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Frequently Asked Questions
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FAQs About
Timeshare Resale
Advocate (TRA)
| Q. |
What are the advantages of placing an ad on
your website?
|
| A. |
We
believe the advantages of placing an ad on our website are many.
First of all, your ad will be seen by potentially thousands of people
from around the world who are interested in timesharing. They are
only coming to our website because they have an interest in
timesharing. They are not looking for other advertised products,
like video games, automobiles, other types of real estate, etc.
Thus, your ad will reach a very targeted group of individuals.
This will greatly increase your exposure and significantly increase
your chances of selling, renting, or exchanging your timeshare.
Second, our prices are EXTREMELY LOW! You will be able to
maximize the exposure of your ad for very little money. Compare
our services and prices to other companies through which you can
advertise your timeshare, and we are certain you will be pleased with
what you get for the small amount you pay. We can help you save
possibly hundreds or even thousands of dollars in the quest to sell,
rent, or exchange your timeshare through our low, low prices and
excellent service.
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| Q. |
Why are you called Timeshare Resale
Advocate (TRA) when you also offer so much more than just "Timeshare
Resales"?
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| A. |
That's a
great question! The initial focus of TRA was going to be on
primarily helping timeshare owners looking to sell their timeshares and
who have experienced difficulties selling their timeshares in the
past. We knew that there were a lot of timeshare owners out
there in that exact situation, so we saw a chance to provide a service
that was desperately needed at a reasonable price. However, our
concept of what we wanted our company to be quickly expanded and now we
offer services that meet the needs of virtualy everyone involved in or
interested in becoming involved in the timeshare lifestyle. We
felt that the name "Timeshare Resale Advocate (TRA)" would still fit,
since it so powerfully connotes our goal of providing excellent
service, while not taking advantage of our visitors and
customers. Plus, we liked the name! And we hope you like it
too!
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Almost
all of the answers to other FAQs regarding TRA can be found in other
locations throughout our website, including our Privacy
Policy, Terms of Use, and About
Us
pages. For specific questions regarding TRA Membership, visit Join
TRA Today. For specific questions regarding prices,
etc. for placing an ad, visit Place a Classified Ad.
If the answer to your question can not be found on one of these pages,
please feel free to Contact Us!
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or Skip
Ahead to Timeshare Sellers' FAQs or Timeshare Renters' FAQs
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| Q. |
What
are the different types of Timeshare Ownership or Timeshare Use Plans?
|
| A. |
Timeshare
Ownership and Use Plans take many different forms. Following are
the most
popular:
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Fee Simple/Deeded: With this type of
ownership, the owner has a recorded "Deed" for a given week and unit in
his or her name, and the
period of ownership is forever. Ownership rights may be conveyed
to other parties during the owner's lifetime or bequeathed to heirs.
Right-to-Use (RTU): This type of
ownership is actually a lease agreement granting use of a timeshare
property for a specific time period, usually 20 to 99 years. The
management company or
the resort developer retains ownership of the actual physical property
itself, although the lessor has the right to transfer, rent, or
bequeath the remaining years of the right-to-use agreement. After
the right-to-use period of time expires, all ownership rights revert
back to the resort.
Membership or Vacation Club: This is
technically not
timeshare "Ownership," but, rather, is a "Membership"
arrangement. Vacation Club Members purchase the opportunity to
use a variety of timeshare accommodations at numerous resort locations
in varied unit sizes, rather than purchasing at a specific resort in a
specific size unit. The owner would have the use of all
accommodations affiliated with the specific Vacation Club.
Timeshare Vacation Clubs have an annual maintenance fee and an initial
cost to join. As a member of the Vacation Club you have the right
to reserve space at one of the various properties that the club
owns. Vacation Club Memberships can be Deeded or Right-to-Use
Memberships. Some types of membership may be
transferable, while others may not be transferable.
Undivided Interest (UDI): In this
type of arrangement, the owner does not own a specific time period of
the timeshare. It is more similar to owning "stock" in a
resort. As with all the other forms of timeshare agreements, be
sure to check how the timeshare resort defines "Undivided Interest" and
what types of restrictions may apply.
