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Timeshare

From Wikipedia, the free encyclopedia

Jump to: navigation, search This article is about the type of property ownership. For the computing term, see Timesharing.

Barnsdale Hall Hotel timeshare lodges. In the grounds of the Best Western Hotel are a number of timber A frame chalets A timeshare is a form of ownership or right to the use of a property, or the term used to describe such properties. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time (typically one week, and almost always the same time every year) in which they may use the property. Units may be on a part-ownership or lease/"right to use" basis, in which the sharer holds no claim to ownership of the property.

Contents
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1 History 2 Industry o 2.1 Scope of the industry 3 Legislation 4 Methods of use o 4.1 Exchanging timeshares 5 Varieties o 5.1 Deeded versus right to use o 5.2 Fixed week ownership o 5.3 Floating o 5.4 Rotating o 5.5 Vacation clubs o 5.6 Points programs 6 Types and sizes of accommodations 7 Critique of timeshare concept 8 Secondary Market

8.1 Timeshare resales 8.2 Donate timeshare to charity 8.3 Timeshare rentals 9 See also 10 References

o o o

[edit] History
The notion of the term "time-share" was originally created in Europe in the 1960s.[1] Hapimag, a ski resort developer in the French Alps, was experiencing trouble finding customers for his high priced resort. Realizing that coffee shops sold cake only by the slice (since the entire cake was too expensive and could not be consumed at one sitting) he marketed his resort by encouraging guests to "stop renting a room" and, instead, "buy the hotel". Success followed and the concept of partial ownership was embraced by developers worldwide, boosting sales of surplus condominium units at a time when the resort industry was depressed.[citation needed] Due to the promise of exchange, these units, called "vacation ownership" by the industry, often sell regardless of their deeded resort (most are deeded into a certain resort site, though other forms of use do exist). What is not often disclosed is that all differ in trading power. If one is in Hawaii or Southern California it will exchange extremely well; however, those areas are some of the most expensive in the world, subject to demand typical of a highly trafficked vacation area. The vast majority of inventory flows briskly through two international exchange companies: RCI and Interval International (II).[citation needed]

[edit] Industry
This concept has attracted many resort developers and prominent hoteliers, such as Starwood, Wyndham, Accor, Hyatt, Hilton, Marriott, and Disney. Vacation ownership has proven to be lucrative for stakeholders in these major resort families, due to its popularity with vacationgoers. This form of lodging has spawned a variety of products sold on similar occupancy schemes; cars, planes, boats, condo-hotel units and luxury fractional properties (at which affluent guests may stay for as long as a quarter of a year, and which often command a sixfigure price tag)[2]

[edit] Scope of the industry


The scope of today's timeshare industry in the USA is well documented.[3][4] The ARDA International Foundation (AIF),[5] which is the research arm of the American Resort Development Association (ARDA),[6] reports there are 1,604 timeshare resorts, with 154,439 units, in the USA as of January 1, 2006 (AIF 2006). Though reportedly fewer than six percent of U.S. households own one, the prevalence of vacation ownership continues to expand.[7] Approximately 4.4 million households own one or more U.S. weekly intervals or pointsequivalent as of January 1, 2007, an increase of sixteen percent from the prior year. About half of the resorts in the USA are currently selling, generating sales of $8.6 billion in 2005 (AIF 2006).

The global scope of the industry is not as readily quantified. Interval International, one of the two major exchange companies, reports there are 1,800 resorts in nearly 80 countries, with 2004 worldwide sales estimated at nearly $11.8 billion (Interval International 2006). RCI has more than 4,000 resorts in nearly 100 countries. A 2001 report estimated there to be 5,425 timeshare resorts worldwide, of which around 31% are situated in North America, 25% in Europe,[8] 16% in Latin America (where Mexico leads with 40% in the region). Emerging resorts in Asia offers 14%, led by Japan, but with Thailand and India increasingly prominent.[9][10]

[edit] Legislation
The industry is regulated in all countries where resorts are located. In Europe, it is regulated by European and by national legislation.[11] In 1994, the European Communities adopted "The European Directive 94/47/EC of the European Parliament and Council on the protection of purchasers in respect of certain aspects of contracts relating to the purchase of the right to use immovable properties on a timeshare basis", which was subject to recent review[12] which resulted in the adoption on 14 January 2009 of the European Directive 2008/122/EC.[13]

[edit] Methods of use


Owners can:

Use their usage time Rent out their owned usage Give it as a gift Donate it to a charity Exchange internally within the same resort or resort group Exchange externally into thousands of other resorts Sell it either through traditional advertising, online advertising or by using a licensed broker

Recently, with most point systems, owners may elect to:


Assign their usage time to the point system to be exchanged for airline tickets, hotels, travel packages, cruises, amusement park tickets; Instead of renting all their actual usage time, rent part of their points without actually getting any usage time and use the rest of the points; Rent more points from either the internal exchange entity or another owner to get a larger unit or more vacation time or at a better location; Save or move points from one year to another.

Some developers, however, may limit which of these options are available at their properties. Owners can elect to stay at their resort during the prescribed period, which varies depending on the nature of their ownership. In many resorts, they can rent out their week or give it as a gift to friends and family.

