Featured News 2013 Timeshare Law and Reselling Scams: What You Need to Know

Timeshare Law and Reselling Scams: What You Need to Know

When you purchase a timeshare, you are essentially buying an interest in a vacation property that you will share with others who also purchase timeshares. The companies that sell these timeshares are known for their pushy sales tactics, and some individuals will purchase a timeshare on a whim without fully understanding the nature of the deal. If you are considering a timeshare, it is important that you consider the timeshare contract and determine what your total financial obligation will be.

Unfortunately, some timeshare salespeople will commit illegal acts in order to sell a timeshare. For example, timeshare resale scams are a common issue in real estate and property law. If you purchase a timeshare and then decide that you want to sell it, beware of timeshare resellers that may contact you with an offer.

There truly isn't an after-market for timeshares, but they can sometimes be cancelled. If someone contacts you saying that the have a buyer lined up for your timeshare, it is important to be wary of the situation. The timeshare reseller may be scamming you, especially if he or she requests that pay an upfront fee.

Timeshare scammers will claim that after the seller pays an upfront fee then he or she will connect the seller with a willing buyer. Unfortunately, the scammer often disappears after fees are paid of claims that they were simply offering to advertise the timeshare unit and that they cannot set the seller up with an actual buyer.

The best way to avoid timeshare reselling scams is to be extremely cautious. There are some legitimate licensed timeshare resale professionals but it can cost a lot of time and money if you fall victim to a scammer instead. If you are hoping to sell your timeshare, never pay an upfront fee when this option is offered to you. In many states, such as Florida and California, timeshare resale agents are not allowed to offer upfront fees at all.

Also, don't sign anything at a meeting with a resale company the first time. Take documents home when you leave a meeting and spend some time reading the fine print to learn what a reselling company intends to do for you as a part of their services. If your resale company says that there is no need for a meeting, then you will want to be cautious. Normally a company that wants to do a transaction over the phone or that is unwilling to meet you in person may be faulty and dangerous.

Also, beware of companies that operate off of 1-900 numbers. Companies that are legitimate normally have 1-800 numbers, not 1-900 numbers. You can check with the Better Business Bureau before using a timeshare reselling agent if you want to be certain that the company is legitimate. You can also search the internet to see if your company has a trustworthy website.

If you are scammed by a resale agent or in any other sort of timeshare scam, then you need to call your Department of Real Estate and discuss the scam. You can also call the Federal Trade Commission to learn more, and call your state Attorney General's Office and the Better Business Bureau. You can also contact a real estate attorney to help you work through the illegalities of the situation and create a case against your scammer. You should make sure that scammers are held accountable for their actions and make sure that you get the reimbursement that you deserve! Use this directory to find a real estate attorney near you that can help you to work through any real estate scams you may be dealing with at present!

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