fbpx
Treasure Coast – Local News & Local Events
Home » THE HONEST BROKER :  TIME-SHARING
Community Real Estate Uncategorized

THE HONEST BROKER :  TIME-SHARING

THE HONEST BROKER: WHAT CAN I AFFORD TO BUY?

THE HONEST BROKER :  TIME-SHARING

 BY: DIANE LOTT, BROKER        PARADISE FOUND REALTY

Investing in a timeshare can be alluring for those Americans that take annual vacations and prefer to have the flexibility of going to the same place, or not, every year without the financial commitment of owning a vacation home.  A typical timesharing plan divides a vacation home or condominium into 52 weeks or “shares”.  Buyers may purchase one or more weeks of ownership of a condominium at a specific location.  The price of that week depends upon the time of the year, the property’s amenities, the homes’ or condo’s size (square footage; beds/baths), and/or the location within the building.

There are laws that govern the sale of timeshares, for instance, the Florida Real Estate Time-Share Act.  This Act applies to all time-sharing plans within Florida and those that are sold outside of the state but marketed within the state of Florida.  It also regulates the re-sale of timeshares.

The developer of the time-share property must disclose pertinent facts about the property to each potential buyer within its contract. It must establish the time-share’s duration, the amount the buyer owes, the form of ownership, and the ten-day cancellation period.  Timeshare ownership consists of two types: interval or “right-to-use”.  Interval ownership allows the buyer to receive a recordable deed and gives the buyer the right to sell or rent the property.

Right-to-use time sharing is temporary, lasting from 40-99 years.  After that, the property converts back to the developer.

BUYER REMORSE

Sometimes, a buyer regrets having purchased a timeshare from a developer.  When that occurs,  there is “cancellation clause” within the contract that allows for the buyer to cancel the contract.  The buyer is then able to cancel without penalty within the initial 10 days of the contract by notifying the developer in writing of the intent to cancel.  The notice of cancellation will be effective on the date it is sent to the developer at the developer’s address.  I highly recommend that the letter be sent via registered mail requiring a signature to ensure that there is a paper trail to prove that it was received.

Be Well

Stay well…

Diane

Diane Lott, Broker

Owner: Paradise Found Realty

*The highest compliment you can give is when you feel you can refer a friend…
  Hope to see them soon!

Paradise Found Realty, Inc. of Palm City

website:  www.ParadiseFoundRealtyFl.com

Email:  diane@paradisefoundrealtyfl.com

Phone:  954-294-5060

Sign up for alerts and daily digests- free all the time- www.treasurecoast.com

Related posts

What happens on Blue Cypress Lake Rd stays on Blue Cypress Lake Rd!

Cyndi

Adopt Gnocchi!

Cyndi

Florida Backroads: Kissimmee to Indian River

Cyndi

Sebastian Police asking for assistance with suspicious incident

Cyndi

THE HONEST BROKER: WHAT CAN I AFFORD TO BUY?

Cyndi

Indian River County Parks & Recreation to Host Third Live Well! Speaker Series Event on Physical and Mental Wellness

Cyndi