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Q. What is a maintenance fee?
A. The maintenance fee is an annual
charge, on top of your initial purchase price. Your maintenance fee usually
covers property taxes, insurance, utilities, cable, telephone, and all property
up-keep to be sure the common facilities of the resort are maintained.
Usually, the resort’s Homeowners Association decides this fee.
Q. What is a resort transfer fee?
A. A transfer fee is a cost that
resorts charge to transfer ownership from one party to another. This fee applies
directly to resale timeshares. Transfer fees are determined by the resort and
will vary depending on what resort you are buying.
Q. How big are the various unit sizes?
A. Sizes of units vary from
resort to resort, but you can get a pretty good idea of the size of a unit by
the number of adults they sleep. Here is the breakdown:
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Hotel Unit
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Sleeps 2
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Studio Unit
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Sleeps 2 to 4
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One Bedroom Unit
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Sleeps 4 to 6
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Two Bedroom Unit
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Sleeps 6 to 8
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Three Bedroom Unit
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Sleeps 8+
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Q. What is a fixed week?
A. When you purchase a 'fixed week' you
get a specific week's usage each year. The first week of the year will be designated
as week #1, and the last week of the year will be week #52. Usually, fixed weeks
are assigned to a fixed condominium unit as well.
Q. What is a floating week?
A. A floating week guarantees
you one week within a period of time set by your membership. Each year, you
contact your resort and reserve the week during your season that you would like
to use. If you plan on exchanging your floating week, you will need to make
a reservation before you deposit your week with the exchange company.
Q. What is a point system?
A. Timeshare points systems are much
like frequent flier miles. Each year you're allotted a number of points
to be used for accomodations at your resort. More points translate larger
accommodations and better trading power. For example, a low season studio unit
may take 100 points to reserve a unit, but a high season two bedroom unit may
require 300 points. Most systems will allow you to borrow from future years
or to carry over unused points to the next year.
Q. What is a lock-off unit?
A. Lock-off units may be divided into
two or more smaller units. For example, a two bedroom lock-off may be divided
into a one bedroom and a studio, or some other configuration which the particular
resort will provide. Usually one of the units is used to exchange -
giving you the ability to vacation an additional week each year. Remember that
you will no longer have the use of your large unit, but it will be in two or
more smaller units.
Q. What is a deeded property?
A. A deeded property does not expire.
Once you own it, it's yours until you decide to sell it - much like owning
your home. Deeded properties may also be passed to your heirs.
Q. What is leased or certificate property?
A. The right to use
your timeshare for a specified number of years. At the end of this period the
property reverts back to the developer. Some resorts allow accelerated usage
which means that you may borrow usage from future years. to do so you will normally
pay the maintenance fees for the accelerated usage.
Q. Are there additional fees involved in the purchase of a timeshare?
A.
Yes. As in many property transfers there are fees involved. You should expect
to pay for preparation of the transfer documents, a maintenance fee and the
recording and transfer fees which are determined by the county and resort. These
may total a couple to several hundreds of dollars. Of course, all costs will
be disclosed and accounted for before you purchase.
Q. Do I need Title Insurance?
A. Title insurance is an outside
fee charged by a title insurance company for their services. Title insurance
is only applicable to properties located in the United States. If you have questions
regarding title, ask your broker about availablility.
Q. How soon after purchase will I get my deed/certificate to the property?
A.
the transfer and settlement time can vary greatly with the timeshare you purchase.
Some counties (and countries) take longer to process transfers. Budget
a minimum of 90-120 for transfers.
Q. Can I sell my timeshare?
A. Yes. Once you are the legal owner
of a timeshare week, you may sell it at any given time.
Q. How soon may I use it after purchasing?
A. As soon as the ownership
has been transferred into your name, you may contact the resort and exchange
company to start active participation.
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