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Know your Timeshare Rights

Know your Rights!

Timeshare Rights

Know your Timeshare Rights. One of the biggest reasons why many people fall into the trap of scammers and frauds is that they do know their legal rights when buying a timeshare. It is always a good practice to know your rights when you are signing any contract or agreement. As with any other industry, the timeshare industry is also prone to unscrupulous tactics by some people. Every day you hear a story of somebody being duped into buying a timeshare and the property doesn’t even exist or in some cases, is not up to the standard and what they were promised. We hear these horror stores and we should learn from these. Here are a few things that you should remember while buying a timeshare.

To understand our rights let us understand different types of timeshare plans first. They are basically of two types. A deeded and title timeshare and the second one are right to use also as called license to use timeshares. A deeded and title and ownership mean 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 that expires after a certain number of years.

The timeshare industry has also acquired the reputation of the used car industry in terms of selling tactics they use. It starts off with an invitation to a presentation offering you an expensive gift. When you actually go there it turns out to be a pressure selling session of a used car dealer who doesn’t want you to go out unless you sign a paper. And the expensive gift also turns out to be a mere gimmick. And the people have to go through the trauma of sitting through the presentation which goes on for two hours also sometimes, full of pressure selling tactics. But as per the law, the 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 not permitted to misrepresent the market value of the timeshare property. They are also not supposed to misinform you about the resale or exchange potential of the timeshare property.

The law also prohibits the timeshare companies from not including the oral promises that were made before the purchase of the property in the written contract and also including any kind of fees that were never ever mentioned orally. The rules may vary from state to state. Some states also have a cool-off period usually of two weeks to allow you to cancel your contract should you change your mind.

Apart from these rights, one should also consider things such as do you really want to buy the timeshare? Did you check out the facility? Did you contact the better business bureau? Did you talk to existing owners in the timeshare property? Do you plan to rent it? Do you plan on reselling it? Do you plan on exchanging vacation sites frequently? The answers to all these questions should be found out before making a final decision about buying a timeshare.

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Introduction To Timeshare

The Introduction to Timeshares—just the word brings up different connotations for different people. If you are lucky enough to be somebody who owns one and gets to enjoy all that they can provide, then you are likely a huge fan. If you don’t really understand how they work or had a bad experience with a timeshare representative years ago, then you are likely going to hold onto the negative feelings that you foster. Whatever you feel for them, they do represent a legitimate and rather enjoyable way of traveling. For many years timeshares gained in popularity and became almost the trendy way of traveling. The popularity of timeshares seems to come and go, but those who are loyal and who use these as their primary method of traveling wouldn’t do it any different.

Timeshares have been around for years, and they have roots back to the 1960’s. (1) What these have evolved into is a family gaining a part ownership of a given property that they can utilize for a specified period of time each year. Usually, each family is given a week or two with their partial ownership rights and they often have to go right around the same time each year. So there is a fee paid each year that entitles them to that property and then they use it for vacationing purposes. The property is oftentimes in the form of a rental condominium in a given location, and can prove to be an excellent investment for some. If you are a family that loves to travel, and particularly if you wish to travel back to the same place each and every year around the same time, then this is the best plan for you.

The Introduction to Timeshares.

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