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TIMESHARE

Today's timeshare vacations provide flexibility, choice and offer a vacation lifestyle experience year after year. Think of it as a shared vacation home in a resort setting. You can return to the same location each year or visit another home at a different location.

HISTORY OF TIMESHARES (THE CO-OWNERSHIP OF VACATION PROPERTY)

Timesharing began in the 60's with European families sharing vacation homes. In the 70's this spread to North America in the form of 7 day stays at resorts or condominium properties. This came about due to high taxes and the fact that owning a vacation property, which was used once a year, was too expensive for the owner. So, vacation properties started to have multiple owners, who shared the cost and expenses.

This idea transformed into the current timeshare industry. Now, nearly five million families own timeshares worldwide and growth is expected to continue. Many Fortune 500 companies, such as Disney, Four Seasons, Marriott and Hilton have been selling timeshares for years thus providing consumer confidence and an improved product.

TIMESHARE ATTORNEYS

Timeshares are an investment in your vacations and your health. In today's fast pace and never-ending workdays, a 7-day family vacation is a necessity. With a timeshare, you can enjoy many different luxury resorts and see the world!

Timeshare ownership is similar in features and processes to owning a house or land, although there are different types of timeshare ownerships. Some allow you to buy the property outright, where you get a deed. Others involve having a lease or are based on a point system. However, the same basic concept applies, that a timeshare is a real estate unit of some size that can be bought, sold, rented or traded.

When it comes to selling a timeshare, you may hear many different ideas on how to accomplish that task. Some people say "don't use a real estate agent, don't pay upfront, or don’t pay for an appraisal." They may even say "all you need is a classified ad" or that "the resort will buy back your property". The bottom line is that you must choose a timeshare resale advertising service that works and gets results. To get results you must price your property near or below the market value and get as much exposure to potential buyers as possible.

When buying a timeshare, you are actually purchasing a resort timeshare property or the time ownership of that property. You generally get the same benefits as if you were to buy direct from the resort itself. Once you become an owner, you will most likely will have maintenance fees.

Renting a timeshare is the same as buying or selling, except it's not permanent. Timeshare renters need to find an owner willing to offer their property or week. The owner renting out their timeshare is usually unable or chooses not to use their time. In some cases, the owner wants to recover the maintenance fee they paid the resort. The concept of a timeshare owner renting out their week to a family or individuals going on vacation benefits both parties. The owner generates a little cash and the rentee saves lots of money.

Our law firm is capable of handling many of your timeshare legal needs, to include the closing of timeshare purchase or sales, timeshare foreclosures, and general timeshare legal advice.

To learn more about specific terms or get answers to your timeshare questions, please contact us online or call us at (843) 449-3411.

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