So, one of the more interesting (and possible IMO) suggestions from the newly proposed Timeshare Transparency Act/Law is the creation of a 1 page disclosure document to be provided to a new buyer prior to signing the contract.
What all would you like to see in it! While its easy to throw everything on the wall and see what sticks, this really does need to be a single page to ensure it doesnt wind up "lost in the shuffle" if it became another lengthy wall of text or similar like the rest of the contract.
Here is an example template to get started, id be curious what you would add/remove/change if YOU were sitting at a sales presentation and given this document.
(This Page Must Be Reviewed Before Signing Any Purchase Agreement)
If Financing:
☐ No Financing – Paid in Full
⚠ Important: These fees are NOT fixed and typically increase over time.
Average Annual Increase Over Past 5 Years: _______%
Special Assessments in Past 5 Years:
☐ None
☐ Yes – Total $__________
You may also pay:
*Projection assumes annual fee increase of _______%.
☐ I understand the full retail price.
☐ I understand the total financing cost and interest.
☐ I understand annual fees can increase.
☐ I understand this may be a long-term or perpetual obligation.
☐ I understand resale value is not guaranteed.
☐ I understand that I have ____ calendar days from today to legally cancel (rescind) this contract without penalty, and I have received written instructions explaining how to do so.
What all would you like to see in it! While its easy to throw everything on the wall and see what sticks, this really does need to be a single page to ensure it doesnt wind up "lost in the shuffle" if it became another lengthy wall of text or similar like the rest of the contract.
Here is an example template to get started, id be curious what you would add/remove/change if YOU were sitting at a sales presentation and given this document.
TRUTHFUL TIMESHARE COST DISCLOSURE
(This Page Must Be Reviewed Before Signing Any Purchase Agreement)
1. WHAT YOU ARE PAYING TODAY
| Description | Amount |
|---|---|
| Retail Purchase Price | $__________ |
| Discounts Applied | $__________ |
| Closing / Admin Fees | $__________ |
| Total Purchase Price | $__________ |
If Financing:
| Financing Terms | Amount |
|---|---|
| Down Payment | $__________ |
| Amount Financed | $__________ |
| Interest Rate (APR) | _______% |
| Loan Term | _______ Years |
| Monthly Loan Payment | $__________ |
| Total of Payments (Principal + Interest) | $__________ |
| Total Interest Paid | $__________ |
☐ No Financing – Paid in Full
2. WHAT YOU WILL PAY EVERY YEAR
| Recurring Obligation | Current Amount |
|---|---|
| Annual Maintenance Fee | $__________ |
| Club / Program Dues | $__________ |
| Property Taxes (if separate) | $__________ |
| Reserve Contribution | $__________ |
| Total Current Annual Cost | $__________ |
⚠ Important: These fees are NOT fixed and typically increase over time.
3. WHAT FEES HAVE DONE IN THE PAST
| Year | Total Annual Fees |
|---|---|
| 20__ | $__________ |
| 20__ | $__________ |
| 20__ | $__________ |
| 20__ | $__________ |
| 20__ | $__________ |
Average Annual Increase Over Past 5 Years: _______%
Special Assessments in Past 5 Years:
☐ None
☐ Yes – Total $__________
4. OTHER POSSIBLE COSTS
You may also pay:
- Reservation / Transaction Fees
- Exchange Company Membership (e.g., Interval International or RCI)
- Guest Certificate Fees
- Upgrade or Conversion Fees
- Transfer Fees if you sell
- Deedback / Exit Fees (if available)
- Special Assessments for repairs or renovations
5. 10-YEAR COST PROJECTION
| Category | Estimated 10-Year Total |
|---|---|
| Purchase Price | $__________ |
| Total Interest (if financed) | $__________ |
| 10 Years of Maintenance Fees* | $__________ |
| Taxes & Dues | $__________ |
| Estimated 10-Year Total Cost | $__________ |
*Projection assumes annual fee increase of _______%.
6. IMPORTANT DISCLOSURES
- This ownership may be perpetual (no automatic end date).
- Annual fees may continue indefinitely.
- Fees may increase due to inflation, insurance, property taxes, or board decisions.
- Special assessments may be charged at any time.
- The developer does not guarantee resale value.
- Comparable ownerships may be available on the resale market at significantly lower prices.
BEFORE YOU SIGN
☐ I understand the full retail price.
☐ I understand the total financing cost and interest.
☐ I understand annual fees can increase.
☐ I understand this may be a long-term or perpetual obligation.
☐ I understand resale value is not guaranteed.
☐ I understand that I have ____ calendar days from today to legally cancel (rescind) this contract without penalty, and I have received written instructions explaining how to do so.
But that is just me.