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Show iuiiv'. 'ib uoi f-i?';I '--iv .: ' 'US'V.ftV. t'i." !'.,.( i- ' . ; (Ciirtiinnimg Unntteiresit ;f I ' 'Ji.ti .' '11',. . ..-t vy: '": i - "i .. . i . Vacation timesharing: risks are involved Owning a piece of resort property that guarau ees a buyer an annual vacation and me chance to use exchange privileges for other properties proper-ties around the world is an alluring dream that has created a billion dollar-a-year timeshare industry. The Better Business Bureau notes that while thousands of timeshare buyers have realized this dream, for some buyers the reality is far different. A promoter's promises are not fulfilled, projects go bankrupt, trades for exotic spots don't materialize, and decisions made in haste lead to nightmares rather than sweet dreams. ,. L The BBB urges those considering '" buying into a timeshare arrangement to fully understand the terms of agreement, have all guarantees clearly stated in writing and reviewed by a qualified professional. ' Before you sign a sales contract, be sure to get answers to the following questions in writing. What is the nature of your rights in the property? What is your specific title? Does your contract give you an ownership, lease, or a security interest? If your contract is for a leasehold timeshare, what is its duration? Or can you' transfer the title of your teimshare, or does it revert back to the deyeloper if you choose to leave? (Also, can you sell your timeshare yourself, or does the developer have exclusive rights of ; sale?); If your title is for ownership, make sure that the contract waives the "right to partition" so that another tenant cannot compel the sale of the whole unit to get cash for his share. Make sure that the contract is specific about maintenance fees. If such fees are not listed, will you be handed a bill for additional costs in several years? Make sure the developer owns the property. If he holds it under a lease, is it certain that you can have your right to occupancy every, year for the duration of your contract? The BBB reminds potential investors, that the securities administrator adminis-trator in your state, province or territory is responsible for. the protection of investors. If you have doubts whether a particular offering is legitimate contact you local BBB for a reliability report on the company you are considering Joing business with. |