Considering Buying a Timeshare? Beware!

Lately we have been getting calls from people all over who own timeshares in places as far away as Cancun, Mexico.  They want out.  This perhaps could have been avoided with a little due diligence.

If you are not aware of a timeshare, they are sold very often with the promise that the time at your local timeshare can be exchanged for a time at a timeshare in Hawaii or some other exotic location.  This is technically true but often practically impossible to exchange for a place and time that is convenient.

If you are going to consider a timeshare, beware of the following:

1. The documentation is long and complicated, even lawyers find it bewildering.
   
   
2. Don't be fooled by the free prizes or other enticement offered if you will visit the timeshare and sit through a sales pitch.  The prizes or other awards are often misleading and not worth nearly what is represented.
   
   
3. Don't kid yourself about being able to withstand the sales pressure.  It can be very high pressure, but always remember that under New Hampshire law, you have five business days to cancel any timeshare purchase and sales agreement.
   
   
4. Don't be afrid to ask definite questions about the annual fees and on-going maintenance charges.  Ask about how you can get out of the deal if you find you do not use the timeshare and you cannot sell it to someone else.
   
   
5. See if you can talk with existing owners.  Find out what the reality is compared to the sales hype.
   
   
6. If you do not have your attorney review any agreement before signing, absolutely make sure that it is reviewed within the five day cancellation limit after signing.