What Is a Public Offering Statement for a Timeshare?
When it comes to timeshare sales, there are several safeguards in place that are – at least in theory – designed to help educate and protect consumers, giving them the opportunity to potentially avoid locking themselves into a binding (and costly) agreement.
Two of the most important statutory protections in place for consumers are the mandatory rescission period, and the prospectus/public offering statement (POS), which must be delivered to a consumer prior to, or at least contemporaneously with, their purchase.
If you’re planning to attend a timeshare sales presentation, or are interested in seeking a contract termination after your rescission window has passed, it’s important to get a handle on just what a public offering statement is.
Our own Michael Finn has some thoughts to offer on this important topic. Below, you’ll find a video of his remarks:
And here’s a transcription of what he had to say:
“A timeshare public offering statement is a document that the state requires be provided to the consumer at the time of purchase. It’s a very important document because it explains, from a financial standpoint, everything that’s important to know when you’re making a purchase of this nature.
Combined with the rescission period of five to 10 days, reading this offering statement will help you during that time period determine whether or not you made a good purchase decision.
If you didn’t, this document is going to help you tremendously in terms of saying: ‘you know what? I need to cancel; this is not what I thought it was.’”
For more thoughts from Michael and other writers for the Finn Law Group team, we encourage you to peruse some of these relevant articles:
- Are There Adequate Statutory Protections in Place For Timeshare Purchasers?
- The Psychology of a Timeshare Sale
- Statutory Timeshare Consumer Protection: Can a Small Tweak or Two Make It More Consumer Friendly?
- Buying a Timeshare? Read the Fine Print
Led by Attorney Michael D. Finn with 50 years of experience, the Finn Law Group is a consumer protection firm specializing in timeshare law. Our lawyers understand vacation ownership as well as the many pitfalls of the secondary market of timeshare resales. If you feel you have been victimized by a timeshare company, contact our offices for a free consultation. Know your rights as a consumer and don’t hesitate to drop us a line with any questions or concerns.