Buying timeshares (even resale)
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Original Message:
Re: Disclosures and honesty in selling!(even resales) (by Jay K.):
ken1193 wrote:If the timeshare is located in Florida there is a ten day recission period so the eBay Buyer can back out without a fee being charged. Most of the people selling on eBay that are not licensed are not aware of this. They also do not put the recission period on their paperwork. Usually when the resort exercises the right of first refusal the Broker is still paid their commission. The Developer steps in and becomes the Buyer and has to fulfill the entire contract. Most Developers such a Westgate , Hilton and Disney pay the Broker. Marriott pays the Seller and then expects the Broker to collect from the Seller. Some of the Brokers charge an adminstrative fee to the Buyer which is commonly called a junk fee.phill12 stated, quoted only in pertinent part: >> In some e-bay and other sites that offer timeshare sales I found kind of hidden in rest of the information that some of these people now charge the buyer a fee incase the deal falls through because of ROFR. <<Actually, if you read the (usually very tiny micro-font) print at the very end of many eBay ads for timeshares, eBay sellers often indicate that they will charge (or attempt to charge) a "cancellation fee" if the sale falls through for ANY reason. Whether or not they can lawfully enforce such a "cancellation fee policy" is certainly open to debate in the first place, but in any case is NOT limited merely to exercising right of first refusal.