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What Are Common Mistakes Made When Buying a Timeshare from a Private Owner?

Buying a timeshare from a private owner can be risky, unless due caution is exercised to avoid the basic mistakes. The buyer should ask for a copy of the original timeshare contract and study the terms and conditions carefully. One of the common mistakes is to overlook the fine print in the agreement, such as the annual maintenance costs, taxes or any other charges. Another mistake buyers make is to overlook any dues or penalties unpaid by the first owner. Some buyers make the mistake of taking the seller’s claims on face value and not verifying facts about the resort through independent sources or the resort directly. Making advance payments to an unknown buyer is another serious mistake, when such a deal should done only through a secure escrow account. For more info, see Selling Timeshares: 5 Misconceptions Potential Timeshare Buyers Have