Timeshare is a way to buy a holiday property that you can use during one or a few weeks per year. These properties are typically located in resorts and holiday complexes with leisure facilities.
The price of a timeshare may vary depending on the period of the year when you are allowed to use it, the destination and the type of the property. There is also an annual variable maintenance fee, as well as other fees paid to intermediary agencies, lawyers etc.
Pros and cons
The main advantage is that a timeshare offers tourists the opportunity to acquire the right to use an expensive hol
iday property, located anywhere in the world, that they normally couldn’t afford.
The main disadvantage is that the value of a timeshare, in the case of a resale, can drop even by
more than a half of the original price.
The contract must always be concluded in writing. Before signing the contract, tourists have to know their rights and also identify promises that are too good to be true.
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The concept of "time sharing" is often found in areas of tourist interest where people want to have the opportunity to go for their vacation. It was imported from the IT domain and its original meaning is "a technology that allows multiple users to simultaneously access a central computer via distinct terminals." The import of this concept in the law field was made to designate "the ownership or joint ownership of a property, by several persons, who occupy it one at a time, for specified periods".
A timeshare is therefore a divided form of ownership, normally having as object condominium holiday or recreational property, and where the corresponding rights belong to more than one person, each of whom is entitled to use the property for predetermined periods, during the year.
Thus, instead of buying a week in a holiday establishment each year, the timeshare system offers the possibility of having your own property for your vacation. There are fees that are required quarterly as long as you own your timeshare. It's good to note that getting out of your timeshare can be accomplished by consulting firms like Timeshare Termination Team.
Although the object of timeshare property is typically a condominium residential complex, developers have applied the timeshare concept to other types of properties such as yachts, campsites or recreational car parks (“Recreational vehicle parks"). In fact, in the United States of America, the concept of timeshare is represented by any holiday or leisure facility or property.
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The time-sharing system is the latest trend in terms of holidays. By this method, invented by the French more than 40 years ago, villas, houses, hotel rooms, apartments or studios can be bought and not just rented, by tourists.
Basically, customers pay an amount of money for a room or a property that they can use, each year, for one or more weeks. They are also allowed to rent it to other people. The main advantage of this system is to provide tourists the opportunity to acquire the right to use a luxury vacation property that they could not afford otherwise.
But there is also a not-such-a-bright side about owning a timeshare that many people find about only when it is too late.
Timeshares are not a good investment, because they are particularly difficult to sell and lose most of their value. There are many so-called re-sale brokers, but many of them are scams who will charge you huge front fees and never manage to sell your property. Note, there are ways to get out of timeshare contracts with the right legal help.
Not all resellers are scammers and there are also legal provisions to protect consumers from timeshare issues, but purchasing a timeshare remains risky. Other disadvantages include that you cannot deduct a loss on your tax return for selling your timeshare and you cannot always count on renting it either.
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A timeshare is a business contract whereby an entrepreneur buys a property and then sells it to his clients, in parts. More exactly, it is a form of co-ownership of a holiday property, all rights and obligations resulting from the condominium being shared between owners.
It sounds good, but there are also significant disadvantages of a timeshare, one of them being the difficulty to get rid of such an agreement. Many people purchase it but then they cannot afford it anymore or simply lose their interest in the property.
If this happens immediately after purchasing your timeshare, you must carefully check your contract, as it should allow you to cancel within a short time (a few days or weeks) after the initial purchase. Alternatively, you should check the legal provisions in your state (available on the website of the Department of Consumer Affairs), even if your contract doesn`t mention anything about cancellation.
You can get assistance from your state's Office of the Attorney General or from an attorney specialized in timeshare cancellation.
The company that manages your timeshare may also help you sell, if you are willing to offer a percentage of the sale. If you owe more than you can sell your timeshare for, you can ask lender`s permission to make a short sale (sell for less than outstanding balance). Getting help out of a timeshare is possible, see http://www.timeshareterminationteam.com/.
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