Be Familiar with Your Timeshare Rights

When you are not really knowledgeable with your timeshare, most likely you’ll get fraud or scammed. Most people would jump right into something without taking a step backwards, look on an outside perspective, ask for a legal advice and sometimes listen to their instincts. They would be impulsively attracted to the fun part alone without weighing if it is good or bad or right or wrong. It is a very important practice to know first your rights before signing into any contract or agreement. Just like any other industry, timeshares are also susceptible to deceitful schemes by some inconsiderate people. It is not new to listen to news of people getting screwed and swindled in buying timeshares and properties that are non-existent; or in some cases, some are duped with services and amenities that do not exist and the standards and promises declared are not complied. These horror stories should serve as a warning and that we should all learn from this. Before turning your dream vacation to a nightmare, here are some things you should remember.

  1. Understand first the different types of timeshare contracts. There are two types. First is the deeded timeshare. This type of contract gives a title and ownership to the buyer and a full access to a specific facility for a specified time of a year and specified number of years (typically it runs to 40 years). Since the buyer has the full rights to the property, the timeshare is then inheritable or whatever the owner wants it to be. Second is the license to use contract. Just like the deeded contract, owners may enjoy the facilities over a specific time yet the contract basically expires over a certain period.
  2. Timeshare industry is not less than like other marketing business. It tends to attract you with a wonderful and reasonable offer, like of discounts and privilege. And when you fall into the trick, you find yourself trapped in a long, dragging presentation – by which, at the end of it you are pressured to sign the paper. For some, product presentations are helpful to get the facts laid down – like the physical condition of the property or the services they are offering. It is according to the law that timeshare companies should not misrepresent the market value of their properties; and should not misinform potential buyers. The law also banned oral promises that were made before the purchase of the property in a written contract and any kind of fees that were never ever mentioned orally. However, this rule varies from state to state. There are also cool-off periods, where buyers are given two weeks to cancel a contract.
  3. Lastly, ask yourself if you really want to buy a timeshare. Make sure you have checked the facilities well and you have reviewed the contract. Ask yourself if you only want to rent it of you have plans on reselling it in a few years time or have it exchanged for another vacation sites. These questions should be asked before purchasing a timeshare.

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