What is a deeded property? A. A deeded property is one in which the property title does not expire. Once you own it, it's yours until you decide to sell it, much like home ownership. Deeded properties may also be passed to your heirs.
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 coarse, all costs will be disclosed and accounted for before you purchase.
What is a fixed week? A. A fixed week is ownership of a specific week of 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.
What is a floating week? A. A floating week means that the week you own is not a pre-determined week. A floating week guarantees you one week within a certain time period based on what season rating your membership is. Each year, you contact the 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.
How soon after purchase will I get my deed/certificate to the property? A. The usual time frame is ninety to one hundred and twenty days. There are exceptions to this, as some counties take longer to process transfers. We do keep you informed about the circumstances and any situation which may cause a delay in transfer.
What is your sales ratio? Timeshare Clearinghouse LLC is committed to providing detailed statistical data for the timeshare resale industry. According to an Ernst & Young survey concerning timeshare developments, “Two-bedroom units represent the most common size (63%) followed by one-bedroom (22%), three-bedroom or larger (9%), and studios, less than (6%).” Timeshare resale buyers are acquiring units in roughly the same ratios of bedrooms.
Nationwide timeshare resale asking prices in 2008 figures show a two-bedroom asking price was $11,031 for high season and $10,963 for all other seasons. In 2009 the two-bedroom resale prices increased faster and show a trend in demand and values for larger units.
Inventory ratios do not always reflect the success rate of a resale services provider due to simple marketing strategies versus new properties for sale. For instance Timeshare Clearinghouse LLC show zero sales since March 2009 because we are not a realtor/broker and forward purchase offers to you, allowing you to accept or decline the offer at which point accepted offers are submitted to the closing company for both you and the buyer, but new properties advertised may range between 1 and 1,000. Conversely, a study released by ARDA International and conducted by Ernst & Young points out indicators for future growth and accelerated growth in the future. In 2006, 14,000 new units were built and 11,000 in 2007. In 2008 and beyond, the current forecast is for about 47,000 new units. The Ernst & Young survey showed a new sales growth of 81% over a five year period, additionally, the number of timeshare owners in the US grew from three million in 2002 to 4.4 million in 2006 with 1,615 resorts operating in the US and 176,232 timeshare units.
ARDA survey data indicates that Florida led the nation with the largest part of the sales market at 23%, followed by California at 8% and South Carolina at 7%. Sales data from 2007-2008 shows timeshare properties located in the state of Florida held the largest part of the resale market at 21%. Very close behind at 19% is Hawaii. Coming in third is California with 15% of the resale market.
Timeshare Clearinghouse LLC has marketed properties located in over 25 states with prospective buyers in several countries and over 1000 timeshare resorts. We market on the Internet to those interested in timeshares as a form of second home ownership. The internet has significantly enhanced marketing efforts internationally and nationwide. A significant portion of our marketing is domestic direct mail to prospective buyers and sellers who are residents of the United States.
What is leased or certificate property? A. A 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.
What is a lock-off unit? A. Lock-off units may be divided into two or more smaller units for exchange or usage purposes. 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 for exchange purposes giving the owner 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.
What is a maintenance fee? A. The maintenance fee is an annual charge, on top of your initial purchase cost, that goes toward the upkeep of your timeshare. Your maintenance fee usually covers property taxes, insurance, utilities, cable, telephone, and all property upkeep such as furniture, carpet, and the common facilities of the resort. Usually, the resort's Homeowners Association decides this fee. On average, you can expect this fee to increase by about 2-4% annually.
When is your open house? Weekly, all Florida residents and visitors are hereby invited to stop by our corporate office, to speak with one of our trained advertising executives for the purpose of exploring the many highly discounted timeshare properties advertised for-sale or rent. Walk-ins Welcome R.S.V.P. preferred.
What is a point system? A. A point system is a vacation ownership in which you own points that represent the quality of the unit you will have. More points translate into higher season ratings, larger accommodations, and better trading power. For example, a low season studio unit may take 100 points to reserve the time, but a high season two bedroom unit may require 300 timeshare points. Most systems will allow you to borrow from future years or to carry over unused points to the next year.
Can I ever sell my timeshare? A. Yes. Once you are the legal owner of a timeshare week, you may sell it at any given time. The Holiday Group, RCI, and II do not assist in this process, but Holiday will recommend a reputable source to assist you in selling your property.
Does this include title insurance? A. No. That 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, please do not hesitate to ask about availability.
What is a 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. Transfers fees are determined by the resort and will vary depending on what resort you are buying into.
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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