About Timeshare
Timeshare is very similar to owning a condominium in which the amenities and the common areas are shared. With timeshare, instead of owning the whole condominium, you own week(s) of Use Time. Owners may exchange their resort time for another resort, or week.
It is clear that timesharing is gaining in popularity according to the American Resort Development Association, the timeshare industry body. If you are regularly spending your hard-earned money to rent hotel rooms, there is a smarter way. For about the same money as it would cost to rent a few vacations in a nice hotel, accommodations can be owned forever in a vacation timeshare condo.
Vacation ownership, also known as timeshare, is redefining leisure travel. Owning a timeshare is your ticket to better vacationing. This means an ever-expanding choice of accommodations, amenities, locations, pricing, use plans, and timeshare exchange. You can tailor vacations to meet your lifestyle needs and travel dreams at more than 5,000 resorts in almost 100 countries around the world.
Timeshare owners typically buy one or more weeks at a specific resort and return to that resort every year or exchange it for time at another of thousands of timeshare properties worldwide. Whether you want to enjoy the beach, a snowy winter ski break, a pampering spa retreat, a luxury cruise, or an annual reunion of three generations at a favorite resort, you can choose the vacation option that works best for you! For a small fee, companies like Trading Places International will perform these exchange services.
Timeshare History
Did you know that timesharing started by accident? The first timesharing project was a ski-resort. A Frenchman decided to share his ski chalet with his friends and family, so he split the ownership into pieces, assigning a month to each of 12 members. It turned out to be a great success–and lots of fun for the members. From this beginning, timeshare began... and a new way of vacationing was born. Most vacation ownership resorts today are luxurious, spacious, well located, convenient... and one of the fastest growing forms of travel accommodations.
Glossary
The following terms are generic to the vacation ownership world and all may not apply to your home resort, but may come in handy when you exchange.
Assigned Week The week you select and use each year for your vacation.
Bank/Banking see deposit
Banked week A credit due as a result of depositing a week with Trading Places International (TPI) or another exchange organization.
Bonus Time Use of your Home Resort during times other than the time you bought.
Deposit A Unit/Week given to TPI or other trade company with or without the concurrent submission of a Trade Request and prior to confirmation of a trade into the deposited Unit/Week.
Developer The entity that develops, markets, and sells interests in a Resort.
Exchange Your use of a Unit/Week other than that which you own or have reserved at your own Resort (internal Exchange) or another Resort (external Exchange).
Exchange Confirmation Written notification from TPI or other exchange company that your exchange request has been fulfilled and that accommodations have been made available at a Host Resort.
Exchange Fee The fee paid you pay for a confirmed Exchange.
Exchage Request An application for an Exchange which may or may not be concurrent with the Deposit of a Unit/Week.
Family of Resorts A select group of resorts with which Trading Places International has developed a special relationship making it easier for you to trade into them.
Fixed Time You own the same week each year. Guarantees you will be able to use the same week you purchased every year provided you are not delinquent in your maintenance fees.
Floating Time If you are current on your maintenance fees, you have the flexibility to select (on a space available basis) the specific week you want for regular use, trade, or rental in a unit of the same type and season you own.
Home Resort The Resort where you own an interest or are a Member.
Host Resort The Resort into which you have a confirmed Trade.
Occupancy The maximum number of persons that may be accommodated in a Resort unit.
Owner/Member Anyone other than the Developer who has acquired a shared interest in a Resort.
Season That period of the year which you have purchased at your Home Resort as defined by your purchase agreement. Also, various periods of the year as defined by the Host Resort involved in a Trade.
Unit/Week A timeshare estate, interest, or license; a week, unit week, or any other right to occupy accommodations for a specific period of time at a Resort.
Upgrade The assignment of a Trade or Use Week in a more desirable Season or Unit of greater Occupancy than that deposited by that client.
Upgrade Fee The amount paid for an Upgrade.
Use Week Confirmation Written notification from TPI that your use week has been assigned and may be used at your Home Resort, submitted for exchange, or rented out.