It would seem that it is not only companies in Europe that are taking advantage of the many timeshare owners whom want to rid themselves of their timeshares on the resale market. There has been a lot of movement in the resale market of timeshares in Florida as well as the rest of the world. So much so that Florida were one of the first places to bring out the Timeshare Resale Accountability Act. This was signed and brought into force in 2012 when the Governor of Florida, Rick Scott, signed the writ.
The act states that there will be penalties for any resale attempts that involve the following behaviours:
If the agent misrepresents that there is a buyer ready to purchase, if they fail to provide a refund to their client in the case that they are not happy within 20 days after signing their contract and lastly if the seller demands payment before there is a contract signed. The penalty can be anywhere in the region up to $15,000 for each account.
This is great news for timeshare owners in Florida, and it shows that the resale market in Florida is moving forward with a positive view. One central Florida company has recently fallen under persecution of this act, having been in breach of it on several counts. Prime Resorts International is a timeshare resale company whom is said to have been calling clients with guaranteed prospective buyers. These buyers never existed says Pam Bondi, Florida Attorney General, after receiving over 85 complaints from disgruntled sellers. As we have stated above, this is one breach of the act, falsifying buyers. Secondly, the firm were said to have requested upfront fees from the sellers from
$595 to as much as $4,000 before any contract was signed. This would be the second breach on the Timeshare Resale Accountability Act.
The attorney general is looking to prosecute Prime Resorts in the region of $10,000 for each count of violating the act which could see Prime Resorts having to pay out a very large sum of money to the thousands of timeshare owners who they defrauded. We have brought this case to your attention as the resale market at the moment is rife. There are at least some precautionary measures being taken in some countries of the world, and would be interesting to see what will follow.
This is an interesting case, and we will follow it until there is a prosecution or not, we will report on the outcome here. If you would like to read up on how to avoid being scammed if you are planning on putting your timeshare up for sale, please read our advice article here. If you are still in doubt, give us a call or email on the contact details below and we will endeavour to help you look for a reputable resale company.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk