Q: What is timeshare ownership?
A: Timeshare ownership, also known as “vacation ownership”, is the purchase or lease of an apartment-like unit for a specific period of time, called an “interval”, usually one week, at a resort or condominium style development, for on-going vacation enjoyment during the period of ownership. It is a relatively low-cost real estate investment designed to provide a lifetime of vacations.

Q: What is deeded property?
A: Deeded property is an ownership interest that never expires. It is know as “fee simple” in real estate law jargon and the owner may sell, rent, gift, or transfer as part of estate through their Will. This is the most common ownership type for US timeshare property.

Q: What is leased property?
A: Timeshare leases are based on the “right to use” (RTU) concept through a long-term lease agreement ranging from twenty to ninety nine years. It is an ownership interest for a specified and limited period of time. The lease may be transferred through legal assignment by the lessee or their estate.

Q: What kind of experience can I expect in a timeshare unit?
A: Timeshare units are completely furnished and most will have a living area, dining area, kitchen, and sleeping accommodations (occupancy”) varying on the number of bedrooms and bedding of the unit. Most timeshares are developed in resort settings with varying levels of amenities such as pools, children's activities, spa, fitness center, golf, etc. The resorts are developed in areas that attract tourism based on their location and attractions, those being beach, mountains, golf or ski, theme parks, and historical points of interest. Increasingly, with expanding exchange options, timeshares can be found in major city centers or more exotic tourism destinations in Europe and the Orient.

Q: What is “occupancy”?
A: “Occupancy” is the number of people that may be comfortably accommodated in the timeshare unit, based on its size and bedding. This is fixed by the timeshare management company and is strictly observed. This prevents owners from overcrowding the unit and the resort to maintain a comfortable environment for all.

Q: What determines the value of a timeshare unit?
A: Timeshare values are determined by the ranking and reputation of the resort, size of the unit and its features, services and amenities provided by the resort, time of year (season), popularity of the destination and its attractions, and market demand which can fluctuate from year to year.

Q: Are timeshares subject to appraisal?
A: No appraisals are mandated on timeshare units because the “value” of the property is measured in vacation enjoyment at a fixed rate while in the owner's possession, along with savings in the increasing rates of traditional resorts. No appraisals are done for the original owner or in the process of timeshare resale.

Q:  Will my investment appreciate in value?
A:  Retail timeshare ownership rates (sold directly by resort) rise slightly each year at any given resort.  However, once you have purchased your timeshare unit, the actual price value of your unit will stay more or less the same.   You, as an owner, realize appreciation in the use and vacation enjoyment of your unit over many years, as well as the exchange benefits affiliated with your particular resort.  If and when you want to sell your timeshare, you are able to do so easily, through a timeshare resale company like Country Wide Timeshare Sales.  In general, having saved so much money on vacations over the years, owners sell at close to their original purchase price, so after ten years use, for example, the resale price of a unit is now 20-30% less than the resort is currently selling on the retail market.

Q:  Will my investment depreciate in value?
A:  Timeshare resorts are managed by professional property management firms and continue to sell or resell units on a continuous basis.  It is in their financial interest to insure that the resort and units are in top condition to satisfy existing owners and attract new buyers.  Each owner pays a modest annual maintenance fee to help maintain their units and resort amenities.  If you buy as much timeshare value as you can afford from the beginning, at a reputable resort and for a desirable season, your investment will not lose value.

Q:  What is a “management company”?
A:  When a resort is built, the developer will contract a company to manage the day-to-day operations and maintenance of the resort, and is often affiliated to the developing company.  The management company is entrusted to maintain a strict protocol of standards to protect the value of the resort and its units for new sales and resale, and assure the resort rankings and owner satisfaction.  The resort standards are presented in a legal document, known as a “constitution” that establishes the resort guidelines, and regulates the relationships between the owner, management company, trustee, and developer.

Q:  What is a “trustee”?
A:  It is standard for a trustee to be appointed for all timeshare developments to insure the resort’s financial integrity in case the developer or management company encounters financial difficulties or business failure.  The trustee may be a financial institution or group of individuals who hold the timeshare property in trust on behalf of the owners.

Q:  What is a “management fee”?
A:  This is a charge, usually levied annually, similar to a “home owner’s association fee”, that is paid by each timeshare owner to the management company responsible for maintaining the property.  Generally, this fee covers such recurring items as taxes, insurance and general maintenance, as well as building a fund for major expenses such as roofing and air conditioning replacement, new furniture, appliances or electronics.      

