THE NATURE OF A TIMESHARE – IS IT EVEN ‘REAL’
by
Austin Neil Aaronson on Jul. 06, 2018
Summary: Learn more about how to get rid of your timeshare!
THE NATURE OF A TIMESHARE – IS IT EVEN ‘REAL’
In recent years many or most timeshare developers have initiated a points-of-access based system of doing business. It makes all the sense in the world from a marketing standpoint – the timeshare developer can sell you on vacation ‘ownership’ – as opposed to the purchase of a single unit in one location to which you must return to year after year with no degree of flexibility. No, you’re buying into an opulent network of resorts the world over – and the more points you buy, the more places you can visit, with greater frequency. Never mind that these points of access become less and less valuable as the developer continues to sell them without adding new resort accommodations. Need help getting rid of your timeshare!
An interest aspect of selling ‘points’ as opposed to deeded interest has to do with the taxes that get paid. Real estate is generally subject to a transfer tax at the point of sale. When booking a hotel, the innkeeper must collect a ‘sales and use’ tax. At the very least, you would think that the purchase of a timeshare would fall into one category or another. Au contraire. We are aware of at least one points-purveying timeshare developer who pays no tax whatsoever at the point of sale. Learn more about how to cancel your timeshare!
This developer seems to be of the opinion that timeshare points are a legal abstraction so ethereal that they constitute ‘intangible’ property – utterly exempt from taxation. But here’s the kicker: This same developer will not hesitate to make its vacation network ‘members’ pay dearly for real property tax assessed each year. It seems that these ‘points’ are intangible only when it’s convenient for them – otherwise they’re very real – real estate.
Consistent with this version of their narrative, unwitting consumers are often regaled with promises of capital appreciation in association with their ‘real estate’ investment. If this sounds familiar, you may wish to contact legal counsel. In point of fact, our firm has filed a class action suit addressing these very issues. If you need a timeshare cancellation contact Aaronson Law Group. We look forward to hearing from you.
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