Thinking of buying or reselling a timeshare? To paraphrase the FTC, make sure you do your homework!
Timeshares are a major financial undertaking, and, for the everyday consumer, a lot of the language and laws around them can be dense and difficult to understand.
While we’re here to help represent consumers who feel they have been trapped into unwanted timeshare contracts, many could benefit by learning as much as possible about the industry and its actors before finding themselves in a less-than-ideal situation.
To that end, we recommend taking a look at this thorough explainer on timeshares and vacation plans from our country’s consumer protection agency, the Federal Trade Commission (FTC).
Helpfully broken up by many of the timeshare-related issues we see every day, the FTC takes you through every step of the process, along the way explaining the questions you’ll want to consider and giving you the definitions you’ll need to know, including the differences between a “deeded” timeshare option and a “right to use” vacation interval option, both of which offer unique perks and challenges to consumers.
Just as important, the FTC offers some guidance and words of caution on selling a timeshare through a reseller. They urge consumers to “go into skeptic mode” and thoroughly vet the service offering the resale, as well as taking a long look at the restrictions and conditions in their contract with both the reseller and the resort company.
Avoid the Timeshare Resale Scam
This is important stuff! Without the right knowledge, a consumer could easily find themselves duped into a scam like the one described by the FTC in this useful infographic:
For more, we strongly encourage you to take a full look at the FTC’s run-down, which is available here.
At Finn Law Group, we specialize in representing consumers who feel trapped or dissatisfied by a timeshare purchase agreement and seek to cancel or somehow “get rid of” their timeshare contract. Have any questions or concerns? Don’t hesitate to drop us a line.
