Just like many others we own a Timeshare (overseas) which we visited 3 times- haven’t been there in the last 10 years. The timeshare is paid off and all we have done for the last 10 years is paid our Maintenance Fees.
I decided ‘enough is enough’!
A Timeshare is ‘supposedly’ considered under Law as Real estate.
By definition:
Real estate is "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings, or housing."
Source: Wikipedia – The Free Encyclopedia
We own Real estate and after we paid off our Mortgage we actually got the Title transferred from the Bank into our Name. Now that is what I call owning Real estate.
Owning a Timeshare = Owning Real estate? I don’t think so.
A Time share is nothing more than a ‘Right-to usage’ agreement – unless you folks have a Title making you a Part-Owner of your Timeshare. I have never seen any documents from our Timeshare coming even close to giving us a Title.
A ‘Right-to-usage’ contract is like leasing a car: You know you don’t own the car – you just have the ‘Right-to-use’ the car.
Our Timeshare rents Rooms to anybody walking in off the Street – do I (as supposedly Real estate owner of the Timeshare) participate in any profit? No!
I informed our Timeshare Management Company that we will no longer pay the Maintenance Fees and they even came back admitting that in these hard economical times owning a timeshare is a luxury – but they also advised me that we own the Timeshare for life. Is there any other contract out there that cannot be cancelled?
I expect a Collection Agency to contact us in the near Future – big Deal. We are talking about our money – not theirs.
These Timeshare contract cause so much grieve and financial hardship for so many people and I am just flabbergasted how helpless we all seem to be – as supposed to be ‘Real estate owners’.
We can complain as much as we want until we take this issue to our elected Official and have them take it under review.
khana1954
I decided ‘enough is enough’!
A Timeshare is ‘supposedly’ considered under Law as Real estate.
By definition:
Real estate is "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings, or housing."
Source: Wikipedia – The Free Encyclopedia
We own Real estate and after we paid off our Mortgage we actually got the Title transferred from the Bank into our Name. Now that is what I call owning Real estate.
Owning a Timeshare = Owning Real estate? I don’t think so.
A Time share is nothing more than a ‘Right-to usage’ agreement – unless you folks have a Title making you a Part-Owner of your Timeshare. I have never seen any documents from our Timeshare coming even close to giving us a Title.
A ‘Right-to-usage’ contract is like leasing a car: You know you don’t own the car – you just have the ‘Right-to-use’ the car.
Our Timeshare rents Rooms to anybody walking in off the Street – do I (as supposedly Real estate owner of the Timeshare) participate in any profit? No!
I informed our Timeshare Management Company that we will no longer pay the Maintenance Fees and they even came back admitting that in these hard economical times owning a timeshare is a luxury – but they also advised me that we own the Timeshare for life. Is there any other contract out there that cannot be cancelled?
I expect a Collection Agency to contact us in the near Future – big Deal. We are talking about our money – not theirs.
These Timeshare contract cause so much grieve and financial hardship for so many people and I am just flabbergasted how helpless we all seem to be – as supposed to be ‘Real estate owners’.
We can complain as much as we want until we take this issue to our elected Official and have them take it under review.
khana1954