Timeshare is a vacation property arrangement which allows you to share property cost with others to guarantee time at the property. This arrangement offers numerous benefits. It saves time, cost, and money. It also allows for the choice of a preferred property brand. As much as the advantages of timeshare property arrangement seem to be the only features about it that sales representatives will always want you to see. The arrangement also has some bad and downsides, which sometimes make the buyer initiate timeshare cancellation.
Also, in the course of Timeshare contract arrangement, and as common to many deals in the world, there is the ugly head of fraud rearing its head in Timeshare deals. Many buyers have fallen victim to these frauds, many still are, and many will still do. Some of these frauds are even practiced in the process of timeshare cancellation. Here we identify some types of common Timeshare fraud in the USA.
- Unknown contacts.
In the course of looking for Timeshare deals, it’s vital to be careful in dealing with phone calls, messages, and emails from sources not identified, making timeshare deal offers just out of the blue. If you must deal with such, do thorough research and be very sure about who they are. Also, beware of passing on confidential information to unknown contacts who may claim you’ve won this or that.
- Rushed to pen deals
Make sure Timeshare agreements are well vetted before you pen your signature on the deal. Check it thoroughly. Be sure all you have agreed to orally are written in the document exactly the way it was settled without any tricks or twisting. Be sure all statements are well framed the way they should be. It will be of immense benefit and secure you well if a lawyer reads the document and give you the green light before you sign it. Also, ask about the timeshare cancellation Rescission period and its terms. Make sure they are not going to be like a rope strangling your neck in case you decided to back out of the deal. Also, be sure they are written in the agreement exactly as orally agreed and settled. Any alteration noticed means the deal is off!
- Market Values Discrepancy
Research well the market value of a Timeshare property before venturing to buy it. If discrepancies are noticed, it is a red light.
- Timeshare cancellation foot-dragging
In the event of Timeshare cancellation, make sure to follow the process diligently until completion. Some timeshare companies employ various delay tactics to keep your cancellation letter from being processed till the Rescission period in the agreement has expired. That leaves you battling with a penalty.