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| As a Timeshare Owner You Have Rights: Do You Know Them? |
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| Written by Eric K Frey |
| Monday, 03 May 2010 07:39 |
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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. 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 means the buyer owns the timeshare and acquires a specific facility for a specified length of time each year, and a deed that is good for life. 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, and can be left in a will to your heirs, whereas a right to use timeshare is like a lease which expires after certain number of years. Timeshare industry has also acquired the reputation of 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. 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. Prior to signing anything or handing over any money, you should ask yourself if you genuinely want to buy the timeshare being sold. You'll also want to see the actual property personally before making a decision. It's also a good idea to check with the Better Business Bureau to find out what information they can offer about the timeshare company as well as asking owners of the timeshare what their experience has been. As with any large purchase, it pays to be well informed, especially if you plan to resell the timeshare property later on - and if the timeshare is somewhere that you see yourself returning to frequently enough to make your investment a worthwhile one. About the Author: If you are interested in timeshare ownership and want to learn more Timeshare Information, you should check out We Own Timeshares. Meet and connect with timeshare owners on this Timeshare Ownership social network. It is free to join and you can create your own profile in minutes. Share information and reviews of different timeshare properties and start asking questions in the forum. Visit today. Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
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