What consumer protections exist regarding the sale of timeshares?
In Texas, consumers have certain protections regarding the sale of timeshares. All timeshare sales must be in writing and the buyer must have a minimum of three business days to cancel the purchase. The buyer must also be provided with a separate disclosure statement that contains information such as the buyer’s right to cancel and a description of the timeshare product. Furthermore, the seller is required to provide the buyer with a “timeshare public report” which is a document that contains information about the timeshare development and any related assessments. The seller must also provide a “reservation fee disclosure statement” that contains information about any applicable fees related to the timeshare, such as maintenance fees or taxes. Timeshare buyers have the right to cancel the purchase within three days of purchase or within three days of the receipt of all required documents, whichever is later. The buyer must provide written notice of the cancellation and the timeshare company must provide a full refund with 10 days. Texas consumers also have certain other protections, such as the right to a cooling-off period and the right to rescind the contract within one year if there is fraud or misrepresentation. Consumers also have the right to cancel a timeshare contract if they are unable to secure financing or the timeshare fails to provide services as promised. Additionally, the timeshare company must refund any money paid, including closing costs and interest, if the buyer cancels within the required time period.
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