Timeshare Resale Purchase Agreement

Beware of offers, time sharing or vacation plans abroad. If you sign a contract outside the United States for a timesharing or vacation plan in another country, you are not protected by U.S. law. I have read the exclusion of liability and I wish to acquire the option of holiday interval “right of use” of the sales contract. In this option, a developer owns the complex consisting of condominiums or units. Each apartment or unit is divided into “intervals”, either by weeks or the equivalent in points. You earn the right to use an interval in the resort for a number of years – usually between 10 and 50 years. The interests you own are legally considered personal property. The specific unit you use in the resort may not be the same each year. In addition to the price of the right to use an interval, you pay an annual maintenance fee that will likely increase each year.

When calculating the total cost of a time or vacation sharing plan, you should include mortgage payments and expenses such as travel expenses, annual maintenance costs and taxes, closing costs, brokerage commissions, and financing fees. Maintenance costs can increase with rates that match or exceed inflation, so ask if your plan has a royalty cap. You have to pay fees and taxes, whether you use the device. If you did not purchase the timeshare directly for cash, you are responsible for paying the monthly mortgage. Regardless of how you purchased the Timeshare, you are also responsible for paying an annual maintenance fee. Property taxes may be additional. The owners participate in the use and maintenance of the units and common ground of the property. An association of owners usually takes care of the management of the station.

Timeshare owners choose officials and control expenses, maintenance of station property and choice of station management company. To evaluate the purchase, compare these costs to the costs of renting similar accommodations with similar amenities in the same location for the same period. If you find that buying a time-sharing or vacation plan is useful, comparative shopping is your next step. If you are considering selling a timeshare, the FTC warns you to interview resellers – real estate agents and agents who specialize in reselling timeshares. . . .

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