Tips to qualify for a timeshare?

Many resort hotel chains and timeshare resellers are out there looking for the next buyer, but unless you meet specific qualifications they will not offer their properties to you. Finding companies that wish to sell you a vacation property is easy, but the restrictions are firm. Timeshare vendors seek potential buyers who are responsible financially and are not taking advantage of multiple offers.

Compiling Paperwork

1. Update your driver's license, or other applicable government ID. This should have your current address listed in the United States. This will also prove your age. Most companies won't sell to anyone under 28.

2. Make sure your spouse has an updated ID. Your listed addresses need to match and you need to attend a timeshare presentation together at which your IDs will be checked. If you are married, you and your spouse must both attend the presentation.

3. Prepare documents that show proof of employment. Unless you are paying cash upfront, you will be paying for your timeshare regularly like a mortgage. They will check to make sure you are employed to know you can pay for it.

4. Double-check the financial limitations and requirements. Whether you are single or married, timeshare sellers require an annual household income from $50,000 to $100,000, depending upon the company.

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5. Prove you are married or co-habitating by bringing whatever documents show this to be true. Some companies will sell timeshares to singles, but more often they prefer couples. Having the same last name on your IDs, or proving you both receive mail at the same address will be enough.

6. Prove home ownership. Some timeshare organizations, like the Hyatt Residence Club, require that the applicant already be a homeowner with good credit. Generally, lenders want credit scores over 700, with a credit score over 750 being ideal.

7. Stay at least one night nearby. Some companies may require that you spend at least one night in a hotel, motel or vacation rental in the same city you are buying the timeshare. Sometimes a night will be offered for free in exchange for you agreeing to attend the presentation.

Attending a Presentation

1. Bring money for a deposit. Often a ticket for a timeshare presentation requires a deposit of between $20 and $40.

2. Bring a major credit card. Presentations require identification and at least one major credit card to attend. You do not need to give your credit card number to attend, and can even cover the numbers with your fingers. The resort just wants to know you have credit.

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3. Make sure you have not attended a presentation from the same company within a 12-month period. Often this will disqualify you.

4. Be prepared to walk away. Some companies may ask for your financial records, such as your taxes. Don't share anything you do not feel comfortable sharing. Not all companies ask for records, nor do all run a credit check. If your heart is set on a particular company, you must abide by its requests, but if you feel uncomfortable you can leave and find another timeshare through someone else.

Things You Will Need

• Government ID
• Proof of employment
• Financial records
• Deposit money
• Major credit card

Tip

• It is highly recommended to not accept the first offer the timeshare salesman quotes you. If you turn down the first offer, the seller will give you a better one.

Warning

• Do your research on the company that is offering the timeshare. Many scams prey on the uninformed. Beware of buying timeshares from out-of-country companies or from properties you haven't visited. You want to make sure you are going to be treated lawfully and that your purchase will have value.

• A timeshare is one option for getting regular access to a vacation property, but timeshare "owners" don't actually own their timeshares. Instead, they are permitted a certain amount of time at the property, and the mortgage, property taxes and some other expenses are split among timeshare owners. A timeshare ownership agreement, however, is a business contract, and you have certain rights under your contract as well as under the law.

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Types of Timeshares

• There are two types of timeshares, and the one you choose can affect your rights. "Deed and title" ownership confers more rights and occurs when you're given a deed to the property and the right to a specific facility for a specific period of time each year. "Right to use," by contrast is a general right to a specific type of facility and does not give you any ownership interest in the property. You'll still be entitled to use a property for a specific amount of time every year for a predetermined number of years, but your timeshare won't be considered a real property asset. Instead, you've simply signed a contract for use.

Accounting

• If your timeshare management company has more than 10 percent bad debts, you have a right to request information as to why. You also have a general right to fair and accurate accounting, including accurate and timely bills and statements. You can also seek annual audits of the timeshare company by third-party auditors.

Contractual Rights

• In addition to the general rights you have as a timeshare owner and the rights conferred by state and local laws, your contract may offer additional rights. Your contract is a legally enforceable agreement, and you are entitled to every right outlined in the contract. If, for example, your contract states that the timeshare will be maintained in a certain kind of condition or have certain kinds of furniture, it's a breach of contract if these terms aren't met. You can sue in the district in which the timeshare is located. You're also, however, legally required to follow your own obligations under the contract, and some rights in your contract might be contingent upon your ability to meet certain obligations. For example, you might only be able to cancel your timeshare if you give notice within a certain period of time after signing the contract. However, it's important to note that most timeshares have a "right of recission" clause, which is the right to cancel the contract within a certain period of time after it is signed.

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Property Use

• Your timeshare contract entitles you to use of the property during a predetermined period of time. During this time, you're generally entitled to quiet enjoyment of the property without excessive intrusions. Your timeshare company generally can't bring potential buyers to view the property without advanced notice. You may also be entitled to a specific period of time -- such as two weeks in July -- depending upon your contract.

Association Rights

• Most timeshares are governed by some variety of an owners association. You have a right to notification of these meetings and, depending upon the specific terms of your contract, usually have a right to vote in these meetings. You also have a right to request that all votes are counted and are verified by an independent third party. You're also entitled to know who the association's board members are, and to ensure that your association complies with state and local laws.