Q:  How does the season influence the price and value of a timeshare? 
A:  Most resort destinations have a high season, a mid-season, and a low season, based on demand.  Orlando, with its many attractions for children, will generally have a higher value during times when there is no school, such as summer and Holidays.  A ski location, logically, will have more demand in the winter.  Beach locations may have more demand in the winter because travelers want to escape the cold weather on their vacation – even though the destination itself may have similar climate all year.   The more desirable seasons cost more, but also provide the owner with more leverage for rental or future sale, along with increased value in “exchange programs”.  See the Timeshare Exchange Programs Section of FAQ’s for more information.

Q:  Is it better to buy timeshare from an owner (resale), or directly from the resort (retail)?
A:  It is much better to buy from the owner on a resale basis, on Country Wide Timeshare Sales.  Here are the reasons for this answer:  Over the years, the retail prices offered by the resort developer increase, pretty much along inflation rates, regardless of whether you are buying the week for the first time, or from a previous owner.  The only reason to pay more for retail is because the resort is new and meets your criteria much more than any other resort in your preferred vacation destination.  Remember that an existing owner has already experienced the “appreciation” of fixed priced vacations over many year, so they are usually willing to sell their timeshare at approximately the same price as they paid for it a long time ago, giving you a much better value for exactly the same unit and associated ownership benefits.

Q:  Why do timeshare owners want to sell?
A:  There are many reasons why owners decide to sell their timeshare.  When the children grow up, Orlando may not be such a desirable destination for the family.  People move, family dynamics and vacation preferences change over the years.  In many cases, owners upgrade to a bigger, or more luxury timeshare, or now spend their leisure time with grandchildren.  They may be financially motivated, or the property may be for sale as part of an estate.  

Q:  What are “exchange programs?
A:  Exchange programs enable timeshare owners to trade their own unit for another location or another time period at their home resort, providing tremendous value and flexibility. Exchanges are generally managed by two major companies, although large timeshare companies, with many locations, will frequently also offer their own “internal exchange” network to motivate their owners to stay within the same family of resorts.

Q:  What are “exchange companies”?
A:  The two largest companies, responsible for virtually all timeshare exchanges are:  Resort Condominium International (RCI), and Interval International (II).  Timeshare resorts work with these two companies to allow their owners to stay somewhere else other than their home resort.  You trade your week (interval) for new and different adventures at comparable resorts in the US and around the world.  Your home resort will likely participate with one of these companies, and you may become a member by paying a reasonable annual membership fee.   This flexibility is one of the greatest benefits of timeshare ownership over the years, as lifestyles may change.

Q:  How do exchange programs work?   
A:   The value of your timeshare ownership is assigned a category.  Exchanges may be made for a “comparable” category.  Additional payment will be applicable to jump into a higher category. This is where the “seasons” and your home resort rankings become important.  The higher your category, to greater becomes your exchanging power. 

Q:  What are the value categories of the exchange companies?
A:  The exchange companies rank resorts based on guest satisfaction feedback and other criteria.  RCI uses the “Gold Crown” designation for their top resorts. Interval International uses a “star” rating, with 5-star being their top resorts.  In addition, color codes are applied to the demand period according to the season of your timeshare “interval” or week.  Red is used for the highest demand weeks; white (RCI) and yellow (II) are used for mid-demand weeks, blue (RCI) and green (II) are used for low-demand weeks.  Of course, the unit itself is considered based on its size and features.

Q:  What products and experiences can I expect to find with an exchange company?
A:  A lot!  Remember that resorts all over the world are affiliated with the major exchange companies, plus they may offer cruises and airfare.  The options are almost endless.  

Q:  What are “points”?
A:  Some timeshare resorts use a “point” system for exchange purposes, whereby “points” are used to assign value to a timeshare unit.  The points will be created using the size of the unit, the season of ownership interval (or week), resort ranking and location.  The point value then offers the owners a variety of other units and resorts for which they may exchange their timeshare.  “Points” are calculated once each year, on a date designated at the “anniversary date”.

Q:  What is “banking”
A:  When owners do not intend to use their week, they may deposit or reserve the week with an exchange company, to be used at a later time for another resort within the company’s network of properties, usually with a two-year expiration date.

Q:  What are “accrued weeks”?   
A:  These are weeks that were “banked” in the previous year, and may be used during the current year.

Q:  What are “guest certificates”?
A:  These are the documents provided by the exchange company that allow a guest to use a timeshare instead of the owner.

Q:  What is an “Interval”
A:  An “interval” is the timeshare term for the period of timeshare ownership, usually one specific week per calendar year starting on a Friday, Saturday, or Sunday.

