What happens in Vegas stays in Vegas, right? Not so with timeshare purchases! Here’s what you need to know about timeshares in Vegas.
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:
- “Misrepresenting or failing to disclose any material fact concerning a timeshare.
- Including a provision in a timeshare agreement that purports to waive any right or benefit provided for purchasers in the timeshare agreement.
- Receiving any money or other valuable consideration from a prospective purchaser before the purchaser has received a public offering statement.
- Misrepresenting the amount of time or period of time the unit will be available to a purchaser. . . the size, nature, extent, qualities, or characteristics of the unit. . . or the conditions under which a purchaser may exchange occupancy rights to a unit in one location for occupancy rights to a unit in another location.
- Failing to disclose initially that any promised entertainment, food, or other inducements are being offered to solicit the sale of a timeshare, and conducting or participating in any type of lottery or contest, or offering prizes or gifts to induce or encourage a person to visit a project, attend a meeting at which a timeshare will be discussed, attend a presentation or purchase a timeshare without prior approval by the Nevada Real Estate Division. (Source: Nolo)
Right to Cancel
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.
Timeshare Ownership In Nevada
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)