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|Here's some helpful tips from your BBB on Timeshares:|
If you are considering investing in a vacation timeshare contract, BBB offers the following tips for prospective buyers: 1. Remember that a timeshare is a prepaid vacation accommodation, not strictly a real estate investment. It should be considered as an expenditure just like an annual vacation.
2. If at all possible, visit the timeshare site; if you can't, consult someone who is familiar with the area and the development. Make sure you like the area and realize that you will be returning year after year. Also, make sure that the project has been completed.
3. Timeshares are often sold through promotions offering free vacations, prizes or gifts as an inducement for you to listen to a sales presentation for an offer that involves a large sum of money. Remember that a timeshare is a major investment, be cautious if the sales people are pressuring you to sign before all of your questions have been answered and you have thoroughly read the contract and know exactly what you are buying.
Before you commit yourself to a timeshare investment, check the company out with BBB, and contact the Virginia Real Estate Commission at 804-367-8526. Under Virginia law, all timeshares must be registered with this office. It's also a good idea to ask the timeshare company for the names, addresses, and phone numbers of several individuals that have purchased the company's timeshares to determine what their experience has been with the firm. Under Virginia law, timeshare opportunity contracts must have a 7 day "Buyers Right to Cancel" clause, entitling you to cancel the contract and receive a complete refund of any money that you have paid.