Q:  What is a “Calendar of Weeks” 
A:  Timeshares are traditionally sold based on a 7 night stay with arrival and departure on a Friday, Saturday, or Sunday for the 52 weeks per year.   The “Calendar of weeks” provides the dates for arrival and departure for the 52 weeks of each upcoming year.  Note that a 53rd week may occur about every 7 years; this week is never sold and usually used by management for maintenance or other purposes.

Q:  What is a fixed week?
A:  A fixed week is one specific calendar week every year, as one of 52 weeks.  This means that the exact dates of arrival and departure will vary almost every year, per the “calendar of weeks”.  That week in your unit belongs to you and you are guaranteed the right of ownership of that specific week every year.

Q:  What is a floating week?
A:  Some resorts sell “floating weeks”, which enables the owner to use any week within a certain “season” or period of time.  This gives you a broader range of dates, but also requires you to plan your time and make reservations well in advance to secure the desired dates. 

 Q:  What is a rotating week/flex week?
A:  Some resorts will offer a “rotating week” or “flex-week” ownership, whereby your vacation weeks are rotated on a fixed schedule, changing every 3-4 years, then starting again on the same rotation.  
 
Q:  What is a fixed unit?
A:  This means that the ownership is tied to a specific unit in the same location, to be used each year.

Q:  What is a lockout unit? 
A:  Also called a “lock-off” unit, this term means that one larger unit may also be separated into two independent units so that two different users may occupy the space at the same time.  Resort developers include this type of unit to provide lower-priced options to buyers.  The unit may be sold to one owner, or two separate owners at half the price.

Q:  What is Annual vs. Biennial?
A:  Most timeshare units are sold on an annual basis (for your use every year).  However, some resorts will offer a “biennial” plan which provides for use of the unit every other year (EOY) to reduce the cost and close the sale.

Q:  What is Fractional Ownership? 
A:  This is a significantly more expensive style of timeshare ownership, in increments of two weeks or more at the same location.  Fractional ownership tends to be used at up-scale locations and private home settings, and may include benefits such as golf privileges at high-demand country clubs or courses.  This ownership style is also becoming more popular for boats and private aircraft.

Q:  Why would I want to sell my timeshare with Country Wide Timeshare Sales?
A:  Country Wide Timeshare Sales connects sellers and buyers directly, offering quick results to sellers, with no commissions.  Our extensive and targeted advertising program in newspaper and websites brings a high level of interested buyers to our website.  Our website showcases your timeshare unit(s) in an inviting but accurate manner, emphasizing the strengths, while including all the facts.  Our personalized and knowledgeable customer service staff will assist you in gathering the information, selecting photographs, preparing your listing, and establishing the price.  For one fixed price, we connect potential buyers to you fast!

Q:  Do I need to pay a commission to a real estate agent to sell my timeshare?
A:  No, and it is not in your interest to do so.  Because timeshare units are priced at a fraction of full ownership, real estate agents/brokers need to charge a higher percentage of the sales price to cover their time and expenses, running at an average of 20-40% of the sales price.  We at Country Wide Timeshare Sales exist to help connect qualified buyers to you so you can sell your timeshare at the best price in the shortest time.

Q:  How long will it take to sell my timeshare?  
A:  Just like any other real estate sale, the price and length of time will vary based on a number of factors, like the location, season, resort ranking, and price.  Of course, economic factors as well as supply and demand will influence the buyer’s market at any given time. 

Q:  How will I know the right price for my timeshare?
The one thing about your timeshare that you can control is the price.  Lower prices will result in faster sales because the buyer feels they are getting a better value.  At Country Wide Timeshare Sales, we can assist you with comparable pricing on the market, but the final decision is yours.  If you want to try for a higher sales price, we recommend that you include “negotiable” in your listing.  This gives you the opportunity to evaluate each offer, and decide whether the speed of sale is worth the lower price that the buyer may want.

Q:  May I sell my timeshare if I am still financing it?   
A:  Of course.  Just like any other real estate, you have the right to sell it, paying off your financing with the proceeds of the sale.

Q:  Do I need an appraisal, seller’s disclosure, or inspection before I sell my timeshare?
A:  No.  Timeshare units are not subject to appraisal when new or when resold.  Seller’s disclosure and inspection are also not applicable since the resort is managed by a professional management company and the value is based on resort quality and rankings, unit size and features, season and exchange value, all of which remain the same when you sell.

Q:  Do I need an attorney to handle the closing? 
A:  This is optional.  It is recommended that a title company prepare the documents for the closing, usually at a fixed low fee, to insure that no important steps are overlooked.  This would include preparation of the deed, escrow of funds, a timeshare estoppel certificate, recording fees, administrative fees, and closing statements for seller and buyer.  If your timeshare is leased, the deed preparation would be replaced by an “equity transfer” document. 

