The purchase of a timeshare property with friends or family allows people to spend a memorable holiday by the ocean or in the mountains while limiting his or her initial investment. Understanding how the process works should not be taken lightly; potential buyers need to know all the pros and cons of owning a Welk Timeshare before signing a contract.
The contract for a timeshare property
Financial aspects of the contract are important. In addition to the sale price, the timeshare buyer must pay:
- Conventional fillers
- Operating expenses, which may include things like hotel and laundry services, equipment repair or purchase, etc.
- The commission of the seller
Mandatory terms of a timeshare contract
A timeshare contract must be in writing and must include the following information:
- The identity of all parties involved, including their place of business
- A description of the goods or services included in the timeshare
- The actual contract and the legal nature of the rights conferred on the consumer
- The period during which these rights are exercised
- The term of the contract and its effective date
- Optional incidental fees
- Services and facilities provided and their cost
- The duration of the right to withdraw from the contract
- Information on the termination of the contract and its effects
- The possibility of participating in an exchange and its cost, if any
Getting a personalized quote
Get in touch with professionals and get several personalized quotes before buying a timeshare, as this gives the buyer a general idea of the costs involved in owning this type of property. Also, it is crucial to understand what the withdrawal period is and how it affects the purchase. The consumer has a right of withdrawal for a period of 14 days, from the date he or she signed the contract. If the seller or buyer does not respect the legal deadline, they may not be entitled to any compensation.
When purchasing the property, it is necessary to determine the role of each property and the sharing of the charges necessary to keep the property up and running. Provisions should also be made to distinguish the common parts of the units to avoid possible conflicts during each person’s stay.