Points: Points are units of
measurement used by exchange companies and timeshare owners to
establish values for seasons, sizes of units, and resort
locations. Points clubs offer the owner a variety of resorts from
which to choose by exchanging points. Points-based resorts will
also normally allow the owner to use his or her points to stay for a
period of time that is less than a full week or to use the points for
other vacation products, such as airfare, hotel stays, cruises, and car
rentals. More points translate into higher season ratings, larger
accommodations, and better trading power. Most point-based
systems will allow you to borrow from future years or to carry over
unused points to the following year.
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| Q. |
What is the difference between Fixed,
Floating, and Flex weeks?
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| A. |
A Fixed Week is a specific week during
the calendar year that is identified by a number. Most fixed
weeks begin on Friday, Saturday, or Sunday. Weeks are numbered
1-52 (except for the occasional week 53, which occurs every 7 years or
so), starting with the first full week in January and ending with the
last week in December. If you own a fixed week, you are allowed
the annual or biennial use of the unit for the week you purchased for
as long as you own it. For help converting regular calendar weeks
to timeshare weeks, consult our handy Timeshare
Calendar.
A Floating Week may be used any time
during the year based on the resort's availability. Floating
weeks require you to contact the resort in advance to request your
desired week. Resorts will typically accept requests for specific
weeks by the timeshare interval owner only after the annual maintenance
fee is paid for that year. Therefore, the earlier the owner pays
the maintenance fee, the sooner he or she can request a specific
week. A resort will normally set aside certain weeks that may not
be reserved (also known as black out dates). Check with the
resort to learn about any restrictions that may apply. If you
plan on exchanging your floating week, you will need to make a
reservation before you deposit your week with the exchange company.
A Flex Week allows the owner to make a
reservation for an assigned season.
The flex time season may be labeled by season of the year (e.g., summer
flex, winter flex, etc.) or by a color (e.g., red, white, blue,
etc.). The labeling varies between the different vacation
ownership resort companies.
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| Q. |
What is the difference between Biennial and
Biannual?
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| A. |
Biennial
arrangements allow the owner to use one week every two years.
Biannual arrangements allow the owner to use two weeks per year.
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| Q. |
What does it mean to "Bank a Week?"
|
| A. |
If an
owner is unable to use her timeshare in a given year, she may have the
option to "bank the week" with the resort. This simply means that
the owner is trading her week for the use of a week at a later
time. If your resort does not allow banking of weeks, you can use
a service like RCI or Interval International to bank your week.
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| Q. |
What is a Lockout unit (a.k.a. lock-off
unit or A/B unit)?
|
| A. |
A
timeshare unit that can be divided into two complete, separate sections
so that two different parties may occupy either half at the same
time. If you own a Lockout unit, you can use one section and
exchange or rent the other. You have the choice of using the
entire unit or "locking it off" into smaller units.
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| Q. |
What is a Maintenance Fee?
|
| A. |
Maintenance
fees are established and collected by the homeowners association or
resort management company to maintain the timeshare resort
property. In most cases, this fee also covers insurance,
utilities, taxes, and other refurbishment expenses. These fees
vary by resort and depend on the size and type of unit.
These fees are generally levied on a monthly, annual, or biennial
basis.
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| Q. |
What is a Transfer Fee?
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| A. |
A
Transfer Fee is a fee that resorts charge to transfer ownership from
one party to another. This fee applies to resale timeshares and
are determined by the resort.
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| Q. |
What is a Special Assessment?
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| A. |
A
Special Assessment is a charge that is in addition to the standard
maintenance fee. It should only be charged on an irregular and
infrequent basis in order to cover expenses related to extraordinary
repairs and refurbishments.
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| Q. |
Do I have to pay Property Taxes on my
timeshare?
|
| A. |
Yes.
The Property Taxes may be included as part of the maintenance fee or
billed separately, depending on the resort. All property taxes
and maintenance fees must be paid prior to trading your unit through
the exchange companies.
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| Q. |
Can I use the resort at other times in
addition to my week/s?
|
| A. |
Yes.
Most resorts offer additional time to owners at a reduced rate.
This benefit is most commonly known as bonus time.
