Timeshares for Sale – Know Your Rights as a Buyer and As a Seller
One of the biggest issues with the timeshare sales market is that most people getting into these investments aren’t fully aware of what they are indulging themselves into. This is the reason why most investors feel cheated at the end as they have to face many unexpected surprises coming along during the journey into this market. The many stories that we hear about people falling into bad deals with timeshares is just a result of this unawareness. In this article, we will try and attempt to understand what your rights will be as a timeshare owner and what you should expect from the investment.
Rights you will get
Each purchase is different and the timeshare development companies also have their own specific terms and conditions levied on the transactions affected through them. But in most cases, these are the rights that a timeshare property owner can expect to have in such a transaction.
- The right to use a designated home or condo. The decision as to when the owner will be using the vacation home has to be made and communicated several weeks in advance to the property development company or else, they may lose the chance to use it exclusively to their advantage.
- Right to exchange your deeded or right-to-use property for another, in a different location and at a different time. Exchange privilege is an excellent benefit as most Timeshare developers have signed up with clearing houses such as Interval and RCI and as such have a huge inventory to choose from all over the world.
- The staying right at a particular timeshare property can be converted to a specific number of points which can later be redeemed to get access to a host of travel amenities and gift items.
- The right to select a group of executives who will be overseeing the management and maintenance of the condo.
Rights you will not get
- The right to sell the condo itself will not be available to the timeshare property owner. Conversely, the owner does have the right to sell off their share – the week if it is a deeded property, or the right to use if non-deeded to someone else.
- You do not get any property rights either. This means you cannot make any additions or changes to the property, however needed they may be, as you do not own the condo outright.
- You also do not have the right to convert or book the property for use by someone else. In most cases, the timeshare development company will charge you for these transactions.
- The right to use the property exclusively will be available only during your week of usage, that too if you have made the bookings well before hand. In case, its use has been booked previously by another timeshare owner, you might have to share the condo with them.
Visit Conciergerealty.com to know more about timeshare sales.
About The Author
Sam Cook is an expert on the concept of timeshare vacation homes and also likes to write many interesting articles and blogs on the topic, helping people to understand the various aspects of this system. He recommends ConciergeRealty.com as the best name to trust for timeshares in Aruba, Maui, Cancun and Hawaii.