Rules and laws of buying a timeshare

Timeshares are a form of ownership of vacation units in a resort. The amount of time each owner is allowed to spend in the unit depends on the amount of time purchased and the scheduling format set by the resort. Each timeshare owner is bound to the rules set forth in the signed purchase agreement, and violating timeshare rules can result in penalties and the loss of use of the unit.

Use Schedule

The timeshare agreement sets the rules and procedures for the use of the unit by the owner. The usage availability to a timeshare owner depends on what type of ownership was purchased and the policies of the resort. Some timeshare agreements fix the usage at the same date and length of time every year, while other agreements are "floating," giving the owner the option to chose what date he wishes to use the timeshare. The rules for floating use, such as how many weeks ahead the unit owner must reserve the intended occupancy dates, are set forth in the timeshare agreement.

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Payment Dates and Methods

Timeshare owners pay yearly fees (i.e., maintenance) to the resort for the upkeep of unit and resort services. The rules regarding timeshare payments are defined in the agreement and include the payment due date, any grace period before a penalty for a late payment is charged and the amount, and what payment methods the resort accepts.

Conduct and Resales

Rules of conduct are commonly found in timeshare agreements. The timeshare unit owner is forbidden from conducting illegal activities in the unit or resort, vandalizing or otherwise damaging resort property. He may not engage in other negative behavior, such as harassing other unit owners. Some timeshare resorts put the rules for resale, or selling the timeshare to another person, in the agreement. Resales may require approval from the resort beforehand.

Cancellation

Under the laws of some states, including California, the rules for canceling the agreement must be set forth in the document. The method of acceptable notification for canceling the agreement, such as a certified letter to the resort management, must be stated. Any penalties or fees charged for canceling a timeshare agreement have to specified in the agreement itself.

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A timeshare is ownership of a vacation property, such as an apartment in a beach resort, that is shared among more than one person. Each owner has the legal right to use and occupy the timeshare unit during the time specified, such as two weeks per year. All owners are responsible for a portion of the fees charged by the resort company for maintenance and upkeep of the timeshare. A timeshare owner has the right to resell the vacation interest unless the resort specifically forbids resales.

1 Gather your financial documents. Review your income and bank accounts to determine what you can afford to pay for a timeshare. Timeshare owners typically pay maintenance fees, such as $500 per year, to the resort company. Factor in yearly fees, upkeep expenses and any property taxes for the timeshare when setting your purchase limit amount.

2 Apply for a mortgage pre-approval if needed. A loan pre-approval is a commitment from the lender to allow you to borrow money up to the amount stated on the pre-approval lender. The pre-approval letter proves you have financing and is used in the negotiating phase with the timeshare reseller.

3 Visit the timeshare resort management office. Some resorts allow timeshare owners to post sale listings in a designated area in the timeshare community. Ask the office staff if a list of timeshares for sale by owner is available.

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4 Contact real estate agencies in the resort area. Some real estate firms handle timeshare resales.

5 Contact brokers in the resort area. Local brokers sometimes handle timeshare resale transactions. Look for a firm or an individual broker who specializes in the timeshare market. Get any fees charged in writing before agreeing to use a broker service.

6 Inspect any timeshare unit you are interested in. Schedule an appointment with the seller to look over the timeshare. Note any potential problems or damage to the timeshare unit.

7 Make an offer when you find a timeshare. The offer must be in writing to the seller and include your proposed purchase price. The broker will prepare your offer, if applicable. Have an attorney review the offer if you are unsure. Check with the local bar association to find attorneys with experience in timeshare sales.

The supply of timeshares often exceeds the demand in the resale market. Avoid companies that promise to sell your timeshare, but require an up-front fee. Since you are likely already taking a loss on the timeshare, you have no need to pay for something you can do yourself. List your timeshare at a competitive price on a variety of media outlets to increase your chances of selling.

1 Advertise in the real estate section of the classifieds. Place an ad in the newspaper in the county where the property is located. If your timeshare is in a popular vacation destination, consider placing ads throughout the state. Along with the newspapers, you can use free local online classifieds to reach prospective buyers throughout the country.

2 List it on eBay. You can set a reserve as low as you are willing to sell for or list it at a fixed price to ensure you get the amount you want. Although eBay does not charge a final value fee on timeshare sales, it does assess a listing fee of $35. There are other auction sites similar to eBay, but your listing might not receive as much exposure.

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3 Post on timeshare and vacation forums, groups, magazines, blogs, and websites. Some websites specialize in helping buyers find timeshares through private individuals instead of promotions. Look for magazines that are marketed to timeshare owners. Most feature an area for sellers to advertise their timeshares.

4 Use social networks to spread the word. Let your friends know you are trying to sell your timeshare. Ask them to pass the information along to anyone they know who might be interested in buying. Post plenty of pictures to show how much you enjoyed using the vacation spot.

5 Contact a real estate agency if you cannot sell the timeshare on your own. Most legitimate companies will charge commission, rather than an up-front fee. Before signing a contract, verify the agency is a member of the American Resort Development Association. The ARDA is a trade organization that requires members to abide by certain standards and ethical guidelines.