The timeshare industry has not always been known for its whiter-than-white reputation. Like most industries, there are plenty of fraudsters out there, which, unfortunately, can give a bad name to the majority of companies who are actually genuine.
For anyone with timeshare to sell, you may well ask, how can I sell my timeshare and know that I am dealing with honest and reputable people or organisations? The answer is, not only do you need to do your research and understand what the major scams are doing the rounds, but it is worth getting to know what your rights are within the industry and any laws there to protect you.
Consumer rights exist for both buying and selling timeshare. If you buy a timeshare in the European Economic Area, you are covered by the Timeshare Directive. Some of the rights you have include a cooling off period of up to 14 days, if you decide to cancel a contract. A deposit can not be requested during the cooling off period. You have a right to all of the information about the timeshare and the contract in your language, and sellers need to provide written notice of the right to cancel the contract. It is worth noting that timeshare law does not cover any timeshares that last for less than three years.
Carefully reading through contracts, especially any small print, is crucial when buying or selling timeshare. If there is something you do not understand, make sure you query it or get an expert to look over it before you sign anything over.
Some timeshare resale companies offer timeshare owners attractive marketing packages for an upfront fee, often with the promise of having plenty of buyers waiting with large budgets. If you think to yourself: ‘I want to sell my timeshare’, be wary of such companies offering too-good-to-be-true deals and packages, as the chances are they are not all they seem. Always seek legal advice before committing to a sale and seek expert opinion if there are some aspects of the deal that seem unclear or may raise suspicions.
Have a look on the internet to understand what your rights are, and what the code of conduct is, as well as the companies that meet these guidelines. The great thing about the internet is that it is an open platform for people to voice their opinions or concerns about organisations, so it is worth keeping clued up online about any fraudulent companies out there or what the latest scams are. Get to know the names of firms to avoid, and become acquainted with the more reputable ones.
- Friday, 19 September 2014 10:36