[edit] Exchanging timeshares

Much lauded is the idea of owners exchanging their week, either independently or through several exchange agencies, to stay at one of the thousands of other resorts worldwide.[14] There are many exchange agencies, two of which are the largest: RCI and Interval International (II). Together they have over 7,000 resorts. They have resort affiliate programs and members can only exchange affiliate resorts. It is most common for a resort to be affiliated with only one of the larger exchange agencies, although resorts with dual affiliations are not uncommon. The timeshare resort one purchases determines which of the major exchange companies can be used to make exchanges. RCI and II charge a yearly membership fee and fees for when they find an exchange. They also bar members from renting weeks for which they already have exchanged. Owners can also exchange their weeks or points through independent exchange companies. Owners can exchange without needing the resort to have a formal affiliation agreement with the companies. Sometimes, owners may also arrange a direct exchange. This requires locating an owner with the location and weeks both mutually desire. This form of exchange saves money on exchange fees and is often sought after. Several bulletin boards have been created to help timeshare owners meet other owners and swap.[citation needed] This type of lodging may take different forms depending on the seller. The vast majority consist of one week of ownership i.e., 1/52 year but some developers sell point-based systems that are a different form of vacation currency that allow hotel stays, car rentals, and stays at large networks of resorts.

[edit] Varieties
[edit] Deeded versus right to use
A major difference in types of vacation ownership is that between deeded and right to use contracts. With deeded contracts the use of the resort is usually divided into week long increments and these are sold as fractional ownership and are real property. As with any other piece of real estate the owner may use his or her week, rent his or her week, give it away, leave it to his or her heirs or sell the week to another prospective buyer. The Owner is also liable for his portion of real estate taxes, which usually are collected with condominium maintenance fee. Potentially owner can even deduct some property related expenses, such as real estate taxes, from his taxable income.[15] While this form of ownership can offer additional security to the owner as a form of physical ownership, deeded ownership can be as complex as outright property ownership in that the structure of deeds varies according to local property laws. Leasehold deeds are common and offer ownership for a fixed period of time after which the ownership reverts to the Freeholder. Occasionally, leasehold deeds are offered in perpetuity however many do not convey ownership of the land but merely the apartment or 'unit' of accommodation. With right to use, the purchaser has the right to use the property in accordance with the contract but at some point the contract ends and all rights revert to the property owner. In

other words, the right to use contract grants the right to use the resort for a specific number of years. In many countries there are severe limits on foreign property ownership, so this is a common method for developing resorts in countries such as Mexico. Care should be taken with this form of ownership as the right to use often takes the form of 'club membership' or right to use the reservation system. Where the reservation system is owned by a Company not in the control of the owners, the right of use may be lost with the demise of the controlling Company. A variant form of real estate-based timeshare that combines features of deeded timeshare with right-to-use offerings was developed by Disney Vacation Club (DVC) in 1991. Purchasers of Disney Vacation Club timeshare interests, whom DVC calls "members," receive a deed conveying an undivided real property interest in a timeshare unit. Each DVC member's property interest is accompanied by an annual allotment of "vacation points" in proportion to the size of the property interest. Like right-to-use products, DVC's vacation points are highly flexible, and may be used in different increments for vacation stays at DVC resorts in a variety of accommodations from studios to three-bedroom villas. In addition, DVC's vacation points can be exchanged for vacations worldwide in non-Disney resorts or may be "banked" into or "borrowed" from future years. DVC's deeded/vacation point structure, which has been used at all of its timeshare resorts, has been adopted by other large timeshare developers including Hilton and Hyatt.

[edit] Fixed week ownership


The most basic unit is a fixed week; the resort will have a calendar enumerating the weeks roughly starting with the first calendar week of the year. An owner may own a deed to use a unit for a single specified week. For example, week 26 normally includes the Fourth of July holiday, week 51, Christmas and so on. If an owner owned Week 26 at a resort he or she could use that week every year.

[edit] Floating
Sometimes units are sold as floating weeks. The ownership will be specific on how many weeks the owner owns and from which weeks the owner may select for the owner's stay. An example of this may be a floating summer week where the owner may request any week during the summer season generally weeks 22 through 36. In this example there would be competition for prime holidays such as the weeks of Memorial Day, Fourth of July and Labor Day. The weeks when schools may still be in session would not be so high in demand. Some floating contracts exclude major holidays so they may be sold as fixed weeks.

[edit] Rotating
Some are sold as rotating weeks, commonly referred to as flex weeks. In an attempt to give all owners a chance for the best weeks, the weeks are rotated forward or backward through the calendar, so one year the owner may have use of week 25, then week 26 the next year and then week 27 the year after that. This method does give each owner a fair opportunity for prime weeks but it is not flexible.

[edit] Vacation clubs

Major international hotel chains such as Hilton, Accor and Marriott have introduced their own Vacation Ownership Programs which are based on point systems. The share of membership is sold is either deeded or with right to use the club's services for a certain number of years.[16] There are also Vacation Clubs that may own units in multiple resorts in different locations, offering services to a private customer base for exclusivity.[17] Some clubs consist only of individual weeks at other developer's resorts. Vacation clubs cater to a wide range of economic backgrounds and income levels.

