Much has been written on the subject of timeshares over recent years, most articles only representing the more 'newsworthy' horror stories of families who have fallen victim to heavy handed salesmen, or those who have been taken advantage of by criminal organisations.
Undertandably, this has given the industry as a whole a bad name and caused many potentially interested buyers to shy away from such an investment
Timeshares still offer a substantial saving on purchasing a holiday home in Spain - providing of course, you have a good understanding of not only What a Timeshare is, but the whole legal process.
We asked Raquel Perez from Perez Legal Group to tell us more....
Invitations to view timeshare properties
Prospective buyers are often presented with an opportunity to purchase a timeshare when they receive invitations to view a resort property. Most of these invitations will offer you the opportunity to stay at the resort for the weekend.
This has been an effective sales tactic in the past.
Whilst you are being shown all the wonderful amenities of the timeshare, the sales person will push for the sale because they work exclusvely on commissions. They can show you what is available but do not rely on them for the information necessary to make an informed decision. You must bear in mind that the commissions and salaries of those working are included in the cost of the timeshare.
The resale timeshare is another alternative, and one that may not be offered to you at the start of the enquiry process. The business offering the timeshare will be the intermediary that connects the buyer and seller.
IF you are looking into resales please please consider the following:
1.) Are the fees being added to the timeshare process necessary ?
2.) What fees apply that are not included in the timeshare price ?
3.) What are the other fees such as the title, state transfer taxes, unique resort evaluations, and maintenance fees ?
4.) When it will the property be available for you ?
5.) Find a (Independant) lawyer who can carry out the necessary searches on the property.
If you are buying a timeshare that is covered by the timeshare laws, you must be provided with the following information in writing:
- Name of the company or person selling the timeshare
- Timeshare development or resort name and address of the owner
- Where the property is located
- Length of time the ownership will last
- Legal rights and obligations in the country where the purchased timeshare is located
- A description of the property
- If you have the right to join an exchange or resale program and if there are any costs involved
- The purchase price of the timeshare you have purchased including all additional fees as well as an estimate of the charges for maintenance and repairs and management of the development
- The date and place where you should sign the agreement.
If you feel that you need further details regarding the written information that you are required to have when buying a timeshare that is protected by timeshare laws, you should contact an independent consultant, for example, the Citizens Advice Bureau.
If the timeshare you buy does not come within the timeshare law framework, or if you have purchased a membership to a holiday club, you will not be entitled to the same rights and privileges.
Thanks again to Raquel Perez from Perez Legal Group for clarifying this situation.
NOTE : Changes to the law regarding the sale of timeshares in Spain come into effect 19.03.2012, which you can read about by clicking HERE .