Read and Understand The Timeshare Contract Before You Sign
Timeshare and travel club contracts have changed over the years. They are now mortgage contracts inundated with legal jargon that protects the timeshare company rather than the consumer. In fact, most of these contracts seem to hand money from one entity to another using different corporate names. They are the same people regardless.
When you sign the contract, the timeshare company gets paid by the mortgage company. The developer, the sales and marketing staff all earn their commissions from this sale. Now, the buyer must repay this “debt” to the mortgage company, and this is where consumers need to be aware.
Consumers need to understand that most of the contracts that are being presented separate the timeshare ownership or travel club membership from the mortgage obligation. Whether the company provides the goods and services or not, or whether the company goes bankrupt, the mortgage payment still remains.
These mortgage obligations have been written by savvy attorneys who have been instructed to trap the buyer into a mortgage payment.
Years ago, the contracts used to be simple and easy to read. Now, they have become so confusing with little time for new purchasers to read and understand them.
To level the playing field for consumers to understand exactly what they are getting, I am publishing the contracts of as many timeshares and travel clubs as I can get a hold of.
Consumers will have the opportunity to take their time to read, understand and make intelligent and informed decisions on what is in front of them.
Moreover, they can present the contracts to their financial advisors or attorneys to better understand exactly what they might be getting into.