[edit] Points programs


Resort based points programs are also sold as deeded and as right to use. Points programs annually give the owner an amount of points equal to the level of ownership. The owner in a points program can then use these points to make travel arrangements within the resort group. Many points programs are affiliated with large resort groups offering a large selection of options for destination. Many resort point programs provide flexibility from the traditional week stay. Resort point program members, such as WorldMark by Wyndham, may request from the entire available inventory of the resort group. A points program member may often request fractional weeks as well as full or multiple weeks stays. The number of points required to stay at the resort will vary based on a points chart. The points chart will allow for factors such as:

The popularity of the resort; The size of the accommodations; The number of nights; The popularity of the season; and the specific nights requested.

[edit] Types and sizes of accommodations


These properties tend to be apartment-style units ranging in size from studio units (with room for two) to three and four-bedroom units. These larger units can comfortably house large families. Units normally include fully equipped kitchens with a dining area, dishwasher, televisions, DVD Players and more. It is not uncommon to have washers and dryers either in the unit or easily accessible on the resort. Kitchens are equipped to the size of the unit, so that a unit that sleeps four should have at least four glasses, plates, forks, knives, spoons, and bowls so that all four guests can sit and eat at once. Units are usually listed by how many the unit will sleep and how many the unit will sleep privately.

Sleeps 2/2 would normally be a one bedroom or studio Sleeps 6/4 would normally be a two bedroom with a sleeper sofa

Sleep privately refers to the number of guests who will not have to walk through another guest's sleeping area to use a restroom. These resorts tend to be strict on the number of guests per unit. Unit size can affect demand at a given resort where a two-bedroom unit may be in

higher demand than a one-bedroom unit at the same resort. The same does not hold true comparing resorts in different locations. A one-bedroom with a great location may still be in higher demand than a resort with less demand. An example of this may be a one-bedroom at a great beach resort compared to a two-bedroom unit at a resort located inland from the same beach.

[edit] Critique of timeshare concept


Critics contend timeshare units are often overpriced, especially in places such as Mexico and Florida where almost every resort offers this style of accommodation.[18] The United States Federal Trade Commission provides consumers with information regarding timeshares.[19] Timeshares are also known as Universal Lease Programs (ULPs). Due to the nature of timeshares, they are considered to be securities under the law. Some individual timeshare owners also complain about the annual maintenance fee (which includes property taxes) being too high.[20] Pricing is compared to staying at hotels in the long term, when interest and fees are not included. However with a hotel you do not have a fixed payment, upfront cost, fixed schedule, and set locations.[21][22] There are many Timeshare companies accused of "Scamming" their customers. Incentive Leisure group [23] are a company accused strongly of "scamming" their customers. They have now been liquidated and claims firms are helping Incentive Leisures customers try and get their money back

[edit] Secondary Market


The secondary market for timeshares consists of rentals and resales initiated by the owner. Resale transactions involve the owner permanently transferring his or her deed or right to their timeshare to another party. Rental involves the owner transferring all or part of their week or interval to another party, without transfer of ownership. This typically takes the form of an owner renting one week to a traveler who uses it as one would use a hotel or other vacation rental. Either transaction can be accomplished entirely by the owner, or with the assistance of a third party, or broker.

[edit] Timeshare resales


Timeshares are generally treated as real property and can be resold to another party. However, most timeshares do not appreciate in value, and therefore should not be considered a money-making investment. Additionally, as much as 50 percent or more of the original purchase price of a timeshare from a developer or resort went towards marketing costs, sales commission, and other fees, which realistically can never be recouped by the owner. Most timeshares resell for the nominal price as low as $1 US, so the new owner only takes responsibility of the maintenance and other recurring fees. Resale price can be considered a market price of the timeshare.

There are brokers and agents who specialize in reselling timeshare units on behalf of their owners. This arrangement typically involves listing fees, commissions, or both, being paid by the owner to the broker/agent. In return, the broker/agent markets the resale to prospective buyers. This marketing can take the form of printed materials, Internet postings, radio and television advertisement, and direct telephone solicitations. Most of the fees associated with third party resales are up-front and non-refundable, regardless of whether the unit sells, or for how much.[22]

[edit] Donate timeshare to charity


This section has been nominated to be checked for its neutrality. Discussion of this nomination can be found on the talk page. (June 2011) Another option for timeshare owners who are seeking to sell their property is to donate it to charity. There are two concepts that need to be understood. The type of donation process and the IRS implications of the donation. First, very few charities accept timeshare donations. They must be able to convert the timeshare to cash. They do not want to become obligated as owners for the same annual bills that face all owners. Unless a charity can convert it to cash by resale, rent, or use, it is a liability instead of an asset. Those charities that do accept them perform in two ways. Most have the donor continue to hold title while they have an experienced broker sell the timeshare. This takes time and effort with a usually low cash offer so, unless it's a very valuable secondary market timeshare, they will reject it if they can't sell it within 45 days. The second is type of charity hard to find. The charity actually takes title into their own name without a resale, rent or use intended. Their cash conversion process is to charge an acceptance fee. They take on the obligation but usually ignore all bills and threats of collection until the resort decides to take back the deed. The IRS says if the timeshare is sold by the charity within a 36 month time of donation the actual cash received in what can be an income deduction. If the timeshare is not sold a maximum of $5,000 can be deducted without an appraisal. To receive a higher appraisal an appraiser must do it. It must include actually sold timeshares with specific information only found on the sales contract or recorded deeds, must use replacement costs of land and improvements (resort prices) in the computation, and is not to use distressed sales as comparables. [24][25][26]

