Owning a timeshare can be a great way to own a vacation property at an affordable price. Even so, changes in life circumstances and vacation preferences over time can result in timeshare issues that need to be addressed.
Because the term “timeshare” refers to many different legal arrangements, it is important to become knowledgeable about timeshare laws. For example, some forms of timeshares provide a right to access the same property at the same time each year, others offer access to the same property but provide the flexibility to visit at different times of the year, and some create the opportunity to visit different properties and unlock increased amenities through collecting reward points.
One of the benefits of owning a timeshare is that it is more affordable than purchasing a condominium outright and dealing with the cost of property ownership. Many also enjoy knowing where they will spend their vacation each year. The ability to rent the property if you are unable to use it during the designated time or to trade destinations is also appealing.
A negative faced by owners is having to pay maintenance fees even if they are unable to visit the property as intended. Owners trying to rent or sell their vacation allotment often have difficulty finding someone whose leisure needs match theirs, leaving them stuck with a vacation option that no longer meets their needs.
Because timeshare law is different from state to state and some owners must even navigate timeshare laws in a different country, it is often necessary to seek legal assistance to avoid timeshare issues resulting from a lack of knowledge. For example, the sale of some timeshares in Tennessee are actually handled like a traditional property sale and may require an attorney to transfer the title.
In addition to weighing the pros and cons, it is essential to consult with a legal professional who can provide timely guidance about timeshare law before making a purchase. Contact Johnson, Murrell & Associates at (865) 453-1091 or send an email to [email protected] for a free consultation.