Even if you believe that timeshare sales contracts presented to you at a timeshare resort are legitimate, you will need to read them!
First, the pressure.
Here’s and example of what can go wrong: “It all seemed very pretty and worth every cent at the time. We were taken through the presentation on timeshare vacation resorts in South Africa and some RCI destinations, and told this was an investment, and that we were not obligated to pay for anything at that point.
I was asked for credit card details to ‘secure’ the special offer. The consultant then rushed through the contract and told me to sign. The consultant also told me and my friend that went with me that I could take the timeshare contract home, then let the firm know when we were ready – but not before we had signed some documents.”
There are “red flags” all over this short example. Phrases like “short time offer”, “just sign and initial now”, “I need your credit card to lock in this offer”, or even the pressure to sign anything without sufficient time to read the fine print should cause suspicion.
A second issue that comes up for buying a timeshare is knowing exactly what you are buying. I have heard time and time again from a timeshare owner who thought they owned a timeshare in Orlando, for example, but they actually had purchased a timeshare in another sister resort’s location.
Let’s just say that a timeshare resort, XYZ Orlando, has given you a tour, explained all the details, and you’ve negotiated an agreeable price. You sign the sales contract, celebrate your new timeshare and go home. A few weeks later more paperwork arrives in your mailbox. Reading the details you see that a timeshare resort, XYZ Las Vegas is mentioned all over the place. Not XYZ Orlando! You may have known that this timeshare resort had several resort locations but you thought you bought and Orlando timeshare – but you actually bought a Las Vegas timeshare. Is this legal? Yes – they may sell you a timeshare from any affiliated resort. BUT, they must disclose it to you. Every state has different laws about disclosure and if you are not too late you can rescind your purchase.
Buying a timeshare is a big decision and should be done with no pressure. You should be able to consider both the purchase price and the ongoing timeshare maintenance fees plus taxes without hidden costs. Above all else you should never pay the retail price! Never!!