Answers To Common Questions About Timeshares

Answers To Common Questions About Timeshares

Author: Kristen Anders

Are any timeshares not scams?

Timeshares in themselves are not scams. They are resorts that people pay money to own a part of so they can stay in the same resort on a regular basis. It only becomes a scam when people pay money and then do not get a deed or use of a resort or when people pay thousands of dollars for a company to sell their timeshare and the timeshare is never sold.

Is signing over your timeshare possible?

Yes, you can sign over your property to a friend or family member or even transfer ownership back to the timeshare company.

Can you lose a timeshare due to late maintenance fees?

This will depend on your contract, however this is not usual. Late timeshare maintenance fees may get late fees added on or prevent you from using your timeshare. Read your contact to find out how your timeshare management company handles late maintenance fees.

Can you turn your timeshare back in?

Yes, if the timeshare management company agrees, you can turn your timeshare back in. This is called a deed-back.

Can I cancel a timeshare purchase in California?

Under California law, you have seven days to cancel your timeshare purchase after signing the contract. More information can be found at California´s Department of Real Estate website.

Do I need a lawyer to buy a timeshare?

In most cases, you do not need a lawyer to buy a timeshare. However, it is always a good idea to consult with a legal professional when reviewing your property´s contract.

How do I know if timeshare seller is a scam?

In general, if it seems too good to be true, you should be cautious and suspicious that you may be dealing with a scam. Some things to watch out for: any guarantee that your property will earn you money and unsolicited mail or calls about your timeshare.

Is it legal for management companies to charge late fees for dues?

This will depend on the purchase contract that you signed and state laws. Read your contract to determine what rights your management company has in regards to late fees and dues.

What is standard commission for selling a timeshare?

Using a reseller that works on commission can be a great help in selling your timeshare. The commission should be comparable to the commission any real estate agent would receive for selling a property such as a home.

Before buying or selling your timeshare learn what the most common timeshare scams are. Also, learn tips for selling your timeshare for cash.