Q:  How long does it take to close a timeshare?
A:  Six to ten weeks is average for the closing procedure. 

Q:  What is Right of First Refusal (ROFR)? 
A:  Many resorts include this in the purchase agreement.  This gives the resort the “right” to buy back the timeshare interval.  If this is applicable in your case, you would find a buyer and agree on a price.  Then, the resort should be contacted to let them know you are about to sell and let them know the price.  The resort may offer to buy the unit back on the same terms as agreed upon with the direct buyer, or waive their right of first refusal, in which case you may proceed with the direct-to-buyer sale.

Q:  What happens if I have banked weeks with an exchange company when I sell?
A:  Any weeks that have already been “banked” or deposited with the exchange company no longer belong to your home resort.  You may include them in the sale for an extra charge, or as a special sales feature.  You may keep them for your own use within the expiration period, making sure that you verify with the exchange company any action required to insure validity of your banked time after you have sold your unit.

Country Wide Timeshare Sales is always there to assist you with these or other questions, with a fully-trained and knowledgeable customer service department!

Q:  Why would I want to buy my timeshare with Country Wide Timeshare Sales?
A:  Country Wide Timeshare Sales offers you a wide selection of timeshare ownership options and locations at prices considerably lower than you can find on the retail market, and you get all of the benefits of the original timeshare ownership.  Our personalized, knowledgeable customer service staff is here to assist, answer your questions, and connect you with sellers of property that is of interest to you.

Q:  Why can I get a better deal through Country Wide Timeshare Sales? 
A:  We connect sellers and buyers directly and the buyers get great values!  Retail timeshare ownership rates (sold directly by resort) rise slightly each year at any given resort.  However, once you have purchased your timeshare unit, the actual price value of your unit will stay more or less the same.   You, as an owner, realize the value of your investment in the use and vacation enjoyment of your unit over many years, as well as the exchange benefits affiliated with your particular resort.  If and when an owner wants to sell a timeshare, they list their properties with a timeshare resale company like Country Wide Timeshare Sales.  In general, having saved so much money on vacations over the years, owners sell at close to their original purchase price, so after ten years use, for example, the resale price of a unit is now 20-30% less than the resort is currently selling on the retail market.  As the buyer of a resale timeshare, you get excellent value in the purchase price and all of the benefits of original ownership.  Remember that the resort insures the upkeep and maintenance of the resort and their units, through “management fees” to insure that they may continue to sell new owners or resell units at a higher price each year.

Q:  How can I learn to make the best purchase decision? 
A:  This decision is all about you and what will make you and your family happy.  We recommend that you review carefully our entire “Timeshare FAQ’s” section to learn about the many aspects to consider in choosing a timeshare unit and location, along with the terminology you can expect to see on a timeshare sale listing.  Then, consider your personal preferences for vacations over the next 5-10 years.  The greatest value of a timeshare is the vacation experience itself at your home resort.  Review the properties on our website to arrive at a short list of the options of interest.   It is generally advised to buy the best resort quality and season you can afford to get the most in trading power with exchange companies, and desirability at time of sale.

Q:  Can I get financing for a timeshare investment?
A:  Yes.  Just like purchasing any real estate, you can secure a variety of different type loans for a timeshare.  Since the cost is much lower than a home, the options are greater than when shopping for a mortgage.

Q:  What is the rescission period?
A:  Regulated by the state in which the property is located, this is a grace period in which you may cancel the sale with no penalties.  Also called a “cooling off” period, this is about three days and it exists to offset impulse buying under pressure from timeshare companies which may be regretted after further thought.  When you consider your options on Country Wide Timeshare Sales, you are not under any pressure to buy. 

Q:  I have found a property that interests me.  How does it work now?
A:  When you find a property that interests you on our website, you will complete an offer form which we will forward to the seller.  The seller will contact you to discuss terms, price, and answer any questions you may have.  Neither you, nor the seller, is under any obligation to accept the final terms.  You may proceed to close the deal directly, or agree on time to consider counteroffers, or simply say, “no, thank you”.

Q:  How can I find unbiased and factual information about the resort? 
A:  There are now many websites that offer opinions from actual travelers to resorts.  The exchange company’s websites also contain owner and guest feedback on timeshare resorts.  These resources can be very helpful in evaluating how well the resort is managed, and how satisfied the owners or guests have been in the past. 
  
Q:  The seller and I have agreed on the price and terms. What happens next?
A:  The seller usually has the right to choose the method and company that will handle the closing.  It would not be unusual for the seller, buyer, and the resort to all be in different locations, so it is up to the buyer and owner to come to mutually convenient terms on how to handle the closing.