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Frequently Asked Questions
Here is a list of some of the basic frequently asked questions regarding vacation ownership. This information is especially handy to the first time buyer. If you need further assistance in answering your questions contact us or call 1.800.301.9238.
No! Condo Resort Link does not require an appraisal of your property prior to sale. Many state laws prohibit the appraisal of a timeshare. Also, there are no broker fees or commissions.
You can continue to use your timeshare as long as you havenít accepted an offer. You may also decide to keep it open for potential buyers.
Legal counsel or a broker is not required because Condo Resort Link only works 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.
Most resorts do not have a resale department. The ones who do have a resale department typically charge a large percentage of the sale. Condo Resort Link offers you a one-stop-shop so you can get the desired price for your timeshare.
You can purchase a specific number of points or credits, which enables you to travel in specific seasons of the year and to various sized units.
Maintenance fees are established and collected by the Home Owners Association or Resort Management Company to maintain the property, pay insurance, utilities, refurbishing and taxes. This way the cost of resort operation is spread among all owners.
These colors categorize the weeks in a year into desired times for the calculation of trading power in exchanges. Each resort may have different seasons depending on the location etc. Red is the most popular time followed by white and blue.
A Gold Crown Resort is the top rating given to a resort in the RCI system.
RCI is the largest exchange organization in the world, owned by Cendant Corp. II is the second largest exchange company in the world. They are responsible for 98% of all exchanges.
The act of exchanging vacation time with other owners either of the same or different property for a one-time use.
Certain States and Foreign Countries do not allow deeded ownership of timeshares. Alternatively, a lease ownership or Right-To-Use ownership grants the leaser the right to use the property for a specified period of time, usually from 20 to 99 years. The resort developer or Management Company holds ownership of the physical property. For example, all properties in Mexico are leased properties.
A deeded timeshare has a legal document providing title to your property, which gives you lifelong ownership rights, and has the capability of being willed.
A banked week is a timeshare week deposited with the resort for later use. Most weeks have an expiration of two years from the time it was banked and can be rented.
This is a unit which has the capability of being divided into two separate but complete sections with an entrance for each division. For example, a 2/2 unit can be split into two 1/1 units. This allows the owner to possibly rent one unit and use the other or have two weeks of vacation time in a smaller unit.
Referring to the interval calendar, the purchase of a fixed week assures the owners they will always have the same week each year.
Also called "flex" time, the purchaser of a floating week has the flexibility of scheduling their vacation almost anytime of the year based upon availability. Flex time does differ from resort to resort.
A right, shared with others, to occupy a unit of accommodation for a period of time (usually a week) on a regular basis for a number of years.
An annual timeshare is used every year and a bi-annual used every other year. For owners who have a bi-annual timeshare, they either go on even or odd years.
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