Smartly Know Thy Timeshare Rights
Purchasing timeshares are a great way of saving up on vacation costs, and who doesn’t like vacations. Timeshare is a great alternative to a vacation home; it is a real estate program that allows multiple people to own a home. They get the right to stay in the property for a particular period. It is a business contract, and there are rights that timeshare owners have, including how to resell or cancel timeshare legally. It is vital to be aware of your rights as a timeshare owner, and below are some of your rights as a prospective owner and a full-fledged owner of timeshares.
Prospective Timeshares Owners’ Bill of Rights
- Prospective owners have a right to respectful, fair, and equal treatment without judgment of race, religion, or race in matters concerning the timeshare, including the presentation of sales.
- They have the right to review all documents before signing anything and to ask for clarification about different sections, including how to cancel timeshare legally.
- Prospective owners have the right to say no, and it should be accepted during presentations.
- They possess rights to full disclosure of fees related to the timeshare; prospective owners can also request a five-year history of payments before the purchase is made.
- Prospective owners have the right to refuse to submit any form of identification during the sales presentation process.
- Prospective owners have the right to ask for clarification about the rescission period and the terms surrounding the rescission period before purchasing.
- They have the right to pay the quoted price during the presentation throughout the program.
Owners of Timeshares Bill of Rights
- Timeshare owners have the right to receive equal and fair treatment without any discrimination in all matters concerning the timeshare.
- They have the right to have access to purchased timeshare within thirty days of making the purchase.
- They have the right to have the money they paid refunded to them if they choose to cancel timeshare legally or rescind the purchase within fifteen days of making the purchase.
- The right to be informed of any meeting concerning the timeshare is a sales presentation and if attendance is mandatory or not.
- Timeshare owners have the right to get a 60-day notice about HOA meetings through different proxies; they also need an explanation of items that would be voted on.
- Timeshare owners also have the right to receive minutes of scheduled HOA meetings within thirty days upon request.
- They have the right to sell private timeshare interests without restrictions being placed by the resort or management of the HOA.
- The right to be informed if any changes are being made to the ownership structure, and this includes liens placed on it.
- The right to be provided with the broker’s personal and contact information when requested.