Your Legal Rights When Buying A Timeshare
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One of the primary reasons that people fall into the trap of fraudulent sellers is that they do not understand their legal rights when buying a timeshare. It is always good practice to know your rights when you are signing any contract or agreement. This is the main reason it is always prudent to select a good timeshare attorney before consumating any timeshare purchase. Similar to other industries, the timeshare industry is also prone to unsavory tactics by a few sales people. Every day you here a story of somebody being duped into buying a timeshare and the property doesn't even exist or in some cases, does not turn out to be what the buyer expected . We here these stories of misfortune and we should learn from them. Here are 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 . The first type is a deeded and title timeshare and the second one are right to use also termed license to use timeshares. A deeded and title type of ownership means that the buyer owns the timeshare and receives a specific facility for a specified length of time every year, for a specified number of years ,generally forty years, and a deed. With a right to use timeshare the buyer has the right to acquire everything mentioned above except the deed or title. A deeded timeshare can be inherited and a right to use timeshare is similar to a lease which expires after certain number of years.
Unfortunately the timeshare industry has also acquired the same type of reputation as the used car industry in terms of selling tactics . It often begins with an invitation to a presentation offering you an complementary gift. When you show up, you are presented with a high pressure selling session with the salesperson constantly attempting to close on a deal immediately. Quite often, the expensive gift also turns out to be a mere gimmick. Potential customers have to go through the inconvenience of sitting through a long winded presentation, full of pressure selling tactics. But, by law, customers are supposed to be informed about the length of the time they have to sit before receiving a free gift. In addition, they are supposed be informed about the physical condition of the facility in question. The timeshare seller is not permitted to misrepresent the market value of the timeshare. They are also not permitted to misinform a buyer regarding the resale or exchange potential of the timeshare property.
The law also precludes the timeshare seller from not including the oral promises that were made prior to the purchase of the timeshare in the written contract and also including any additional fees that were not mentioned orally. The rules may vary from state to state. Some states also have a waiting period, most often of two weeks , to allow you to cancel your agreement should you decide to cancel the agreement. Contact a local timeshare attorney to find out the details of the laws regarding timeshare sales in the state in which you are considering your purchase.
Aside from these rights, one should also contemplate issues such as, do you really want to purchase the timeshare? Did you check out the facility in person prior to deciding to purchase it? Did you contact the better business bureau? Did you meet with existing owners in the timeshare property? Do you intend to rent it? Do you plan on reselling it? Do you intend to exchange vacation sites frequently? The answers to all these questions should be determined prior to making a final decision about buying a timeshare.
Article Source: Articlelogy.com
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