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| Q. |
What is an Exchange Company?
|
| A. |
Although
there are many exchange companies, they all operate on the same basic
principle. You can use an exchange company to exchange your
timeshare week for one at a comparable resort, thereby allowing you to
stay somewhere other than your home resort. Two of the largest
and best known timeshare exchange companies are Resort Condominiums
International (RCI) and Interval International (II). You can
become a member of your home resort exchange company or use the
services of any independent resort exchange company that meets your
specific needs.
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| Q. |
What is a Five-Star Resort?
|
| A. |
A
Five-Star Resort rating is the highest rating a timeshare resort can
receive in the Interval International (II) system.
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| Q. |
What is a Gold Crown Resort? |
| A. |
A Gold
Crown Resort rating is the highest rating a timeshare resort can
receive in the Resort Condominiums International (RCI) system.
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| Q. |
What is the difference between Red,
White-Yellow, and Blue-Green seasons?
|
| A. |
These
are color systems used for rating the desirability of a timeshare
week. Red is considered peak season. White and Yellow are
considered intermediate demand season. Blue and Green are
considered off season. Resort Condominiums International (RCI)
uses Red for High Demand Season, White for Intermediate Demand Season,
and Blue for Low Demand Season. Interval International (II) uses
Red for High Demand Season, Yellow for Intermediate Demand Season, and
Green for Low Demand Season. The "color" of the week affects the
price of the week as well as the trading power you will have if you are
trying to exchange your week.
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| Q. |
Is financing available for purchasing a
resale timeshare?
|
| A. |
Yes.
For individuals in the U.S., we recommended the services of First
Again. They can normally offer very reasonable rates
on loans and provide fast and efficient service. You may also
obtain financing through a traditional lender or utilize a home
equity loan or other creative financing.
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or Go
Back to Timeshare Buyers' FAQs or Skip Ahead to Timeshare Renters' FAQs
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| Q. |
Do I need to use a Real Estate Broker to
sell my timeshare.
|
| A. |
The
answer is an emphatic NO! You are able to sell your timeshare
yourself and
save money by not having to pay a broker an up-front fee or a hefty
commission on the
sale. By advertising on our website, your ad will potentially be
viewed by thousands of people who are serious, interested timeshare
buyers. When a potential buyer contacts you, you can negotiate
the final sales price directly with the buyer and maximize the amount
of money that actually ends up in your pocket by avoiding a broker's
fee or commission. While you can sell a timeshare on your own, if
you
would like to use a timeshare broker to give your timeshare increased
visibility, we strongly recommend that you do your homework and make
sure that you are dealing with a reputable broker. TRA does not
make any guarantees as to the reputability of any of the brokers who
advertise on our site.
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| Q. |
Do I need to have my timeshare appraised
before I can sell it?
|
| A. |
No.
You do not have to have your timeshare appraised to sell it.
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| Q. |
When someone contacts me to buy my
timeshare, what should I do next to complete the sale?
|
| A. |
First of
all, be prepared by having all of your timeshare information and
paperwork organized
and ready to go. If you agree to sell for a certain price, we
recommend that you and the buyer sign a written contract. You may
also wish to obtain a monetary deposit from the buyer before proceeding
to ensure that the buyer is indeed serious about purchasing. The
deposit should be held in escrow with the Closing Company. If the
buyer requires financing and he or she lives in the U.S., we recommend
that they complete a loan application with First Again through our Timeshare
Business Partners page to hopefully receive quick approval
and funding at a reasonable interest rate. You will then want to
deliver the contract to the Closing Company so they can complete all
the details of the transaction, including collecting the appropriate
funds and fees, recording all the necessary documents, and, finally,
transferring the timeshare deed or membership. Each transaction
is different depending upon the type of ownership being transferred,
the type of financing (if any), and the resort. The Closing
Company will make sure that all of these details are handled
properly. After the sale, be sure to notify both your resort and
your exchange company in writing.
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| Q. |
Can I sell my timeshare if I still owe
money on it? |
| A. |
Yes you
can! You will just need to make sure that the balance is paid
before the timeshare can be transferred to the buyer. |
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| Q. |
What does Right Of First Refusal (ROFR)
mean?
|
| A. |
Right Of
First Refusal (ROFR) means that the resort at which the property is
located has the right to purchase the property first for the terms
agreed upon by the seller and buyer. If the resort exercises its
right, it will buy back the timeshare from the seller. If the
resort waives its right, then the sale can proceed as agreed upon
between the seller and buyer.