[edit] Timeshare rentals


Depending on the terms of the timeshare contract, an owner may rent their week or interval to another party in exchange for payment to the owner. There are many third parties that will rent timeshares on behalf of their owners as one time event, or an annual occurrence. The broker/agent will find a suitable renter in exchange for fees and commissions. In addition to a hands-off experience for the owner, third parties typically handle the money transfer as well.

The obstacle of finding a suitable renter remains the same, with the added liabilities associated with renting any real propertynamely, ensuring payment prior to transferring the use to the renter, and coverage for any damage to the unit by the renter.

Condominium
From Wikipedia, the free encyclopedia

Jump to: navigation, search This article is about the form of housing. For the international law describing a territory in which two sovereign powers have equal rights, see Condominium (international law).

Property law
Part of the common law series

Acquisition

Gift Deed Conquest Discovery Accession

Adverse possession

Lost, mislaid, and abandoned property


Treasure trove Bailment License Alienation

Estates in land

Allodial title Fee simple Fee tail Life estate

Defeasible estate

Future interest Concurrent estate Leasehold estate Condominiums Real estate

Conveyancing

Bona fide purchaser


Torrens title Strata title

Estoppel by deed Quitclaim deed Mortgage

Equitable conversion Action to quiet title

Escheat

Future use control


Restraint on alienation Rule against perpetuities Rule in Shelley's Case Doctrine of worthier title

Nonpossessory interest

Easement Profit Covenant

Equitable servitude

Related topics

Fixtures Waste Partition

Riparian water rights

Prior-appropriation water rights Lateral and subjacent support


Assignment Nemo dat

Conflict of property laws

Blackacre

Other common law areas


Contract law Tort law

Wills, trusts and estates


Criminal law Evidence

v t e

A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece. Colloquially, the term is often used to refer to the unit itself in place of the word "apartment". A condominium may be simply defined as an "apartment" that the resident owns as opposed to rents.

Condominium is the legal term used in the United States and in most provinces of Canada. In Australia and the Canadian province of British Columbia it is referred to as strata title. In Quebec the term "divided co-property" (French: co-proprit divise) is used, although the colloquial name remains 'condominium'. In France the equivalent is called coproprit (coownership), usually managed by the syndic. In South Africa, this form of ownership is called Sectional Title, with the owners constituting the Body Corporate.[1]

Contents
[hide]

1 Overview 2 Non-residential uses 3 Similar concepts 4 By jurisdiction o 4.1 Australia o 4.2 Canada 4.2.1 Ontario 4.2.2 Saskatchewan o 4.3 Denmark o 4.4 England and Wales o 4.5 Hungary o 4.6 India o 4.7 Norway o 4.8 Singapore o 4.9 Sweden o 4.10 United States 5 See also 6 References 7 External links

[edit] Overview
The difference between a condominium and an apartment complex is purely legal: there is no way to know a condominium from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership. The same building developed as a condominium (and sold in individual units to different owners) could actually be built someplace else as an apartment building (the developers would retain ownership and rent individual units to different tenants). As a practical matter, though, builders tend to build condominiums to higher quality standards than apartment complexes because of the differences between the rental and sale markets. Technically, a condominium is a collection of individual home units and common areas along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home (AngloSaxon law systems; different elsewhere). The boundaries of that space are specified by a legal document known as a Declaration, filed of record with the local governing authority. Typically these boundaries will include the drywall surrounding a room, allowing the

homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominiums creation. The corporation holds this property in trust on behalf of the homeowners as a group-it may not have ownership itself. Condominiums have conditions, covenants, and restrictions, and often additional rules, that govern how the individual unit owners are to share the space. It is also possible for a condominium to consist of single family dwellings: so-called "detached condominiums" where homeowners do not maintain the exteriors of the dwellings, yards, etc. or "site condominiums" where the owner has more control and possible ownership (as in a "whole lot" or "lot line" condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods and gated communities. A homeowners association (HOA), whose members are the unit owners, manages the condominium through a board of directors elected by the membership. The concept exists under various names depending on the jurisdiction, such as "unit title", "sectional title", "commonhold," "strata council," or "tenant-owner's association", "body corporate", "Owners Corporation", "condominium corporation" or "condominium association." Another variation of this concept is the "time share" although not all time shares are condominiums, and not all time shares involve actual ownership of (i.e., deeded title to) real property. Condominiums may be found in both civil law and common law legal systems as it is purely a creation of statute. Among other things, the HOA assesses unit owners for the costs of maintaining the common areas, etc. That is, the HOA decides how much each owner should pay and has the legal power to collect that.

