When buying or leasing any property, it is a must to know the underlying legal agreements behind it. In doing so, the owner will know his/her legal rights. In timeshare ownership, a lot of individuals falter in understanding their legal rights. Some owners tend to overlook the importance of knowing and understanding their legal rights in such properties resulting to problems trying to get out of their timeshares.
Some fraudulent timeshare scams today are just a result of inadequate attention to information and lack of knowledge while signing any contract or agreement. To prevent them from happening, every individual should be aware of these information while buying a timeshare.
Legally, invitees to any timeshare sales presentation are required to be informed of all details like the venue, agenda and duration of the whole program. Most of the time, this does not happen. Timeshare companies never divulge the truth about the market value of the property and its condition.
Supposedly, timeshare companies should not misrepresent the resale or exchange potential of such properties. The law prohibits timeshare companies from excluding oral agreements made prior to the purchase of the property in the actual deed. And it should not include any kind of fees not verbally mentioned. In addition, some states require inclusion of a cool-off period of two weeks to allow buyers to cancel their contracts.
These information are very important to anyone interested to own a timeshare. Remember that most of the owners who overlook their legal rights encounter problems with their timeshare units later on. Most of them try to get rid of their timeshare and even consult a timeshare transfer company like the Transfer Smart to do so. Therefore, the potential owner should know his/her legal rights before buying a timeshare.