The timeshare industry came into being in the 1970s based on the concept of selling one resort or condo unit to one buyer for a specific period. In its early years, this was a lucrative venture that assured one of a getaway spot. In recent years, however, the timeshare industry has been plagued with various issues.
One of the serious issues facing Orlando residents is timeshare fraud. The Law Offices of Susan M Budowski, LLC notes that this is unfortunately prevalent and comes in various types, which are hard to detect. Here are some of the common forms of timeshare fraud.
In this method, most people get an invite for a timeshare presentation with some form of gift for attendance. Others will say you are the winner of some timeshare prize and you should attend the presentation to claim it.
These, in most cases, are ploys to get you to attend a presentation full of high-pressure sales tactics to trick you into purchasing a timeshare through misleading you.
Misrepresentation of a Timeshare Contract
In this form of fraud, the timeshare seller says you can sell this investment easily at a later date for a handsome profit. It aims to convince you to sign a contract through the promise of ROI. You will find out later that timeshares are very difficult if not altogether impossible to re-sell.
Here, a company or individual contacts you with proposing to re-sell your timeshare as they already have a willing buyer. They will then ask for an upfront fee meant to cover various costs and send you some forms to sign. After receiving payment, the fraudsters will disappear.
Though timeshares have had a bad rap with different instances of fraud, they can still be beneficial for you. The key lies in involving a timeshare lawyer through every step of buying and ownership. They are best placed to recognize any red flags and get your legal recourse in case of fraud.