Buying a timeshare interest in SC is not an investment. Instead, it may be a liability that will cost you a lot of money.
I know, that’s not what the timeshare company said during their sales presentation. But they lied.
If you’re thinking of buying a timeshare, read on and do some serious research. If you’ve already bought one and you’ve realized that it’s just a money pit, there is good news. Despite what the timeshare industry tells you, you may be able to get out of your contract.
If the timeshare company used deceptive and unfair practices to get you to buy, you can not only cancel your contract, but you should be able to sue them and recover 3x your damages as well as attorney fees.
How Do Timeshare Companies Get You to Buy?
I once got a phone call from a timeshare company offering me a free vacation in Florida. The representative told me that an old friend of mine had a timeshare and wanted me to stay there. I knew absolutely nothing about timeshares then, but I did know the offer seemed suspicious, so I told her I would have to check with my friend.
Turns out, he did not own a timeshare, and he had been targeted in the same way. However, he accepted the offer … and he regretted it.
During his “vacation,” he was forced to sit through hard-sell presentations where the company went on and on about the benefits of this “real estate investment.”
This is one way these companies reel people in – offer something free on the condition that you sit through sales presentations, and then use misleading language and tactics to get your money.
Timeshares are Not a Real Estate Investment
Timeshare companies present their product as a real estate investment. It is not.
If you buy in, you will not own any property. You will not get the deed to any property. What you will get is the right to reserve a vacation property… sometimes. But even that is not guaranteed, or convenient. Many timeshare owners find that they can’t use the property when they want because the company is renting it to other vacationers.
One of the best things about owning a timeshare, these companies tell you, is that you can leave it to your children. But, if a timeshare is not real property, what exactly is it that you would be leaving to your children?
Nothing of any value – in fact, you would be leaving your children nothing more than a liability. Like you, they will have to pay maintenance fees and steep interest payments … and have no property to show for it.
You May Be Able to Get Out of Your Timeshare Contract
Another myth the timeshare industry pushes is that you can’t get out of your contract.
If you’ve bought a timeshare recently, this may be fairly easy. During a limited period of rescission, you can change your mind. It’s that simple – you can cancel the contract and get your deposit back.
Once the rescission period expires, timeshare companies will do everything in their power to make you believe there is absolutely no way out of the contract.
It’s true that these companies don’t want to end the agreement and take back the timeshare. But a lawsuit, or even the threat of a lawsuit, can change their mind very quickly. And, a series of cases in California has carved out a clear path for attorneys to help their clients sue to be released from their timeshare contracts because of deceptive and fraudulent practices and claims.
What are Some Common Deceptive and Unfair Claims in the Timeshare Industry?
Shady claims are business-as-usual for the timeshare industry, and they include:
- Telling potential buyers that the timeshare interest they purchase will appreciate and the value of their investment would increase over time (this is untrue);
- Telling you that the timeshare interest could be easily sold or transferred (it cannot);
- Characterizing the timeshare interest purchase as a financial investment (it is a liability, not an investment);
- Claims that you will be able to sell the timeshare back to the company (they won’t buy it back); and
- Claiming that once you have bought the timeshare interest, you get priority when it comes to booking the property (you don’t).
SC Timeshare Lawyers in Myrtle Beach, Conway, Charleston, and Columbia
Under the SC Unfair Trade Practices Act (SCUPTA), if a timeshare company used unfair or deceptive methods, you can file a lawsuit and recover as much as three times your actual damages plus your legal fees.
If you were taken by a timeshare company’s false claims and you are looking for a way out, call the personal injury attorneys at Coastal Law today at (843) 488-5000 or fill out our online form to find out how we can help.