How many readers own a timeshare? I do. Do you know, for a one-week ownership and for a comparatively inexpensive purchase, the buyer gets tons of protections under the law. Why? Because of the abuse in the past. But, not so with respect to all the HOA abuse and questionable validity of CC&Rs and the consent to agree issues over so many years. There are no “Truth in HOA” laws in any state!
When buying a timeshare (“vacation ownership” nowadays), and I bought a few, we actually had a sit-down with the sales manager who, like in a closing, went over all the many documents, took time to answer questions, and had us initial a double-spaced, large type, two-page itemized list of important legal matters, indicating that we had full knowledge and consent of the legal issues. Thats’s in addition to all the other papers that we had to actually sign.
What’s the problem with buying an HOA propertty, if everything is on the “up and up?” Maybe because there would indeed be a “Truth in HOAs” document to be given and signed off by the prospective buyer prior to closing, and only if signed off can the sale be completed. And that’s in addition to the current sales document, the inadequate HOA disclosure document, now required by almost all states.
What seems to be the problem that these HOA buyer protections have been missing all these years?