Before signing a contract with a timeshare reseller, review the terms and conditions and make sure you agree with them. If the deal isn’t what you expected or wanted, don’t sign the contract. Negotiate changes or find another reseller. The contract should include the services the reseller will perform; the fees, commissions, and other costs you must pay and when; whether you can rent or sell the timeshare on your own at the same time the reseller is trying to sell your unit; the length or term of the contract to sell your timeshare; and who is responsible for documenting and closing the sale.
You should also gather your documents and information about the timeshare. You’ll need:
- the name, address, and phone number of the resort
- the deed and the contract or membership agreement
- the financing agreement, if you’re still paying for the property
- information to identify your interest or membership
- the exchange company affiliation
- the amount and due date of your maintenance fee
- the amount of real estate taxes, if billed separately
If you want an idea of the value of a timeshare that you’re selling, consider using a timeshare appraisal service. The appraiser should be licensed in the state where the service is located. Check with the state to see if the license is current.
Remember fraud can happen to anyone even if all of the above precautions are taken. Research, research, and research some more. If it sounds too good to be true, it probably is. If you have been a victim of a timeshare resell scam or have a problem with a timeshare reseller you may file a complaint or write a review about your experience on our BCA website, or with your local government protection agency.