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Tips for timeshare owners to avoid resale scams in Connecticut

On Behalf of | Apr 30, 2024 | Real Estate |

A timeshare at a resort community is a viable purchase that allows you to have some rest and recreation amid the hustle and bustle of life. However, it could be a burden when the annual maintenance fees take a toll on your family’s budget.

If you want to sell or transfer your timeshare, how should you go about it? According to the Connecticut Department of Consumer Protection (DCP), the selling of timeshares is a real estate transaction that requires meticulous navigation.

Be wary of flashy offers

Firstly, the DCP warned owners to be careful if a timeshare resale company contacts them first. This could be via call, email, brochure or postcard. In addition, owners should watch out for gimmicks that could lead to scams.

Moreover, a company might propose different options aside from charging a fee for selling a timeshare. Therefore, it is advisable to check the viability of alternative offers such as putting a timeshare in a travel club, donating it to charity or buying a timeshare interest.

Research on steep costs

In addition, it is important to do ample research before making rash financial decisions. You can check if an upfront fee is too expensive by comparing it with quotes from other companies. Then, you can inquire about resale offers in your resort community.

Don’t commit without a contract

Before verbally agreeing and giving your credit card authorization, it is crucial to have a valid contract on hand. The written contract must be thorough about the terms and conditions of the resale or transfer of your timeshare. Additionally, it should include provisions for holding a noncompliant company accountable.

Seek professional advice

As you navigate your real estate transaction, the DCP stresses the importance of seeking guidance from licensed professionals. Working with a broker and real estate attorney may help you go through your timeshare deal with more ease and efficiency.