One of the primary reasons some people fall into the trap of scammers and frauds is that they do know their legal rights. It is always a good practice to know your rights when you are signing any contract or agreement. The timeshare industry is no exception. As with any other industry, the timeshare industry is also prone to unscrupulous tactics by some people. Stories abound of someone being duped into buying a timeshare and the property is not up to the standard of what they were promised, or, in some cases, may not even exist. This article will outline a few things to keep in mind while shopping for a timeshare.
We must first understand the different types of timeshare plans. There are basically two types. A deeded and titled timeshare and the second one are right-to-use (also as called license-to-use timeshares). A deeded and titled timeshare means the buyer owns the timeshare and acquires a specific facility for a specified length of time each year, for a specified number of years (generally 40 years) and a deed. A right-to-use timeshare means the buyer has the right to acquire all the above mentioned things except the deed (i.e., title). A deeded timeshare is inheritable whereas a right-to-use timeshare is like a lease which expires after certain number of years.
The timeshare industry has also acquired the reputation of the used car industry in terms of the selling tactics they employ. It often begins with an invitation to a presentation offering you an expensive gift. When you actually attend, it turns out to be a high-pressure sales session reminiscent of a used car dealer who doesn’t want you to walk out the door unless you sign a paper. And the “expensive gift” often turns out to be a mere gimmick. And people have to go through the trauma of sitting through the presentation which goes on for two hours. But as per the law, people are supposed to be informed about the length of the time they have to sit before receiving a free gift. Also, they must be informed about the physical condition of the facility. The timeshare companies are also legally prohibited from misrepresenting the market value of the timeshare property. They are also not to misinform you about the resale or exchange potential of the timeshare property.
Timeshare companies are not allowed, when the contract is written, to omit promises made orally before the property was purchased. They also may not include fees that were not originally discussed. Each state has different rules. There are also states which have a “cooling-off” period (typically two weeks) that give you time to change your mind and cancel your contract if you wish to do so.
But these rights aren’t the only matter to consider. You should also ask yourself questions like: is this particular timeshare the perfect fit for you? Did you or someone you trust go on location to inspect the facility? Have you checked for complaints by previous owners at the Better Business Bureau? Have you had the opportunity to talk to current owners of the timeshare property? And what are your plans for the timeshare: do you plan to rent it out, or to resell it? How often do you think you will visit this vacation site before you want to go somewhere new? All of these answers should be clear in your mind before coming to a decision on whether or not to buy a timeshare property. You don’t want to put money down on a unit that isn’t truly your dream vacation destination!
Buy-Timeshare-Online.com showcases hundreds of deeded timeshares as well as right-to-use timeshares around the world from the top timeshare companies as well as private owners in the resale market.
- Daniel Wright
This entry was posted on Wednesday, July 29th, 2009 at 6:07 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
