If you've ever purchased a timeshare, you know how lengthy the paperwork is. And most of it is written in very small type. So many people don't read it and then months later when they receive their annual bill, or try to make reservations, or find out that the resort is filing Chapter 11 papers cry foul.
I've said it before and it bears repeating...you have to read and clearly understand everything in your documentation. Most people are not going to take the time to read the paperwork in the closing or documentation room in the case of buying from the developer (yes, some people are still buying from the developer) or when they receive the paperwork in the mail in case of buying on the secondary market.
Here are three questions that you absolutely need answers to before proceeding with any purchase:
* what is the five (5) year history of the annual maintenance and special assessment fees
* is the HOA under owner or developer's control
* who are the developer/broker/HOA President
These are three of a long list of questions you absolutely need clear, concise anwers to. For the entire list, see "Timeshare Vacations For Dummies" as well as our new e-book which will be out in early 2011.
We'll also be posting an entire new set of FAQs on our website http://www.timeshareinsights.com the first week of November.