Fractional ownership offers individuals the opportunity to purchase partial ownership at an extremely nice place, most often in a highly sought after resort area. Sounds a lot like timeshare right? There are similarities between the two types of vacation ownership including:
If you were unfortunate enough to buy timeshare as a result of high pressure sales techniques or misrepresentation of information you do have options. Even though you have signed a legally binding contract there are protections in place for timeshare buyers that change their minds during the “cooling off” period that follows a sale. An unhappy or misdirected timeshare buyer should be able to file for a rescission of timeshare property purchased given that the following 10 steps are followed:
Despite the fact that timeshare has been gaining a more respectable reputation as a result of major resorts such as Marriott and Hilton now offering timeshare packages, there are still some resort companies that use deceptive tactics to secure a sale. There are still incidents of resort companies using hard-sell intimidation or illegal sales tactics in selling timeshares. It is because of the existence of these dishonest resort companies that rescission regulations exist. Victims of illegal timeshare sales practices need to be aware of their rescission rights in order to get out of their contract without penalty.
Bonus timeshare is a benefit offered by most timeshare resort companies. Bonus timeshare can be a valuable asset to owners because using it has no effect on your deeded or right-to-use week. With bonus time, owners have the ability to rent time on a daily basis at their home resort at an extremely low rate. These discounted rates usually end up being about 50% cheaper than what the general public pays for the same resort and unit. Resorts are able to offer discounted bonus time because it allows them to fill otherwise vacant units with revenue that will go to the Home Owners Association. The additional revenue created by owners’ utilization of bonus timeshare time helps to defray operating costs, resulting in lower maintenance fees for the owners.
Most timeshare units are sold at a presentation, and even more often, there is a prize or incentive offered just for attending the timeshare presentation. The most common incentives include: discount hotel rooms, weekend getaway packages, show/event tickets, and prizes such as automobiles and boats. Being aware of these incentives, the high pressure sales tactics used by timeshare salespeople, and other tricks of the trade are important when considering purchasing timeshare. If you are interested in timeshare, the following 7 tips will help you to avoid being scammed into purchasing timeshare: