The Department of Consumer Protection (DCP) has received complaints, and comments regarding timeshare resellers this summer, and wants to make sure consumers know about the timeshare process before they buy — or sell.
Most consumers are happy with their timeshare purchase for many years, but for a number of reasons, may need to sell. Timeshare reseller and transfer scams often prey on consumers by guaranteeing a buyer for their timeshare for a large up-front cost, or offering to take ownership of the timeshare if you pay them directly. Consumers who pay large up-front costs often find there is no buyer, and never receive a refund.
“It’s easy for consumers to make informed choices if they do a little research ahead of time, and ask questions during their sale process” said Consumer Protection Commissioner Michelle H. Seagull, “It’s also important to take time to consider all of their options. Investing a small amount of time before signing on the dotted line can save consumers a lot of time and money.”
Here’s what consumers should know:
- If you’re hoping to sell your timeshare, check with your timeshare resort community first to find out if they offer a resale program for their owners.
- Don’t do business with timeshare resellers or transfer companies that charge high up-front fees, or claim that they have “buyers already lined up” for your timeshare.
- Never give anyone or any company access to payment information before understanding all of the terms and conditions that may apply to your sales process, and having a signed contract.
- Any timeshare community that is soliciting buyers in Connecticut, regardless of where they are physically located, needs a Timeshare Registration.
- Anyone supporting you through the timeshare purchase or sales process in Connecticut needs a Real Estate Brokers License.
- You can verify the registration of your timeshare community, and of real estate brokers in Connecticut by visiting elicense.ct.gov.