Posted on November 12, 2007 in Timeshares Basics
Before starting off on what care you should take while buying timeshares, lets look at what the law says.
Legal issues
Legal Offices receive numerous complaints about time-sharing developments and promotions. These complaints range from disappointments with the prize or pressured sales techniques to straightforward deception and fraud. Ofcourse, it is not always possible to file suit over a gift’s or prize’s quality. Some of the most noted legal violations are as follows:
- Not keeping the customers informed that they have to listen to sales pitch (most of the times lengthy) before receiving the prizes or gifts that were promised.
- Not keeping the customers informed about the present condition or misrepresenting the physical condition of a timeshare or the facility.
- Not keeping the customer informed about the present value or misrepresenting the market value of a timeshare or the facility.
- Not keeping the customer informed about the present resale value or misrepresenting the resale or exchange potential of a timeshare or the facility.
- Making oral promises that are not included/ omitted from the written contract.
- Adding or including fees and obligations that were never mentioned previously before making the contract.
These are some provisions, and some of them vary from state to state. Ofcourse before making a decision to purchase timeshares, it is always advised to consult legal assistance offices. Some states have a “Cooling-Off Period.” This means that a buyer has the right to cancel contract in case he changes his mind. Ofcourse most other states believe that once you’ve signed it, you’ve signed it.
Buying a timeshare
Timesharing is actually an affordable and an easy way to own a vacation home. Before you make a purchase, try to ask these questions to yourself:
- How sure are you that you will to spend ALL your holidays/vacations at the timeshare that you are going to buy?
- Have you had a look at the facility?
- Are you hundred percent satisfied with the quality of the service that the management has promised to offer?
- Do you believe in the stability of the management?
- Are you sure you do not have any questions about the terms of contract?
- Have you checked about the timeshare with the concerned authorities
- Have you found and talked to some long-time owners of the timeshare facility that you wish to buy?
- If you are buying a new facility, have you checked about the management properly?
- Are you sure that you can afford both the facility and the entire travel costs each year to reach and leave your timeshare facility?
If the answer to any of the questions is NO, then may be you should rethink about the information that you have.
But the biggest advice that we give to purchasers is: – do not sign a contract the same day that you happen to attend a sales pitch”.
Happy timeshare ownership!
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