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Interval

An assigned period of time. Based on the interval calendar wherein the fifty-two weeks of the year are numbered.

Grantee

One who receives possession or title by a deed.

Grantor

One who grants possession or title by a deed.

Floating Weeks

Owners of floating weeks don’t vacation over the same interval week each year. These plans have specific guidelines at each Resort.

Floating Unit

The owner of a floating unit might have to stay in a different physical unit each year. Interval owners may request a specific unit and, if available for that particular week, the resort will normally honor the request.

Fixed Week

Purchasing a fixed week property assures the owner usage of the same week on the interval calendar each year.

Fixed Unit

Purchasing a fixed unit assures the owner usage of the same physical unit each year he/she vacations at the resort.

Fee Simple

A manner of owning land in one’s own name, free of any conditions, limits, or restrictions.

Exchange Company

An organization that accepts interval weeks on deposit from interval members. This creates a pool of weeks and resorts available to the members. All interval weeks are assigned a value upon deposit and the member can book interval weeks of similar value. Factors affecting the “trading value” are the “resort rating” and the “time division” (i.e. prime time versus low…

Exchange

The process of trading an interval week at one resort for an interval week at another resort or trading a specific week at the home resort for another week at the same resort. The exchange system allows owners to vacation throughout the world.

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