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| Q. |
Can I still sell my timeshare if I lost the
deed?
|
| A. |
Yes.
The Closing Company will just simply have to contact the appropriate
county courthouse and recover the deed. The Closing Company will
charge you for this, so be sure to ask what the fee is for this service.
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| Q. |
What happens to the week/s I have "Banked"
if I sell my timeshare?
|
| A. |
Once you
deposit or "Bank" your week with an exchange company the week is no
longer affiliated with the resort. Therefore, the sale of your
timeshare does NOT affect the weeks you have banked. You may
either keep the banked weeks to use yourself or include them in the
sale as an extra perk or incentive. Whatever you choose to do,
you should communicate it clearly to the buyer and have it in writing.
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| Q. |
How long should I expect it to take to sell
my timeshare? |
| A. |
This is
the million-dollar question. Of course, it is impossible to say
exactly how long it will take for your particular timeshare to
sell. There are many factors that will influence the amount of
time it takes for your timeshare to sell, including the resort
location, quality, week/season, flexibility, and, of course,
price. We strongly recommend that you research what other owners
are asking for similar timeshares and price yours accordingly.
You may have to be flexible with the price and willing to negotiate,
since the buyer is looking for a good deal. If you are offering
potential buyers a deal that they perceive to be a good one, you will
be much more likely to sell your timeshare quickly.
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| Q. |
How long does it generally take to close on
the sale of a timeshare?
|
| A. |
The
entire closing process, from start to finish, generally takes about
6-10 weeks to complete.
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| Q. |
When can I expect to receive the proceeds
from the sale of my timeshare?
|
| A. |
You
should receive the proceeds from the sale at the same time as or
immediately following the completion of the official transfer of the
deed or other proof of ownership.
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or Go
Back to Timeshare Buyers' FAQs
or Timeshare Sellers' FAQs
|
| Q. |
I have already identified a timeshare I
would like to rent that is posted on your website. What should I
do now?
|
| A. |
First,
you will want to contact the individual directly at either the email
address or phone number listed on their "For Rent" Ad. After you
and the owner agree on a rental rate, we recommend that you sign a
rental agreement with the owner. You will probably be asked to
send an advanced payment to the owner to secure the rental.
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| Q. |
How long is the rental for?
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| A. |
The
typical rental period is for 7 days and will normally run from
Friday-Friday, Saturday-Saturday, or Sunday-Sunday. It is very
important that you confirm with the owner the specific rental period so
that you will know exactly when you are able to check in and when you
will need to check out.
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| Q. |
Do I need to confirm my rental reservation
with the resort?
|
| A. |
To be
safe, we always recommend that you contact the resort directly to
confirm your rental reservation. We strongly advise that you
contact the resort directly for confirmation even if the owner has
stated that he or she has already notified the resort of the rental.
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| Q. |
How many family members and/or friends can
I take with me?
|
| A. |
You can
take as many people with you as the maximum number the unit
sleeps. Check with the owner and confirm with the resort the
maximum number that your rental unit sleeps before you sign the rental
agreement to avoid any potential problems.
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| Q. |
Do I need to take bed linens, pillows, etc.
with me to the resort?
|
| A. |
No.
Normally, these things are included, similar to a hotel. Check
with the owner and confirm with the resort the specific amenities and
services the resort offers.
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| Q. |
Will maid service be provided during my
stay?
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| A. |
The
frequency of maid service varies by resort. Some resorts offer
daily, bi-weekly, or weekly maid service. Check
with the owner and confirm with the resort the specific amenities and
services the resort offers. |
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| Q. |
What should I do if I want to buy the
timeshare I rented?
|
| A. |
Contact
the owner directly to find out if he or she is willing to sell.
Hopefully, they are looking to sell and you can come to an agreement on
price. Then, you will be able to enjoy your very own timeshare!
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or Go Back to Timeshare Buyers' FAQs
or Timeshare Sellers' FAQs
or Timeshare Renters' FAQs
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FAQ
