Law Library | Attorney Advertising | Financial Services | Affiliate Program | Blawg
Find the Right Lawyer Now:
Special Rules for the Transfer of Timeshare Ownership
Traditionally, an owner of a property owned everything from the ground up. However, people soon started sharing ground space by buying condos built on top of one another. Likewise, people started sharing vacation homes through time. There is no legal distinction between sharing property in space and sharing it in time. However, there are certain unique variables to be taken into consideration when transferring a timeshare property.
Most timeshare transfers are made with cash, as opposed to financing. Unlike most property, timeshare values do not increase. Resorts may charge a 10% transfer fee, as stated in the contract. Prospective timeshare buyers should find out about fees required to maintain facilities such as tennis courts and pools, which could add up to more than the purchase price.
Buyers should consider whether they want a fixed unit timeshare, where the dates owned will be written on the deed; a floating timeshare, where reservations are made on a first-come first-serve basis; a leased timeshare; or a vacation club timeshare, where the owner can choose from a variety of vacation destinations.
Next, the location of the timeshare can be outside of the United States, thus subjecting the transaction to foreign law. For example, Mexican contract law requires a nonwaivable 5-day “cool down” period during which either party may revoke the contract.
Lastly, the purchasing of timeshares often occurs at “seminars” in foreign countries, where high-pressure sales tactics may be used, amounting to duress or undue influence. Salespeople may also be guilty of misrepresentation, such as claiming that a buyer waived her right to revoke the contract. The worst case scenario may involve identity theft and cash withdrawals from the buyer’s bank account.
Consult a Lawyer - Present Your Case Now!
Find the Right Lawyer Now:
Did you find this article informative?
