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Tips On Buying A Timeshare
POSTED: 8:11 pm EDT March 25,
2008
UPDATED: 8:10 am EDT March 26,
2008
BOSTON -- Team 5 Investigates Susan Wornick has this advice before buying a timeshare.
Watch her report first on a Cape timeshare nightmareCheck the property to make sure it is a legal timeshare. Different states have different laws. In Massachusetts, timeshares must be registered by the developer in the appropriate county before they can be sold. Make sure the one you are considering is registered.
Once you verify the legal existence of the property and timeshare status, get a contract and everything in writing. This should include not only the price you will pay for what time period, but any extra fees you will incur, including maintenance or other charges. You should expect to get a deed. Like any other property purchase, you need to have proof of ownership. If your agreement offers timeshare exchange, make sure that is clearly explained. Other properties should be listed and you should verify they exist before buying. Understand the terms and conditions. "Timeshare" means exactly that. You'll be sharing a property, for whatever time you buy, with others. Everything in the unit will be community property. There are terms like "fixed or floating time." (Fixed: you buy the same week annually. Floating: use within a season, generally reserving the time in advance.) "Fractional Ownership" is important to understand. It means buying a large portion of time. With "Biennial Ownership," you use a resort unit every other year. Federal Trade Commission Consumer Guide
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