The Most Common Timeshare Terms You Should Know

The Most Common Timeshare Terms You Should Know

timeshare property

Timesharing is a way of owning and using a shared vacation real estate. It’s also referred to as vacation ownership.

Here are some of the most popular timeshare-related terms you should know of.

Fixed Week

If you have a fixed week timeshare, you have exclusive rights to the property for a specified period each year. This way, you can plan your annual vacations during the same period each year. For instance, you can have exclusive rights during the last two weeks of July each year, ensuring you can vacation during your preferred season and dates.

Floating Week

In contrast to a fixed week timeshare, a floating week timeshare offers you the exclusive rights of the property for a predefined period throughout the year. This way, you have more flexibility and can switch your vacation dates as per changing preferences.

Fractional Ownership

Fractional ownership is a form of deeded vacation property ownership. Under this, the leisure real estate in question is sold in intervals. The ownership and usage of the timeshare property is based on the division of shares.

Fractional ownership is closely related to luxury vacation ownership.

luxury vacation home

Lock-Off

This is a type of timeshare unit with multiple living quarters, each of which functions as a separate unit. These units are used for exchange and occupancy. One large unit may be split into two, creating two “locked-off” units.

Lock-off units allow timeshare owners to use the additional units in various ways.

Points

Timeshare ownership has its own currency that’s used to determine value. The points or credits are allotted to timeshare unit sizes, locations, and seasons. They can be used to negotiate flexibility for vacation periods.

Some developers also use the points system to facilitate internal and external exchange.

Rescission

Did you know there’s a cancelation period included in your timeshare contract? This is called the “rescission” or “cooling off” period, during which you can cancel your purchase and get a full refund.

The rescission period can vary from state to state. However, don’t be deceived into thinking that you can’t terminate your contract once this period ends. A timeshare cancelation attorney can help you end your contract even after the specified rescission period.

Timeshare Cancelation Attorneys in California

If you want to kick-start the timeshare cancelation process, reach out to the team at The Law Offices of Mitchell Reed Sussman & Associates. Their timeshare cancelation attorneys offer a no-cost timeshare attorney evaluation and can help you terminate your timeshare contract.

Contact their timeshare exit attorneys for more details!

 

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