Many timeshare buyers are hesitant to wade through the mountains of paperwork that follows a timeshare purchase. Similarly, the extreme pressure of a room full of salespeople makes many timeshare buyers avoid reading through the documentation. That said, would-be timeshare owners need to study the legalese contained in that dense thicket of paper since it will significantly influence their lives for many years. Here are the reasons why it’s important to read the fine print of your timeshare documentation:
Restrictions on Timeshare Use
Resort developers have tight control over timeshare interests. Many restrictions on how you may use, swap, and redeem your points may not be made explicit at the time of purchase. The legal wording regarding maintenance fees, assessments, dues, and property owners’ associations can be found in the fine print of timeshare papers. The legal information must be investigated and understood upfront so as not to make an undesired purchase like most timeshare buyers. It’s estimated that about 85% of timeshare owners acquired one for financial reasons, fear, uncertainty, or intimidation.
You May Be Getting the Wrong Product
A popular provision included in the pile of paperwork issued at completion by timeshare sales agents is a salesman’s license to lie clause, which declares that the customers did not rely on any oral assurances while making their timeshare purchase. It might result in a scenario where what a person legally commits to by signing a contract and what they were informed they were negotiating for are completely contrary. Taking the time to read the fine print of your timeshare documentation can help you avoid this.
You May Not Have Enough Time to Make an Informed Decision
The odds are sometimes set against timeshare buyers to keep them from receiving benefits like the statutory rescission period and a state-filed copy of a Public Offering Statement (POS) or Prospectus. Either document includes all of the information that a potential timeshare buyer should know. While the developers make the POS available to purchasers to avoid extending the rescission date, the buyer is sometimes under great pressure during the sales process, leading to rash decisions.
It’s critical that you understand your rights and duties before becoming a lifetime timeshare owner. Contact an experienced legal practitioner if you have any questions regarding the validity of your timeshare documentation or believe you have been misled.