Buyers of a timeshare property must pay attention to many pitfalls if they do not wish to face a tense or inextricable situation. Buying a Welk Timeshare is a great way to enjoy a second home during the holidays and can prove to be a compelling choice in life. It is difficult to choose a vacation home and when one wishes to resell the home, it will be much more difficult than buying it.
To conquer the entire process, people must carefully read the contract signed at the time of purchase. Other traps, some buyers notice an increase in significant expenses and without any justification. In this case, buying timeshares abroad is a risky move because investors have no recourse or will have difficulty contacting the seller.
Information every timeshare holder should know
Buying a timeshare means buying the right to use a part-time property. A timeshare mainly concerns apartments in holiday homes. The term “timeshare”, even the way it is used, is legally inaccurate.
To be technical, people are not sharing their time, but rather sharing their property. However, since most people must figure out what time they can share the property, the term “timeshare” was given.
The acquisition of a timeshare property
Owning a timeshare is different from that of co-ownership. By purchasing a timeshare property, the buyer purchases a right to use a lot on a fixed date, for a maximum term of 99 years (which is usually the duration of a concession):
- The purchaser is not the owner of the property
- Timeshare owners do not have their name on the deed
- The purchaser of a timeshare is only an occupant
- It is the selling company that retains ownership of the property
The purchaser then becomes a partner of the company with which he or she has signed a contract and holds shares. As a partner, the timeshare buyer must satisfy the funds required to acquire the land and construct the property and to develop said land and restore the property, if needed. All this should be done in proportion to the amount invested.
In the event that the timeshare company goes bankrupt, each timeshare contributor may be obliged to help repay the company’s debts, within the limit of his or her contribution.