The Cosmopolitan, a condominium in Singapore The description of the condominium units and the common areas and any restrictions on their use is established in a document commonly called a "Master Deed" (also known as the "Enabling Declaration", the "Declaration of Conditions", or the "Condominium Document"). Among other things, this document provides for the creation of the HOA. Rules of governance for the association are usually covered under a separate set of bylaws which generally govern the internal affairs of the condominium. Condominium bylaws usually establish the responsibilities of the owners' association; the voting procedures to be used at association meetings; the qualifications, powers, and duties of the board of directors; the powers and duties of the officers; and the obligations of the owners with regard to assessments, maintenance, and use of the units and common areas. Finally, a set of rules and regulations providing specific details of restrictions on conduct of unit owners and residents are established by the HOA. [2] These are more readily amendable than the declaration or

association bylaws, typically requiring only a vote of the HOA board. Typical rules include mandatory maintenance fees (perhaps collected monthly), pet restrictions, and color/design choices visible from the exterior of the units. Generally, these sets of rules and regulations are made available to residents and or as a matter of public record via a condominium or homeowners association website or through public files, depending on the state and its applicable laws. Condominiums are usually owned in fee simple title, but can be owned in ways that other real estate can be owned, such as title held in trust. In some jurisdictions, such as Ontario, Canada or Hawaii USA, there are "leasehold condominiums" where the development is built on leased land. In general, condominium unit owners can rent their home to tenants, similar to renting out other real estate, although leasing rights may be subject to conditions or restrictions set forth in the declaration (such as a rental cap for the total number of units in a community that can be leased at one time) or otherwise as permitted by local law.

[edit] Non-residential uses


Condominium ownership is also used, albeit less frequently, for non-residential land uses: offices, hotel rooms, retail shops, group housing facilities (retirement homes or dormitories), and storage. The legal structure is the same, and many of the benefits are similar; for instance, a nonprofit corporation may face a lower tax liability in an office condominium than in an office rented from a taxable, for-profit company. However, the frequent turnover of commercial land uses in particular can make the inflexibility of condominium arrangements problematic.

[edit] Similar concepts


There are many forms of real estate ownership that are similar to condominiums but not identical. Classic privately owned detached houses on privately owned lots may be part of a community that has a homeowner's association. Such an association may administer a common park area, for example, or an access road, or architectural standards for the houses. In a townhouse complex, multiple physical houses are combined into a single architectural building. Each unit owner owns an identified plot of land and the building affixed to it, but that building is physically part of a larger building that spans lots. There is a continuous roof and foundation and a single wall divides adjacent townhouses. Legally, this is very similar to detached houses, but because of the intertwining of interests in the single architectural building, a homeowner's association is required. It would be impractical, for example to replace the roof of just one townhouse. But unlike the condominium, the townhouse complex's HOA owns none of the building or the land under it. It is essentially under contract to the townhouse owners to maintain the parts of the building that are hard to divide. Even the walls between townhouses are usually outside the purview of the HOA, being jointly owned and maintained by the owners of the townhouses on either side. Like the condominium, the townhouse complex often has common areas for roads, parking, clubhouses, and such.

A rowhouse is like a townhouse except that the houses are not physically connected. They are independent structures that simply have no space between them. Technically, they are detached. A building with multiple residential units may simply be owned in common by multiple people, with each having specific rights to a particular unit and undivided interest in the rest. This is like a condominium, but there is no HOA with legal powers. It is much harder to govern, as the individual unit owners often have to agree unanimously or court intervention is required. California statutes recognize three kinds of "common interest developments": condominium, townhouse, and community apartment, with the latter being the owned-in-common concept described above.

India
Condominiums are more commonly known as "flats" in India, also referred as apartments sometimes. This type of housing is very common in larger cities like Delhi, Mumbai (Bombay), Chennai (Madras), Kolkata (Calcutta), Bengaluru (Bangalore) and Hyderabad, but are not commonly found in rural areas. In India, in some of the States they are registered as "co-operative housing society" rather than condominiums in that the owners actually have a share of the co-op and not the actual real estate itself. In such cases, the Owners can sell the "share" in the open market, but they must receive approval from the co-op to complete the transaction. Formation of a Co op Society is not essential for a Condominium. There is no bar for construction of Condominium by private parties. As a matter of fact, apart from a Housing Board under the Government, there is no restriction in making condominium other than some building regulations. Many of the Apartment Ownership Acts apply only to property, the sole owner or all of the owners which submit the same to the provisions of the Acts by duly executing and registering a declaration by which property is to be submitted to the provisions of the Act. (a) for instance as per Sec.5 (2) of the Kerala Act (Act 5 of 1984) each apartment owner has to execute a declaration that he submits his apartment to the provisions of this Act. The contents of the declaration is specified in Sec.11 of the said Act. The contents of the deeds of apartment is also specified in Sec.12 of the said Act.

