Timeshare uses lots of complex language, which can be confusing if you’re not sure what it all means. Here’s a quick guide to the most common timeshare terms.
- Timeshare programmes are managed investment schemes often known as Clubs.
- Someone who has a beneficial interest in the Club’s net assets is an Owner or a Member. That interest is referred to as an Ownership or a Membership.
- Clubs are operated by a Responsible Entity, which looks after the Club and the Owners/Members’ interests.
- Marketing, administrative functions and acquisition of new timeshare properties are generally the duties of the Developer. The Developer is normally the company who created the Club.
- Most new Australian timeshare Clubs use Points, which can be used to redeem holidays at different Club properties.
- A cooling-off period is a set amount of time during which new timeshare owners can cancel their Ownership/Membership and receive a full refund. The cooling-off period in Australia is 7 days for timeshare Clubs who are ATHOC members and 14 days for Clubs who are non-members.
- Vacation Ownership and Holiday Ownership are alternate terms often used to describe timeshare.
