Glossary of Terms

•  Accrued Weeks/Points - Any amount of unused weeks/Points that have been banked to be available for use for the current calendar year.

•  APR - Annual Percentage rate is the annual interest rate you pay on your timeshare loan.

•  Assessment Fee - Fees that are separate from your maintenance fees that are used for major repairs and refurbishment of the resort that are split amongst the owners.

•  Assessment Lien - A lien placed upon the timeshare owners interest in the property for failure to pay an assessment and is potentially the start of the foreclosure proceeding.

•  Assignment - The ability of the timeshare developer to transfer the mortgage debt owed on a timeshare to another company to collect. The owner does not have to be late on their payments for this to occur.

•  Bank - The depositing of a week/points within a resort in exchange for time/points at another resort or to use for the next calendar year.

•  Bonus Week/Points - Additional points given to a timeshare purchaser by the resort as an incentive for purchasing more weeks/points. It generally must be used in a specific time period from the date of the purchase.

•  Consolidation - The combining of two or more timeshare mortgages into one loan.

•  HOA/POA - Homeowner Association. The Homeowners Association is generally responsible for mortgage and maintenance decisions at the resort.

•  Judicial Foreclosure - This is a litigation proceeding initiated by the resort to recover the property and the outstanding debt when an owner fails to pay the mortgage, maintenance fees or assessments.

•  Maintenance Fee - Fees assessed to the owners for the upkeep of the property. These fees cover taxes, insurance and maintenance such as landscaping, pool maintenance, etc.

•  Non-Judicial Foreclosure - A foreclosure proceeding not initiated in court to recover interest in a timeshare for the owner's failure to pay the mortgage, maintenance fees or assessment. This is often followed by a lawsuit to recover the outstanding debt.

•  Ownership Interest - the portion of the weeks/points and owner has in a specific resort property.

•  Rescission Period - The time period in the contract in which the owner can rescind the contract and get a refund. This period is generally set forth by state law and is sometimes referred to as a cooling off period.

•  Rescind - The right to cancel a contract and receive a refund of any amount paid for the timeshare.

•  Resale - A timeshare that is resold by either an owner or third-party entity after it was originally purchased from a resort.

•  Special Assessment - A fee issued by a resort for repairs or refurbishment of the resort. This generally follows major damage to the resort as the result of water damage or a natural disaster.

•  Up Front Fee - A fee which is charged upfront before starting the process of listing a timeshare for resale.

•  WRAP Fee Wrap fees are the schedule of bundled rates that are charged to an investor. Instead of charging a separate fee for each service that is extended to the client, a brokerage or other type of financial service will provide the investor with a blanket charge for all services that are included in the program.

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Carlsbad, CA 92008
(858) 280-1039
Info@BishopandWaters.com

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