RCI (company)
From Wikipedia, the free encyclopedia

Jump to: navigation, search


RCI

Founded

1974

Founder(s)

Jon and Christel DeHaan

Headquarters

Parsippany, New Jersey Indianapolis, Indiana, USA

Number of locations

Kettering, England

Parent

Wyndham Worldwide

Website

http://www.rci.com/

RCI (formerly, Group RCI; formerly Resort Condominiums International) is a division of the firm Wyndham Worldwide (spin-off from Cendant). Founded in 1974 by Jon and Christel DeHaan, it has grown to become one of the larger brokers of timeshare trades. RCI has over 4,700 affiliated resorts in over 100 countries around the world.[1] Its membership base is approximately 3.8 million members worldwide. RCI operates two main exchange programs - RCI Weeks and RCI Points.

Contents
[hide]

1 Corporate structure 2 Business model 3 Litigation 4 Philanthropy 5 Awards 6 References 7 External links

[edit] Corporate structure


RCI's CEO and president is Geoffrey A. Ballotti. RCI's corporate headquarters is in Parsippany, New Jersey. Its North American membership office is in Indianapolis, Indiana, and its European membership office is in Kettering, England, with several satellite servicing offices in places such as Mexico City; Cork, Ireland; Manila, Philippines; Bangalore, India; Singapore; Dubai, United Arab Emirates; and Montevideo, Uruguay.

Currently, RCI's biggest competitors in the timeshare market are Interval International [2] and Trading Places International.[3] In July 2007, RCI was merged with Holiday Cottages Group, another of Wyndham Worldwide's subsidiaries. The two would still retain their individual names but operate under the parent name GroupRCI until 2010, when the two companies changed the name to Wyndham Exchange and Rentals.[4]

[edit] Business model


Timeshare exchange is often confused with timeshare sales. RCI is in the business of timeshare exchanges. It does not develop or sell timeshares, although it does sell a Points Program and a Weeks Program to use in the RCI affiliate resorts network. In the Points program, members receive an allotment of points that can be applied to different factors, such as room type, resort quality, location, and time of year. In the Weeks program, members may exchange their property's shared time for another week at an equivalent or lower value property. Members may join one program or the other, or both. Annual membership fees are required. Customers who buy a timeshare with an RCI-affiliated developer have the option to become a paid member of RCI. Such membership entitles them to exchange (swap) their timeshare with other members. RCI facilitates and fulfills the exchange. More information about the Points and Weeks programs that RCI sells can be found on the company's website. Also Wyndham Worldwide, RCI's parent company does develop and sell timeshares having several resorts around US which are listed in RCI's resort directory. RCI has resort affiliates in over 100 countries around the world on every continent. The company recently announced a few relationships with the Huangshan Grandview Resorts Hotel in Huangshan, China.[5]

[edit] Litigation
A class action lawsuit against RCI was pursued by Green Welling LLP on behalf of RCI Weeks Program members in New Jersey of 2006. The Plaintiff alleged that RCI actually rents out the most desirable and highly demanded vacation weeks from the spacebank, thus depleting the most desirable options available to Weeks Program members who seek exchanges. The lawsuit was settled in favor of the plaintiff. Benefits for RCI members would have begun on January 11, 2010 but one or more appeals of the entry of the final judgment were filed. Thus the Effective Date began July 28, 2010 when all appeals were resolved.[6]

[edit] Philanthropy
RCI co-founder Christel DeHaan has opened five schools known as Christel House in Bangalore, India; Mexico City, Mexico; Cape Town, South Africa; Caracas, Venezuela; and, Indianapolis, Indiana, USA. The schools are designed to provide an education to poor children around the world.[7]

[edit] Awards

Jeff Parker, on behalf of Group RCI, won the "ACE" employee award in 2007 from the American Resort Development Association.[8] In 2011, 2010, and 2009, RCI was named one of the Best Places to Work in Indiana by the Indiana Chamber of Commerce.[9][10][11] In 2009, RCI (Grupo RCI Mexico) was named to the 2009 List of Best Companies to Work for in Latin America.[12] In 2009, RCI (Grupo RCI Mexico) was named to the 2009 Best Places to Work for in Mexico

Timeshare Exchange Companies


Flexible Travel at its Finest

If you own timeshare, you probably already know about the wonderful opportunities afforded to owners by timeshare exchange companies. You already know that as a member, you can enjoy ultimate flexibility in your vacation planning. And you already know that you can vacation any time of the year, in a different resort whenever you choose, in thousands of exciting vacation destinations around the globe. What you might not know is which timeshare exchange company to choose. Many resorts offer in-network exchanges, but destinations and availability can sometimes be limited. Though there are several dozen smaller companies that specialize in timeshare exchanges, most timeshare owners choose to become a member of one of the three major exchange companies: Resort Condominiums International (RCI), Interval International (II) or Trading Places International (TPI). Each of these exchange companies offers unique benefits and services, but all provide you with the chance to expand your choices of when and where you holiday. Not a timeshare owner yet? Find the perfect escape for you today - browse our inventory of featured timeshares! Want an extra vacation week this year? A timeshare rental in a new destination could be the perfect solution! The Big Three in Timeshare Exchange - RCI, II, and TPI The three main timeshare exchange companies are constantly finding ways to expand your exchange options and the flexibility of their memberships. Read on to determine which exchange company might be right for you.

