Selling a timeshare means that you’ll run into some technical jargon that could be a little confusing. At Sell-My-Timeshare.com, we understand how frustrating it might be to be left in the dark, so to speak. Here are some common terms for you to read through to improve your understanding of timeshare lingo.

Be-Back: A potential buyer who says that he or she will “be back” to look at the timeshare, when in reality, he or she has absolutely no intention of buying. Salespeople often use this term, though with appropriate discretion.

Closing Costs: The fees associated with the closing of a sale, typically including deed preparation or transfer of equity, recording costs, escrow fee (see below), and administrative fees.

Cooling Off Period: The time frame that is allotted to a buyer following the signing of the purchase agreement in which the buyer may cancel the transaction without penalty. Also called rescission.

Deed: A legal document that provides title (ownership rights) to a property.
Note: Some states and foreign countries do now allow deeded ownership of a timeshare. The alternative is a lease ownership or Right-to-Use (RTU) ownership, which grants the leaser the right to use the property during a specified period of time – usually 20 to 99 years. Under these titles, ownership actually belongs to the resort developer or management company.

Developer’s Price: A developer’s current or market price – the full retail price – for a timeshare interval. Includes the developer’s marketing costs, among others.

Escrow: A written agreement between buyer and seller providing that certain documents, money and other securities be placed with a third party until the transaction is completed.

Fixed Week: Type of timeshare ownership where you own rights to a specific week, which you may either visit every year or trade for a different location through an exchange system.

Floating (or Flex) Time: A different type of timeshare ownership where you own a week (or longer) within a specific range of time. You must contact the resort each year to book the week you would like.

Points/Club Membership: A final type of timeshare ownership where you purchase a specific number of points or credits that represent a unit size or time period. The points/credits are then used like money to purchase the vacation time, resort and unit size you desire.

“Fly by Night Company”: A timeshare company that provides a web site in order to look legitimate, but provides nothing else in terms of service, advertising or exposure. These companies are to be avoided at all costs.

Heat Merchant: A salesperson who is willing to tell lies, no matter how outrageous, in order to make a sale.

Holiday Ownership: A timeshare.

Lug: Obtaining a higher price for a timeshare week than the developer is asking.

Nosebleed Drop: Quickly dropping the initial price a substantial amount without much haggling or negotiating in between.

Qualified Prospect: A consumer who fits the profile of someone most likely to buy a timeshare, as considered by the developer and/or marketer.

Resort Ratings: A system of comparison for a resort’s amenities, location and overall quality.

Resort Condominiums International (RCI) and Interval International (II) are the two foremost ratings systems. They have their own predetermined criteria of exacting the standards. The highest rating for RCI is “Gold Crown,” while the highest rating for II is “5 Star Resort.”

SMT is the online partner of Timeshares Direct, Inc. d/b/a Timeshares by Owner.
SMT introduces interested parties to the TSBO system.