Below is an outline of consumer protections and consumer risks.
Consumer Protection when: Processed as Real Estate | Consumer RISKS when: Processed as Non-Real Estate |
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1. Proper presentation of product. | 1. Mis-information. |
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2. Fiduciary relationship between agent and principal. | 2. No binding relationships. |
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3. Protections thru full disclosure during sale process. | 3. No mandatory disclosures are required. |
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4. Protections thru proper transfers full-service licensed escrow companies. | 4. Unlicensed transfer companies and dealers not regulated. Resort transfer fees sky rocket to cover cost of processing defective transfers. |
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5. Protection from title defects thru proper Title Insurance. | 5. Title defects make property unmarketable. |
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6. Lender Protection encourages secondary financing. | 6. Financing limited, costly and risky for lenders. |
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7. Continuing protection and assistance thru licensed agent customer care and service. | 7. No responsibility or consequences for non-licensed activities. |
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8. Consumer remedies thru the State Department of Real Estate. | 8. No remedies. |
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9. Consumer protection thru licensed real estate agents. | 9. Non-licensed entities abuse consumers thru false and deceptive advertising, misrepresentation and fraud. |
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10. Real Estate Brokers are required to be visible to the public and are held accountable. | 10. Non-licensed entities hide behind internet bulletin boards not requiring any regulation or disclosure. |
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RESULTS | RESULTS |
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Real Estate Brokers maintain and enhance product value. | Values plummet with "no cost" Inventory liquidated on internet bulletin boards. |
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Full escrow and title insurance policies protect consumers and resorts. | Title Defects Sky Rocket. |
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Third Party broker, escrow and title companies reduce resort workload and increase protection. | Management and Operational Costs (including maintenance and transfer fees) increase to meet Customer Service Demands. |
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Fiduciary agency, full disclosures and remedies create consumer confidence. | Consumer Confidence drops. |
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Licensing and Regulation sets the guidelines for proper standards of practice in the timeshare industry. | Industry Integrity is Compromised. |
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