I recently attended a timeshare sales presentation in the Caribbean. I was told that I could buy a timeshare only from there and not from anywhere else. I inquired with one of my friends and he says I could buy from home??? Could anyone give some idea on this issue?
Thank you everyone. I'll talk to the concerned people and get more info on that issue. I appreciate your efforts.
What you were told in the sales presentation could be true. As you know, state laws differ in each and every state. So, some of the states require the developer to be licensed or registered, while some of them don't. The developer will not be able to sell or rent the timeshares in the states where license or registration is a must. Maybe your timeshare representative might have pointed out this issue.
For example, like Mr travel mentioned, Colorado has made it compulsory for mortgage brokers to register/license with the State to be able to sell or rent stuff. So, if your developer has not registered with your state, then you'll have to buy it from the Caribbean only.
Not just that - For example, if you buy from Caribbean, as opposed to any other place, your booking time could get increased by a couple months. Say, instead of the usual 8 months, you could get 10 months. AGAIN, this depends on your developer. Some of the developers offer this facility. Not sure if all of them have this in store. So, there are a few issues you've got to think about.
The best way is to have a detailed chat with your timeshare developer and get the details. If they are not registered with your state and if your state requires a registration, then you can buy it only from Caribbean. Also, if they offer this extra booking time for that, even better.
Thanks very much Paradise. I had no idea about that. That was really informative. :)
I think it depends. Sometimes you can buy from home and sometimes you can't. It depends on the developer. Some states require the developers to sign a contract to be able to sell or rent the timeshares. I heard somewhere that Colorado has made it mandatory for brokers to register with the Division of Real Estate. Will get you more details soon.
I have bought timeshares from home through mail. It's possible. It could have been one of the many things that you hear in a sales presentation, most of which would be just for the sake of boosting the sales.