Nearly thirty years ago, the timeshare industry in the US has grown explosively with an estimated less than two percent of the population owning a timeshare. But in the recent years, this industry suffers from dubious business practices and negative consumer perception. As a result, it became unattractive to potentials consumers and the current owners want to get out of their timeshare contracts. On the other hand, there are also many misconceptions with the use of timeshares that cause conflict among the timeshare owners and some have become legal battles.
The concept of owning a timeshare is often misinterpreted. The payment is for the right to use the property at a certain period of time. With this, there is no actual ownership of the property but the true owner allows parties to use the said property at given times to the exclusion of others.
Also, the owner has two options to dispose such property by transferability or by sale. This is not a unilateral act that the timeshare owner can do. The true owner or the resort of the property needs to approve of any disposition of the property. Thus, the act of transferring the ownership of your timeshare can ultimately be voided if the recipient proves to be undesirable to the owner.
Several owners still have those misconceptions cited above and this adds up to their negative perception about timesharing. With the current economic condition, many of these owners are now eager to dispose such property. Some even hire a timeshare transfer company such as the Transfer Smart just to get rid of it. So, if you’re one of those who plan to own a timeshare, better clarify first these misconceptions regarding timeshare ownership.