We’re all familiar with the scenario.
You receive a letter in the mail or a phone call that promises you an all-expenses-paid, two-day vacation to Aspen, Colo., or some other desirable location, all in exchange for just sitting through a 30-minute timeshare presentation.
There’s no requirement or pressure to purchase, just simply listen to the great deals they offer. Sounds a bit too good to be true, right?
To be clear though, timeshares are not all bad nor are all of them scams. Many people who own a timeshare enjoy the full use and benefits of the contract and are quite happy with their purchase.
In general, a timeshare is a type of ownership in property that allows the purchaser the right to use the house or condo for a set amount of time each year. However, it’s important to note that typically, a timeshare holder has no actual right to the property. They cannot sell or receive proceeds from the sale of the land.
So why would anyone purchase a timeshare interest? It all depends on your budget and travel habits. The more you travel, the better a timeshare might be.
But to ensure a timeshare is right for you, answer these three questions:
Do I really need a timeshare?
Like all companies, a timeshare corporation’s main goal is to achieve a profit. The way they do this is by charging all customers an upfront initiation fee, usually several thousand dollars.
On top of that, each year the customer also has to pay a maintenance fee which can total several hundred dollars, regardless of whether or not the customer uses the timeshare.
But these companies ultimately make their profit when customers purchase a timeshare and never use it, which accounts for a large portion of timeshare owners. Often, this occurs because customers forget to factor in vacation time from work as well as air travel expenses to and from these exotic locations.
In short, the more you use your timeshare, the more money you’ll save in the long run. Just make sure you’ll actually use it.
Does the company have a good reputation?
Sadly, there are some timeshare companies that have less than reputable business practices. Often, they will show you a list of exotic locations where you can spend your vacation, but what they don’t tell you is that the list of locations is subject to change without notice.
Once you purchase the timeshare you browse their online category of vacation getaways, only to discover that none of the ones they advertised are listed.
The best way to know if the company you are looking at has a good reputation is to check online with the Better Business Bureau.
Is the contract I’m signing in my best interest?
The best way to know that is to have an attorney review it for you. The Legal Assistance Division at the Office of the Staff Judge Advocate is a great place to have this done.
The hours of operation for the Fort Meade Legal Assistance Office are:
- Monday, 8 a.m. to noon and 1 to 4 p.m.
- Tuesday, 8 a.m. to noon and 1 to 4 p.m.
- Wednesday: 8 a.m. to noon and 1 to 2 p.m.
- Thursday: 8 a.m. to noon and 1 to 4 p.m.
- Friday: 8 a.m. to noon and 1 to 4 p.m.
The office is closed for lunch each day from noon to 1 p.m. The office also closes for training every Wednesday at 2 p.m.
Power of Attorney drafting and notaries services are available on a walk-in basis during normal hours of operation. Attorney counseling is provided by appointment only.
If you have any questions concerning timeshare contracts, schedule an appointment with a Fort Meade Legal Assistance attorney at 301-677-9504 or 301-677-9536.
For more information, call the Legal Assistance Division at 301-677-9504 or 301-677-9536.
This Fort Meade Live blog was written by Capt. William Biggers, Fort Meade Legal Assistance Division.