Resort Condominiums International

Since 1974, RCI has pioneered the vacation exchange industry and accumulated more than three million members from around the world. As the largest exchange company, the RCI exchange network encompasses almost 4,000 affiliated resorts in more than 100 countries providing RCI Subscribing Members with almost unlimited freedom to plan their dream vacations.
RCI Subscribing Member Benefits:

Extra Vacations Getaways - Enjoy additional vacations without depositing a week! From a long weekend, a full week, or a last minute getaway for two, members get the best rates on RCI vacation rentals. RCI Cruise - Exchange your timeshare week for a comparable cruise vacation or keep your week and purchase a cruise vacation at Members-Only rates (backed by RCI's Best Rate Guarantee). Elite Rewards Credit Card - Enrollment with this credit card is optional, but the program allows you to earn rewards for everyday purchases both on and off vacation. Rewards can be exchanged for gift certificates, dining, or even applied toward RCI membership fees and services. Guest Certificates - Give your friends or family members a gift they'll never forget, a RCI vacation. Members can purchase Guest Certificates for a small fee plus the cost of the exchange or vacation rental. RCI Points - In 2000, the company piloted the world's first points-based exchange system, allowing owners to purchase Points that can used to upgrade their vacations, to purchase airline tickets, or even banked for future use. Members who accumulate enough points can also exchange them for additional RCI Weeks vacations. Vacation Protection - This optional service protects you in case you have to cancel your vacation exchange for any reason. With this service, you won't lose your week if life unexpectedly throws you a curveball. RCI Travel - RCI's full-service travel agency can help you make travel arrangements and schedule activities to enjoy during your resort vacation. As a member you receive discounts on airfare, car rentals, and more.

To learn more about RCI, CLICK HERE.

Interval International As the second largest timeshare exchange company in the industry, Interval International's exchange network is home to about two million member families and 2,500 resorts in more than 75 countries.

Interval International Member Benefits:

Request First or Deposit First - Unlike RCI, Interval allows owners to request an exchange week BEFORE depositing their timeshare week. This allows you to hold onto your week until you've found exactly what you want. Member Getaways - Enjoy exclusive values on extra vacations without exchanging your resort week. Guest Certificates - Share the benefits of your membership with friends and family available for both exchange accommodations and Member Getaways. Interval Travel - Travel discounts on cruises, airline tickets, car rentals, activities and more enjoy rates not available to the general public. Interval Gold Membership - Upgrade your membership and receive even more discounts and opportunities for year-round travel including ShortStay Exchange and Gold Concierge.

To learn more about II, CLICK HERE.

Trading Places International

Trading Places International boasts the third highest number of successful independent vacation exchanges in the world. Specializing in personalized exchange and travel planning, customer service is the cornerstone of TPI's exchange philosophy. Unlike RCI or II, there is no mandatory membership fee to utilize this company's exchange program. However, members of Trading Places' Vacation Exchange Club enjoy even more discounts and perks.
TPI Vacation Exchange Club Benefits:

Exchange Discounts - Members receive discounts on Trading Places' already low exchange rates. 2-for-1 Early Deposit - Simply bank your week 120 days prior to the start date and receive use of an additional vacation week - free! Hot Deal Getaways - Members get an extra 25% off already low timeshare and condo rental rates on weeks in which the start date for usage falls within 60 days. Upgrade on Exchange - Exchange into a larger unit or high-demand destination for a small additional fee- discounts for members. Resorts to Ports Exchange - Trade your week for other vacation opportunities including cruises, vacation packages, car rentals, airfare, activities and more. Exclusive Resort Privileges - Available at the most luxurious hotels worldwide. From spa and resort credits to complimentary upgrades, TPI wants you to enjoy your vacations. Available to members only. Limited Time E-Specials - Sent directly to your inbox. Be the first to know about cruise specials, discounted weeks, golf vacation discounts, activity vouchers, and more.

To learn more about Trading Places, CLICK HERE.

Timeshare Exchange Whether you deal with RCI, II or TPI, you can be assured that your vacation destination will meet high standards for safety, luxuriousness, and loads of amenities. Just be aware that while the exchange process is generally quite similar, you will encounter slight variations depending on which company you choose.
Tips for Successful Exchanges:

Be flexible - Timeshare travel is flexible, so follow suit! Include several different resorts and travel dates (if possible) - this way you're likely to expedite the exchange and get what you want. Think Ahead - Most timeshare exchange companies offer benefits for depositing early. And the sooner you deposit, the pickier you can be about your exchange as you'll have more time and more vacation properties to consider. Remember the "Like for Like" Policy - Exchanging means trading for holiday time at a unit and resort that have comparable amenities to your own. If you own a one bedroom timeshare, don't expect to exchange for a two-bedroom lockout without paying additional fees. Do Your Research - Before becoming a member of any timeshare exchange company, be sure to research the exchange policies of your home resort as well as the company you intend to join.

