Banking or Deposit - Depositing a week of timeshare into an exchange system or inventory pool.
Biennial - Use of a timeshare week every other year. Owners are often referred to as either "odd" or "even" year owners.
Developer - The company that owns the resort, is responsible for constructing the accommodations and selling the product.
Exchange Company -The system that allows timeshare owners to trade the accommodations they own for comparable accommodations or travel-related services. Most resort companies are affiliated with an exchange company. Many resort companies offer an internal exchange mechanism that allows owners to exchange to resorts within their company’s portfolio of resorts.
Fixed Week - A type of timeshare ownership in which usage rights attach to a specific week of the year each year in perpetuity.
Floating Week - A type of timeshare ownership where the use rights are subject to the owner reserving his or her week within a season purchased (winter, summer, etc.) or sometimes throughout the year. A year-round "float" is most often found in resorts with no seasonality, such as Hawaii or the Caribbean.
Fractional Ownership - Leisure real estate sold in intervals of more than one week and less than whole ownership. Examples include quarters (12 weeks per year), eighths (6 weeks per year), sixteenths (3 weeks per year), etc. Fractionals are usually associated with the luxury segment of vacation ownership, offering greater services and amenities.
Home Owners Association (HOA) (also “Members’ Committee” or “Strata Council”) - The group of owners that administer the rules and regulations of a resort. The creation of an HOA is often required by Provincial laws.
Home Resort - The resort location where the owner initially purchased his or her vacation week. Ownership is usually tied to this home resort and generally involves priority reservation rights in that location.
Interval or Weekly Interval - Vacation ownership as measured by a set number of days and nights of annual use, usually one week.
Lock-off - A type of unit consisting of multiple living and sleeping quarters designed to function as two distinct units for purposes of occupancy and exchange. The unit can be combined to form one large unit or can be split or "locked-off" into two or more separate units, allowing the owner to split the vacation into multiple stays or bank all or a portion for exchange purposes.
Maintenance Fee (also “Annual Dues”) - A fee that vacation owners are required to pay, usually on an annual basis, to cover the costs of running the resort, including daily management, upkeep, and improvements.
Points - A "currency" that represents vacation ownership and is used to establish value for seasons, unit sizes and resort locations and amenities. Points are used by some developers for both internal and external exchange.
Points Conversion Program - An offering whereby owners of vacation time pay a fee to convert their interval to the equivalent in points.
Rescission - Sometimes called a "cancellation" or "cooling off" period. A period of time during which a consumer has the right to cancel a purchase contract and obtain a full refund of his/her deposit with no penalty. Dictated by provincial statute and company policy, rescission periods vary from province to province.
Resale - A vacation ownership interest that is sold on the secondary market by the original purchaser to a third party.
Right To Use - A vacation owner’s right to occupy a unit at a resort for a specified number of years and having no real estate interest conveyed.
Timesharing - A term used to describe a method of use and/or shared ownership of vacation real estate where purchasers acquire a period of time (often one week) in a condominium, apartment or other type of vacation accommodation. Timeshare is also known as "vacation ownership."
Trading power - A term used for the value assigned for exchange purposes to a member’s deposited vacation time.
Trial Membership - A product offered after the initial sales tour consisting of travel-related products and services packaged with an opportunity to experience the resort developer’s primary vacation ownership product within a defined period. Sometimes called a "sampler" program.
Vacation Club - A term used to describe various types of timesharing and usually involving use or access to more than one resort location and other vacation and travel services. Note that this term is sometimes used by many different entities, including so-called " travel clubs" which may have nothing to do with timesharing or may not provide any type of secured interest similar to that enjoyed by legitimate timeshare purchasers. If you have any questions or doubts about any Canadian prepaid vacation provider, we encourage you to first check to see if they are a CVOA Member – our emblem is your assurance of quality!
Vacation Ownership - A term often used to describe resort timesharing or fractional ownership.