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Legal Terms

Transferring Title

The legal document used to convey real property from one party to another is a Quitclaim or Warranty deed.

Quitclaim Deed

This deed transfers whatever interest or title a grantor may have, without warranty or guarantee of clear title.

Warranty Deed

This deed provides a guarantee from the seller that he has good, clear and marketable title to the property and is conveying the property free of all judgments, tax liens or assessment liens.

The Grantor & The Grantee

The Grantor is the person conveying the property; the Grantee is the person receiving the property. Once the Grantor executes a deed (signs a deed before a notary), it is recorded in the county where the property is located and the transfer is completed. The Seller should provide the Closing Company with a copy of the deed they received when they took title in order to ensure that the legal description and names of the Grantors appear the same on the new deed.


Features that add to the value of the property such as swimming pools, tennis courts, golfing or boating facilities.

Check-in Date

The assigned date and day of week the interval week begins (usually Friday, Saturday or Sunday). The check-in day begins the seven-day interval week.

Check-in Time

The assigned hour an interval week begins. The interval owner need not check in at the precise time; however, late check in does not extend the interval week beyond the assigned check out time.


The final act of a real estate transaction signifying mutual acceptance of financial and legal matters indicated by the signing and recording of deeds and the disbursing of funds.

Closing Cost

Those costs associated with the closing process.

Community Property

This type of ownership is available to married couples in nine states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Both husband and wife have an equal right to possess the property during their marriage, and in some states, upon the death of either spouse, the survivor automatically receives half of the community property and the other half passes to the lawful heirs.


A legal document that certifies ownership.

Disclosure Statement

Details of the purchase and a breakdown of costs and distribution of funds at the closing.


A special secured account used to hold funds from the buyer and the seller related to closing of purchase and/or sale of a property.


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 an interval owner to trade their week with other interval owners thereby allowing each owner to travel and vacation throughout the world.

Exchange Company

A company or organization that accepts interval weeks on deposit from its interval members to establish a pool of weeks from which other members may select the resort and vacation times of their choice. When a member deposits their week with an exchange company, the company compares the week the depositor is asking for with weeks deposited by other members and provides a suitable match based on availability and value. Factors affecting the “trading value” are the “resort rating” and the “time division” (i.e. prime time versus low time, the size of the unit desired, etc.).

Fee Simple

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

Fixed Unit

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

Fixed Week

The purchase of a fixed week property assures the owners that they will always vacation the same week on the interval calendar each year.

Floating Unit

Interval owners of a floating unit at a resort may not vacation in the same physical unit each year they vacation at their home resort. Interval owners may request a specific unit and, if available for that particular week, the resort normally will honor the request.

Floating Weeks

A system whereby the timeshare weeks purchased vary from year to year. Resorts have specific guideline for this plan.


One who grants possession or title by a deed.


One who receives possession or title by a deed.


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

Interval Ownership/Timesharing

Individuals buy or lease a specific time period in a selected condominium. Owners then have possession of deed and Title Insurance with the right to rent, loan or resell the property.

Joint Tenancy

The main distinguishing characteristic of joint tenancy is the right of survivor ship. If one of the joint tenants dies, his interest passes automatically to the surviving party or parties instead of being tied up in lengthy probate proceedings. When two or more people own a property as joint tenants, they own an undivided equal interest in the property.


An alternative to ownership whereby the developer retains ownership of the property and the customer enters into a contract to use the property for a specified time.

Legal Description

A description by which property can be definitely located by reference to surveys or recorded maps. Sometimes referred to simply as the legal.

Lockout Unit

Typically a unit that has the capability of being divided to create two separate but complete sections. If an owner buys a lockout unit, he can divide the unit and either stay in one half of the unit and rent the other half or rent both halves to different parties.

Maintenance Fee

Money paid annually to cover costs of maintaining the grounds of the resort, the units and management fees. These fees vary with the amount of time purchased.

Maximum Occupancy

The maximum number of persons an interval unit will accommodate.


A public officer or clerk who attests or certifies a document. Notarization is usually required for any documents to be filed and recorded in public records.

Quitclaim Deed

A deed that transfers whatever interest or title a grantor may have, without warranty.

Red, White or Blue Week

A system denoting peak times at resorts determined by season. Red weeks are considered the most desirable followed by white, then blue weeks.

Right of First Refusal (ROFR)

The legal right a resort company or group has to buy back or assume ownership of a timeshare property if elected. A resort must be offered a reselling price before the ownership can be conveyed to an outside source. The resort can exercise and purchase the property back at the sales price stated, or it will be waived, and the new owner can assume title. Not all resorts have this option of Right of First Refusal.

Right To Use

A type of ownership whereby actual ownership reverts back to the developer after a specified period of time.

Sole and Separate Property

Holding title this way means that no one else has any interest in it. If you are married and wish to take title this way, you should record a quitclaim deed from your spouse to yourself so that no community interest could be claimed at a later date (in community property states).


This is so standard a form of ownership for unrelated buyers that it is generally presumed to be the way they hold title if nothing else appears to the contrary. The shares are presumed to be equal unless stated otherwise on the deed, and each of the tenants has equal rights of possession. There is no right of survivor ship; each tenant-in-common should note in his will the person or persons to whom his share will pass.

Title Insurance

A document that guarantees that property is free and clear of claims by others pronouncing an interest in the property.

Warranty Deed

A deed that guarantees the title from the seller to the buyer.

6. On being pro-active

The minute you realized that the task was slipping in delay, you should have been pro-active about it and propose a solution to deliver faster, like having Chinmay worked all week-end or setup GTM over the week-end with myself…Whenever there is confusion, there should be an immediate meeting to resolve the matter.