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.

Saturday, September 16, 2006

Timeshare Laws - South Carolina

Our Comments The South Carolina Association of realtors is looking at ways to improve the state's timeshare laws after continued complaints and lawsuits from timeshare buyers of their timeshare resort units. What we'd really like to see is a tough national law (instead of the state by state laws which can vary widely) that established a two week cancellation "cooling off" period for all timeshare buyers and a mandated number of state investigative staff (funded by timeshare taxes)to ensure that timeshare resort sales pitches are within the law and not misleading. From a recent article Charleston Post and Courier:

Ken Kitts, time-share coordinator at the state Real Estate Commission, is now the only state employee keeping an eye on the industry, which in South Carolina comprises 14 developers and 130 resorts.

Two-thirds of the state's time-share investigative staff has been laid off or reassigned since the late 1990s, meaning the commission no longer has enough workers on payroll to anonymously screen sales pitches...

James Teodosio, a 77-year-old Charleston resident, was one of the aggrieved buyers who called the newspaper and the state Real Estate Commission this week in response to the stories. Teodosio spent almost $15,000 on a Myrtle Beach time-share resort in 2002. He said he has never been able to make a reservation, and that each time he called he was told he was a little too late.

Although the developer is selling those same units for almost $22,000 today, Teodosio has had no luck in reselling his. "I'm an engineer," he said. "I should have some brains in my head. But I swear ... I don't know what to do with that thing...
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