Timeshare Fraud: Be on the Lookout
3 min read
With 40 million visitors each year, Vegas is definitely one of America’s most popular destinations. And because so many visitors are repeat customers, the timeshare industry has set up shop. Here are some key considerations for buying timeshares in Vegas.
The Vegas strip boasts countless timeshare reps offering “free” incentives. You just have to listen to a timeshare sales presentation. Since visitors to Vegas tend to be in a gambling mood, this is prime territory for reps. Luckily, Nevada laws give consumers protections prohibiting reps from doing the following:
Even with protections, consumers may sign contracts they regret. In all states, consumers who purchase timeshares in Nevada have the right to cancel their timeshare during the rescission period. Timeshare buyers must cancel their timeshare contract with a written notice by midnight on the fifth calendar day after the contract is signed. Then they must deliver this cancelation to the developer either in person or by certified mail with a return receipt requested. In Nevada, the contract must contain language about the right to cancel. However, since contracts tend to be very dense, this statement can be difficult to find. Buyers cannot waive this right. So, the rescission period is a powerful tool for buyers in Vegas.
Consumers who buy a timeshare in Vegas must stay up to date with any maintenance fees and loan payments. Failure to do so can result in foreclosure. Click here for more information on foreclosures in Nevada.
Avoid timeshare debt by buying a timeshare in your budget. Find countless timeshares in Vegas, Reno, and other parts of Nevada at reasonable prices through sites like RedWeek and Timeshare Users Group. Or buy one for $1 on eBay. Or avoid ownership altogether by renting a timeshare from those same sources or Airbnb.
If you own one of the many timeshares in Vegas and are looking to sell, beware of resale scams! Resale scammers contact timeshare owners and offer a buyer for the timeshare if the owner pays an upfront fee. After the owner pays the fee, the “buyer” disappears along with your money! In this case, it’s Seller, Beware!
Got timeshare purchase regrets? We can help! We help people just like you get out of their timeshares every day. Contact us today for a free consultation.
(Image Source: Pixabay)
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