Ever get those tempting “Come-on” vacation invitations for free? All you have to do is introduce yourself, listen to some scammer for 90 minutes, and you’ve earned your vacation. So easy!

Most likely the sponsor of this event is a timeshare development company and they are betting that many people will accept the offer and quite a few of those who attend will end up buying a week or two or more of the timeshare property being sold. is promoting. .

So let’s take a look at the puzzle.

What is timeshare?

The timeshare purchase is the fractional purchase of (usually) a condo or apartment at a specified location in a complex managed by the timeshare development company or its designee. Such a purchase is called a “notarized” purchase or a “simple fee.” It can also mean the fractional purchase of simply a right to use a condo or apartment or a right to use real estate. This is an “undocumented” purchase.

The fractional purchase refers to one, two or more weeks. Therefore, a condo or apartment will be “deeded” or sold to 50 or 52 other buyers (some timeshare companies only sell 50 weeks a year, keeping two for maintenance or rent). So I can pay $ 30,000 to use a 1-bedroom apartment in Honolulu, Hawaii, every year from March 1 to March 7. This is called my “home” unit.

Your rights as a timeshare owner

This depends on the timeshare company. Every purchase is different. These are some of the common rights you get when you buy a timeshare.

1. Right to use a designated or available condominium. In the example above, I have the exclusive right to use my household week (March 1-7) but I have to make that decision several months in advance; otherwise, I lose exclusivity.

2. Right to exchange your deeded or right-of-use property for another, in a different place and at a different time. The exchange privilege is an excellent benefit as most timeshare developers have registered with clearinghouses such as Interval and RCI and as such have a large inventory to choose from around the world.

3. Convert the right to “stay” into a predetermined number of points that can be used for different types of travel services, just like loyalty points that you increased with airlines or hotels.

4. Right to elect the board that oversees the management of the condominium complex where my dwelling unit is located.

What timeshare doesn’t give you:

1. You cannot sell the condo; You can “sell” your week if it is a deeded property, or the right of use if it is not deeded to someone else.

2. Property rights: you cannot make any changes to the property, even if it is deeded, as it is not owned by you.

3. Free right to convert or reserve. Most timeshare developers charge for any transaction.

4. Exclusivity. Again, since you only own a fractional part of an apartment, your exclusivity is very limited and only with respect to a previously designated week in a year.

5. Ensure that the property where you have a deed is 100% owned by the timeshare developer. You may have it in partnership with another company or you may just be managing it for investors.

6. Unconditional right to sell your stock — many developers have the “first claw” or right of refusal, so they are forced to offer it to you, at least initially.

My suggestion is to do a thorough research on the timeshare developer: history, affiliations, annual maintenance fee increases, and time lag between remodelings.