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Missourians sometimes are targeted by real estate developers and resort communities to buy vacation timeshares, an arrangement in which consumers buy vacation homes, usually in a resort area, for a specific length of time each year.
The property, which typically consists of condominiums, apartments, lodges, cabins or hotel rooms, sometimes is sold by salespersons using high-pressure tactics and misleading advertising. Sometimes, the timeshare property may be a campground where members must provide their own campers or recreational vehicles.
A timeshare often carries with it a potential for liability for the owner or member. Be sure to obtain and read any restrictions and covenants filed with the recorder of deeds in the county where the timeshare resort is located.
Also, read the bylaws and rules and regulations. Sometimes, timeshare owners and members are subject to "special assessments" in addition to annual maintenance fees.
If you do not understand the full extent of your liability as a member or owner, consult an attorney before buying.
Also, beware of subsequent amendments to these documents. They may affect your liability.
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