What You Need To Know Before Buying A Timeshare
There are a lot of people who find themselves the victims of fraud when buying a timeshare
, usually for the very simple reason that they don't know what their legal rights are in this situation or how to protect themselves from scammers. Like any other situation which requires signing a legally binding contract, it's vital to know your rights and what recourse you have under the law. There are plenty of scams going around in the timeshare industry and you've no doubt heard about some of these yourself. There are fraudulent operators who will try to sell properties which are nothing like promised or in some cases, not even an actual property. Before you make any decisions about purchasing a timeshare, here's a few things to think about.Your rights vary depending on what kind of timeshare you purchase - there are timeshares which involve a deed to the property as well as those which do not, often known as right to use or license to use timeshares. When you purchase a deeded timeshare, you'll have a deed to your timeshare property which gives you the rights of any other title to a piece of real estate they can even be passed down to your heirs. By contrast, a license to use timeshare is essentially a long term rental of the property in question with a predetermined expiration date.
Due to scams and some questionable sales practices used by timeshare companies, the entire industry has acquired an unsavory reputation. One common occurrence in the industry is a promise of a free trip or another gift which the customer sees as being worthwhile. Upon arrival, the potential buyer is then forced to sit through a lengthy sales pitch full of high pressure sales tactics, only to receive a gift which is not at all what they had been led to believe.
The law dictates that timeshare companies must disclose the length of the presentation ahead of time, that the company must give prospective buyers truthful information on the condition of the timeshare property and that they may not misrepresent either the resale or market value of the timeshare.
Buyers are also protected by provisions in the law which mandate that any oral promises made to a buyer must be included in the sales contract and that any fees associated with the timeshare purchase or ownership be disclosed both orally and in writing. Depending on the state, buyers may also be able to avail themselves of a period in which they may cancel the contract, typically for up to two weeks after signing the contract.
It's important to know your legal rights before purchasing a timeshare, you also need to ask yourself a few other questions such as whether or not you really need to purchase a timeshare or whether you've seen the property for yourself. You should also inquire about the timeshare company with the Better Business Bureau, speak with current owners of the timeshare for sale. Before you make your decision, you need to be fully informed and have decided if you plan to rent the property or if you'd rather have a deeded timeshare, whether or not you're interested in reselling the timeshare later and whether the property is in a location where you actually want to vacation in frequently.
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