When you purchase a timeshare – or before it, much rather –, it is very important to understand the rights that you by contacting a company such as Timeshare Termination Team, as the buyer will have over the property as well as the rights of the developer, especially if you purchase the timeshare directly from the resort – here are some things that you should bear in mind:
- The applicable timeshare laws are always the laws of the state in which the property is located – if you buy a timeshare in Colorado, your seller must comply with Colorado laws;
- Initially, it is the timeshare developer’s responsibility to construct the development and they are also responsible for partially for fitting it with amenities, equipping and furnishing it. The upkeep and maintenance of the property is also their responsibility, but from the fees collected from the buyers;
- The relationship between the developer and the buyer – the developer typically transfers to the buyer the right to use the property, but not ownership rights over the property. The transfer usually takes place through a trustee that protects the rights of the timeshare owners;
- Most timeshare contracts include clauses that give the developer the right to modify the yearly maintenance fee charged for the upkeep of the property, in many cases without being required to obtain the timeshare owner’s consent before any change of the kind.