Timeshare Trap

Timeshares are one of the worst investments you can make. This journal is to inform people who are thinking about purchasing a timeshare not to do so and help those trying to get rid of their timeshare.

Friday, August 25, 2006

Timeshare Cooling Off Period

Our Comments: It seems that part of the law in the United Kingdom gives timeshare owners a 14 day cooling off period where they can cancel any timeshare unit that they have purchased. This is a wonderful idea that we would love to see implemented in the US on a nationwide basis. Some states have a cooling off period for timeshares, but you must check your specific state to see what the time period may be.

The sale of timeshares in the UK is regulated by the Timeshare Act 1992 (amended in 2001) and enforced by local trading standards officers.

Buyers must be given a 14-day "cooling-off" period' it is illegal for selers to take a deposit during this time.

Reputable agents, even within the UK, can be hard to find. And anyone contemplating buying a time-share abroad should tread with utmost caution...
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