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Timeshare Resale Laws
The following are general guidelines and should not be relied upon without consulting a timeshare attorney about your unique situation. Please see disclaimer.
For both buyers and sellers, it is important to understand the fundamentals of timeshare resale law. For buyers, this market can provide much more value than purchasing from a resort, as long as you are working with a reputable company. For sellers, there may come a time when you wish to part ways with your timeshare. Knowing timeshare resale law will ensure that you are not taken advantage of by a timeshare scam.
Timeshare Resale Advertising
Many states now have timeshare resale laws related to advertising in order to protect consumers. These resale laws may include false advertising regulations, contract guidelines, and penalties for misrepresentation of the services. As a timeshare buyer, these laws protect you from purchasing a timeshare that may not be all that it seems to be. As a seller, this can protect you from fraudulent resale companies. But the resale contract can be complicated and may require that many documents are signed. A timeshare attorney can help you navigate this situation.
Timeshare Resale Contracts – Read Them!
With any business transaction, it is imperative that you understand the terms and conditions of the agreement. When it comes to timeshare resale, this is especially important. If you are buying a timeshare, there are may be many documents that make up your contract/agreement and explain the details of your future ownership. If you are advertising your timeshare for sale, this information will include the parameters of your advertising subscription for a period of time. In both cases, make sure that everything the salesperson promised you is included within the contract by reviewing it with a timeshare attorney. Also double check that there are no contradictions to these statements. Even if you are fully versed in timeshare resale laws, you should have a attorney review this information with you.
Timeshare Resale Payments
If you do move forward with a timeshare resale company, be sure to review and sign a contract before making any payments. When you do, always use a traceable form of payment like a credit card. Money orders, wire transfers, and money packs are all untraceable forms of payment. If involved in a transaction, it is best to use escrow like a traditional real estate transaction so that both the buyer and seller are protected. For advertising on the secondary market, because you are paying a fee for a subscription of services, this is a non-refundable payment unless noted by the advertiser. However, a credit card payment is still best in case there are any timeshare disputes down the road.
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