Timeshare Deeds and Rip-Offsby USConsumer Attorneys Find the Best US Consumer Attorney Timeshares are jointly owned properties, mostly vacation homes. The ownership here can be bought for periods of time and is not absolute. This is suitable for people who know where they want to vacation and prefer a space for their own rather than hotels or motels or hostels. Timeshare deeds can be drafted so as to secure ownership for either a specific period, starting from date ‘A’ to date ‘B’ or they can also be secured for a season where the dates are not specified. The former type of timeshare deed is referred to as fixed and the latter is referred to as floating. However, reports of scams and timeshare rip-offs are on the rise and it is important that potential buyers remain wary of the procedures involved and the risks.
Timeshares – deeded and non-deeded
Timeshares are not always deeded. There are options of buying timeshares that are not governed by a timeshare deed, they are called non-deeded timeshares or a Right to Use timeshare. While the former gives you the opportunity to own a part of the property by means of a timeshare deed, the latter provides customers with, as the name suggests, the ‘right to use’ the property during vacations. Generally, deeded timeshares are for life and non-deed timeshares end on a specified date. Deeded timeshares are the more traditional approach to real estate, wherein the property, that is, a fraction of the timeshare property is procured for ownership by means of a timeshare deed. In comparison, non-deeded or Right to Use timeshares are a recent development and the result of the modern trends in real estate. People find it easier to purchase weeks of use of a property than incur a lifelong liability.
Timeshare scams and rip-offs
Timeshare rip-offs are on the rise as most of the people who buy timeshares are not really aware of the procedures involved, and the liabilities that they are signing up for. Most people buy timeshares not because they have the means to make continued payments, but because they were swayed by a sales executive who was persuasive. Once the vacation high dies down, people realize the liability they have brought upon themselves and frantically look for options out. This is where the most common timeshare rip-offs happen. Scammers approach people who look to get rid of timeshares by leading them to understand, or rather misunderstand that they will get the timeshare resold and for great returns when timeshares actually have a very low resale value.
How to exit a timeshare?
To ensure that one is not trapped in a timeshare rip-offs, one must essentially be aware of the legitimate way to get rid of a timeshare. This can be done by cancelling the timeshare deed. Generally, timeshare deeds come with an exit window period, within which the timeshare can be cancelled without any hassle. If this time period has lapsed, then the exit procedure prescribed in the deed is to be followed to cancel the same.
Created on Oct 1st 2019 01:30. Viewed 221 times.
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