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Timeshare - Purchasing
For your information, the BBB reports that TIMESHARING, or vacation home sharing, is an alternative to outright ownership of a second home.

BEFORE YOU MAKE A TIME-SHARE PURCHASE, FIND OUT THE FOLLOWING:

1. If you have been offered a free inspection trip or other gifts, will you first be required to sign a contract and make a down payment before your receive your prize? Will you receive the gifts if you decide not to buy?

2. Is the timeshare unit located on real estate?

3. Under section 78 of the Real Estate Act, a consumer has a seven-day rescission period to cancel a contract for real estate timeshare packages.

4. Calculate your annual cost over the term of the deal and compare that to the cost of other vacation options or other uses of your money.

5. Find out if the timeshare is a title, lease or a club membership, how many years you are buying and if you are buying specific, revolving, or floating weeks.

6. Find out how much maintenance charges will be and how they will be determined.

Verify that everything the seller has to do is covered in the contract. Get ALL verbal promises IN WRITING. Do not sign a contract unless you understand it, and do not sign a contract with blanks in it.
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