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It's taking nearly a year, but deal will free couple from timeshare
Q: My husband and I are senior citizens with health issues wanting to go home to our native country.
Our main concern is a timeshare we own in Orlando that we are desperately trying to sell without success. We have no children and no one else to leave the timeshare to. Opportunity came when the Leisure Group LLC convinced us to buy a software license that accepts timeshares as part of the payment. So we sacrificed, paying it $3,995 so we can transfer the title of the timeshare to the company.
The problem now is that we still have not received papers for the transfer of the title and we signed the contract Feb. 22.
Scott Morse, account manager, claims he mailed us the papers March 12, but unfortunately we have not received them. I have tried several times to contact Mr. Morse and our sales agent with no success since March 18.
We are out $3,995 and still stuck with the timeshare. We are willing to fulfill the contract that we signed if we receive the required paperwork.
If the company is not willing to fulfill the agreement, we would like a refund of our money and we will return the software license.
Ofelia Z. Monte
A: The Leisure Group's national accounts manager, Scott Morse, confirmed that all necessary paperwork for this exchange has been signed by you. Morse said the software license you bought "entitles end users to significant perks and incentives for travel. Occasionally we will extend a hand of help to current timeshare owners and assist them in unloading their timeshare via a closing company."
Morse said he researched your account and found that all was in good order. The transaction is currently in process, and you will be released from your timeshare by Jan. 1, 2010, as the contract formally promises.
Morse suggests "the Montes revisit this issue around the end of this year to verify for themselves that this has been finalized."
Timeshare typically isn't a good investment, so buy only for love
A timeshare is a real estate purchase, albeit an unconventional one. Instead of paying full price for the property and taking full ownership, you pay a share of the price and get to use it only a share of time. Along with the purchase price, expect to pay annual maintenance fees.
Many contracts offer flexible plans that allow you to trade your week for another week at the same resort or exchange it for one at a different location owned by the same company. You may also trade with other timeshare owners or sublet for profit.
Timeshares offer a guaranteed vacation destination and can be economical for large families trying to avoid the cost of multiple hotel rooms and a steady diet of restaurant food.
However, the real estate market is volatile, so timeshares aren't generally considered good investments.
If you purchase one, do so because you love the location and amenities and can envision yourself and your family enjoying it year after year.
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