Calling All Timeshare Experts – Are There Regulations on the Resort on How Many Ownerships They Can Sell?
I understand that Timeshare divides a year of ownership into 52 weeks, and one can buy number of weeks instead of the whole year of ownership for their vacation needs. For any given unit in a resort, a maximum of 52 Timeshare owners can use it during the year. So are there regulations on the resort on how many ownerships they can sell? For each unit, if they sell more than 52, then they are selling “Properties” that do NOT exist, like overbooking a flight.
That’s probably in the CC&R’s and also look on your tax bill which should give you the fraction of the property’s value that you’re paying on. That should give you a clue as to how many owners on that particular unit.
Time shares are known for curious business practices, but overbooking a time share definitely sounds a bit irregular, . Ask to see their purchase agreement and for an explanation. IF you don’t like the answer, or the answer doesn’t feel right, move on to another. Time shares are a dime a dozen and recently it is a buyers market in most resort areas.