What is timeshare fraud?
The timeshare industry presents formidable opponents that at times can be rather unforgiving and self-protective. Predators have designed a plethora of scams and fraud-schemes where owners are deceitfully enticed by false promises, misrepresentation and high-pressure sales tactics.
•That the timeshare interest purchased would appreciate and increase resale price and value over time.
•That the timeshare interest purchased could be freely exchanged, transferred and sold.
•That the timeshare interest purchased was a financial investment.
•Telling you that they have an interested buyer before producing a valid written purchase agreement.
•Demanding a fee in advance to performing any actual services.
•Requiring payments by credit card, certified bank check, cashier’s check, money order or wire transfer.
That the timeshare interest purchased would result in the purchaser receiving booking priority over non –purchasing vacationers wishing to stay at one or more of the properties owned and/or maintained by the defendant.
Timeshare companies also may have breached the purchase contract, or broken a law if they begin adding new fees and charges, restricting the length of your stays, blocking dates when you may make a reservation, or adding new policies that make your timeshare more difficult to use.
The costs of owning a timeshare doesn’t end with the purchase price and financing rate. Every month or year, you pay maintenance fees that increase on a national average of 8% per year. Your heirs will continue to carry burden of maintenance fees and special assessments.
Generally, this type of information is not presented to buyers in timeshare sales presentations. Sales presentations also may exclude information about the dates when a timeshare would be unavailable for use, or when you’re not permitted to rent out your timeshare. If you have been surprised about timeshare management practices, timeshare availability or costs, you may need our attorneys to review your claim.
While it is true that a timeshare contract is a binding legal document, it is often a misconception such a contract cannot be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable. This misconception is perpetuated by timeshare companies and user groups that are funded, maintained and controlled by the timeshare industry. The truth of the matter is that under the law contracts can be cancelled for a variety of reasons, including fraud.
Contact us if you are a victim of timeshare fraud or would like to share your story.