Frequently Asked Questions
Q.
What is a timeshare?
A. Vacation
property ownership without the up-front cost of owning a
property year round, you pay for the time you use. You may use
your home resort every year or trade to thousands of other
affiliated resorts worldwide.
Q.
What is a fixed week?
A. A
set time that can be used annually.
Q.
What is a float week?
A. Vacation time that can be
used anytime of the year based upon availability.
Q.
What is a banked week?
A. A week of timeshare
deposited in one of the many exchange companies to be saved or
banked for use at a later time.
Q.
What is exchanging?
A. The act of trading
vacation time with other timeshare owners for a onetime use.
Q.
What is deeded property?
A. A property that is owned
for life and may be willed to someone.
Q.
What is a leased property?
A. A property that you own
for a pre-determined number of years.
Q.
What are maintenance fees?
A. An annual fee paid to
maintain and improve the property.
Q.
What is a point system?
A. Points are offered
annually and can be redeemed for daily stays, weekend getaways,
full week stays or other products. Additional points can be
purchased but usage varies from resort to resort.
Q.
What is red, white-yellow,
and blue-green time?
A. A color system used for
rating the desirability of a timeshare week. Red is considered
the most desirable followed by white and yellow. Blue and green
are considered off-season.
Q.
What is a bi-annual
timeshare?
A. A property that can be
used every other year.
Q.
Who are Interval
International (II) and
Resort Condominium International (RCI)?
A. The two largest exchange
companies. They are responsible for 98% of all exchanges.
Q.
What is a Five-Star
resort?
A. The top rating given to a
resort in the Interval International system.
Q.
What is a Gold Crown
resort?
A. The top rating given to a
resort in the Resort Condominium International system.
Q.
What does lockout mean?
A. A timeshare that is
divided into two separate living spaces with two separate
entrances. A lockout will usually exchange one week for two
weeks in a smaller unit.
Q.
Do I need a Real Estate
broker to sell my timeshare?
A. No, but most brokers
charge an appraisal fee and take 20% to 40% commission of the
sale. This leaves the seller very disappointed. The real problem
is that they don't actually advertise or expose your property to
anyone. A buyer must call them to inquire about purchasing and
the broker usually will sell the property that they are getting
the highest commission on. This only serves their interests.
When a buyer contacts us, they are able to search our entire
inventory complete with asking price on our website. This allows
the buyer to shop for the best deal without any commission or
pressure sales tactics.
Q.
Will my resort resell my
property?
A. Most resorts don't even
offer a resale program. If they have new units to sell they will
focus on them because they make a much higher profit.
Q.
Do I have to have an
appraisal to sell my property?
A. You do not have to have
one to sell and Vacation Property Services does not require it.
Q.
Who handles the closing?
Do I need a lawyer?
A. You do not need legal
counsel because we only work with licensed and bonded title
companies. The title company handles the closing process from
start to finish and they guarantee a free and clear title.
Q.
Can I use my timeshare and
advertise it for sale at the same time?
A. As long as you haven't
accepted an offer. You can continue to use your property unless
you would like the property available for a potential buyer.
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