Scarinci Hollenbeck, LLC
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Author: Scarinci Hollenbeck, LLC
Date: January 29, 2016
The Firm
201-896-4100 info@sh-law.comAfter taking a dive during the recession, time share sales are heating up again. With more money available for leisure, many Americans are considering the benefits of a timeshare investment. After all, who doesn’t want a yearly vacation?
According to a recent New York Times article, nine million Americans own timeshares, with sales jumping approximately 25 percent since 2010. In standard timeshare purchase, a buyer buys a certain number of weeks at a resort condominium and agrees to pay homeowners’ association dues covering maintenance and taxes on the property. Payment for the unit can be made at the time of purchase or financed through the company selling the timeshare.
Many timeshare companies use high-pressure sales tactics, which can result in ill-advised purchases. After hooking buyers with a free mini-vacation, sales representatives tout the benefits of timeshares as investments, while downplaying the potential risks. In some cases, salespeople can be less than truthful in order to close the deal.
Given the potential risks, it is imperative to understand all the terms and conditions, particularly those that may be located in the “fine print,” before purchasing a time-share unit. It is also imperative to make sure that any oral promises made by the salesperson are included in the contract.
Below are some key issues to consider:
Timeshares are a frequent subject of consumer litigation, with aggrieved buyers seeking to cancel their ownership based on overstated benefits, hidden fees and other misrepresentations. While its has made no official announcement, many expect the U.S. Consumer Financial Protection Bureau (CFPB) to adopt regulations governing the sale of vacation units.
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