, you can later withdraw a week for your use. See Also Deposit

Banked Week: A week that has been deposited with an exchange company.

Certificate: A Certificate stating that you have the use of a specific week or a floating week for a specific period of time, often 30 years. The Title to the unit is held in Trust by the issuer of the certificate. See also Trust and Lease

Deed: The title to your vacation unit. In many jurisdictions, a Deed is called a Title and is understood to confer title to the unit to the person shown on the deed.

Deeded Week: A week at a resort where the title is registered in the name of the owner, as opposed to one held in Trust or by a certificate

Default: Breach of a contract. Failure to do or not to do something that you have agreed either to do or not to do. It is important that your maintenance fees be paid regularly to avoid a default and the loss of your vacation week.

Deposit: Turning over the use of one or more of your own weeks for use by someone else. See Also Banking

Encumbrance: A lien or charge, whether financial or non financial, registered against the title to the property. An easement is a non Financial Charge, while a mortgage, Judgement or Claim of Builder's Lien would be a financial charge.

Exchange Confirmation: The confirmation from an exchange company of a reservation of a week that you wish to book. This confirms the week that you banked, the week that you have chosen in exchange and the dates of occupancy.

Fee Simple: Ownership without conditions. The English Common Law provided for a number of ways of owning title to land. The word "Fee" meant ownership and additional words added described the style of ownership. "Fee Simple" was simple ownership, without any reservations or terms. An estate limited absolutely to a person and his or her heirs and assigns forever without limitation or condition. The name survives today.

Fixed Week: The oldest and most common form of time share ownership. You either own or are entitled to use a specific unit at a specific time each year.

Floating Week: Your week can be used at any time of year, but you must book the time each year, usually on a "first come, first served" basis.

Instant Exchange: A short notice exchange offered by both of the exchange companies. The week chosen is usually within a 60 day period.

Joint Tenancy: The form of ownership in which the Registered Owners of equal interests in the property declare that there shall be an automatic right of survivorship. If one dies, the other automatically becomes the owner of the entire property. In most jurisdictions, the property does not form part of the deceased's estate and is deemed to pass to the surviving owner the moment before death. Most couples would register their vacation ownership into both names, as Joint Tenants, ie. With Right of Survivorship.

Land Title Office: A registry or recording office where title are registered.

Lease: In Time share parlance, a lease is a right to use the property for a specific period of time, usually 30 years, but can be much longer. It is also common for a developer to set up a titled unit time share so that the units are conveyed or transferred to each of 51 different individual owners, each of whom owns an undivided 1/51 interest in the unit. Before selling any interests, the developer grants a head lease over the whole unit to the Resort company, who then issues subleases to each of the owners, one sublease for each week. In this way, the owner has a registered deed or title, and also has a method of assuring that he gets the specific week he wants.

Leased Unit: A unit that is leased instead of being owned by the vacationer. Because of the policies of the Mexican Government regarding foreign ownership, most of the timeshares in Mexico are leased.

Maximum Occupancy: The maximum number of persons permitted by the rules of the resort to occupying a unit.

Private Occupancy: The number of persons who can occupying a unit while maintaining their own privacy. ie private bedroom arrangements

Request: A request for a specific week and resort. This may be granted immediately, or sometimes you may choose to have the request left with the exchange company in hopes that the unit you want will become available.

Request Window: The time frame in which you may "withdraw" or book a week. generally two years.

Shares in a Company: In some resorts the property is owned by a company, and instead of transferring the individual units, they issue share in the corporation instead of transferring the individual units. The shares are issued along with a Right to Use agreement specifying the week or points you purchased.

Standard Exchange: An exchange with an exchange company that iss not an instant exchange.

Tenancy in Common: The form of ownership in which the Registered Owners of interests in the property declare that there shall be NO automatic right of survivorship. If one dies, his or her share is distributed in accordance with their Will or the Estate Administration Act or similar legislation, if they die without a will. The property forms part of the deceased's estate and passes to the Personal Representative of the Deceased upon filing a Probate Order with the Land Title Office.

Title: Properly called a Title in some jurisdictions and a Deed in others, this is the proof of a person's ownership of a property, and it is generally registered in a Land Title Office or Recorder's Office.

Trading Power: The value of your week when it comes to trading it for another is called Trading Power. Your week, the location of your resort, the amenities of your resort and the lenght of time between deposit and use, all combine to give your unit a Trading Power "value" which the exchange companies use. Banking your week early enhances your trading power.

Transfer: The written instrument, signed by the "Transferor" (seller), and delivered to the "Transferee" (buyer), by which one person conveys a property to another.

International Time-Share Resellers Ltd. # 26 2098 Boucherie Rd, Westbank, B.C. Canada, V4T 2A4 e Mail :   itsr@shaw.ca Phone: (250) 768-1961 Fax: (250) 768- 1561