And remember, you do not have to be a member of RCI, Interval International, TPI or any of the other timeshare exchange companies in order to buy, sell or rent timeshare vacation property at Sell My Timeshare NOW. Nor do you need to be a member of an exchange company to enjoy the top quality standards of renting timeshares at Interval International-affiliated resorts, RCIaffiliated resorts, or resorts affiliated with Trading Places.

Timeshares
Own a timeshare that you need to sell or rent out because you can't use it this year? Fill out the form to the right to speak to an experienced timeshare resale specialist who can assist you. Are you looking for a timeshare rental for your next vacation, or are you interested in purchasing a timeshare or learning more about ownership? Simply click below to access our extensive inventory. On the next page you will be able to filter our inventory by destination, resort, week number, season, unit size and more.

Browse all timeshares for sale. Browse all timeshares for rent. What is a Timeshare? In recent years, timesharing (also known as vacation ownership) has become one of the most popular ways to vacation, yet many travelers still don't know a lot about timeshares or how they work. If you are one of these individuals who would like to know what makes a timeshare vacation so different from any other vacation, you have arrived at the right web page. The main points covered in this article include:

Timeshares versus hotels - is there really a difference? How does timeshare ownership work? Is a timeshare a cost-effective purchase?

Timeshares Vs. Hotels There are many things that set a vacation timeshare resort apart from the average hotel, but the main difference is the quality of the actual rooms available. Compared to traditional hotel rooms, vacation timeshares are far more deluxe and can range in size from studio units to suites with three or more bedrooms that can often sleep ten or more guests. Here is a head to head comparison of common features you will find in most hotel rooms and those you will find in most time shares. Standard Hotel Room Features:

Single room, including: One or two beds Adjoining bathroom Cable television and DVD player Closet and dresser Coffeemaker and/or mini-fridge Couch/chairs/table (some rooms) Iron/ironing board (some rooms) Standard Timeshare Suite Features:

Multiple rooms, including: One, two or three private bedrooms Private master bath Living area, including: Convertible sofa bed Cable television with DVD player Balcony or patio Additional bathroom(s) Fully-equipped kitchen or kitchenette, including: Refrigerator (or mini-fridge) Coffeemaker, microwave, stove/oven Utensils, dishes, pots, pans, etc. Separate dining area (some units) Additional features: Washer/dryer (some units) As you can see from the list above, timesharing offers additional conveniences and comforts not available to travelers who stay exclusively in hotels. In addition to the en suite amenities listed above, time share resorts also provide an extensive range of on-site activities and amenities. Many resorts offer championship golf courses, ski mountain access, equestrian centers, water complexes, world-class spas and even five-star restaurants. How Does Timesharing Work? There are many different types of vacation ownership products available on the market today, but these can be divided into three main categories:

Traditional timeshare ownership Fractional ownership Points-based ownership Traditional timeshare ownership refers to the purchase of an interval of usage at a single resort. Ownership is usually tied to a particular unit or unit type (one, two, three bedroom) and falls within a set week or within a season (a specific time of year or range of weeks when the owner can use his/her timeshare). Fractional ownership refers to the purchase of a much larger increment of time (usually a set block of weeks) and is a good for travelers who are able to vacation for more than one or two weeks a year. Some top brands features on our website such as Ritz-Carlton offer fractional ownership. Fractional properties tend to be even more luxurious than traditional timeshares. Points-based ownership (also often called vacation club memberships) refer to a system in which owners are allotted a specific number of points per year which can then be exchanged for accommodations at a variety of in-network resorts. Points function much like traditional timeshares in that they are often tied to a specific usage season, however they offer the added flexibility of being able to book shorter stays in larger units (or vice versa). Each of these types of ownership products can be either fee-simple or right-to-use. Fee simple refers to a deeded purchase in which you own the time share perpetually, whereas right-to-use refers to a lease-like agreement in which your ownership expires after a set number of years. If you would like to learn more about timeshares and the types of ownership available, please visit our timeshare resale FAQ page. Are Timeshare Vacations Cost-Effective? The abbreviated answer is: yes. But here are some of the main reasons that vacation timeshares are a savvy option for sophisticated but frugal travelers:

Timeshares only cost a fraction of what a vacation home or condo would cost outright. Maintenance fees and incidental expenses are divided among multiple owners. Your accommodations are prepaid, so inflation cannot affect your ability to vacation. When you buy from a current owner through SellMyTimeshareNOW, you can often save more than 50% off retail value (the price at which the same property is sold by the resort). One Final Thought About Timeshares In the United States alone there are more than 4 million owner families, 80 percent of whom report that they are more than satisfied with their timeshare vacation purchase (see ARDA the American Resort Development Association for more industry statistics). Any timeshare owner will tell you that vacation ownership not only makes sound financial sense, but also provides for a far more secure, relaxing, and enjoyable vacation experience. Stop throwing away your money on hotels and start actually enjoying your vacations try a vacation timeshare today. Browse our extensive inventory of timeshare vacations for sale and for rent by owner. Purchasing or renting through SellMyTimeshareNOW makes timesharing even more economical and affordable with extremely discounted prices and the ability to negotiate directly with the owners of the properties to secure great deals! And remember our staff specializes in timeshares, so don't hesitate to call us with any questions, toll free at (877) 815-4227.