WATCH OUT

Finweek English Edition - - INSIGHT: LOCAL -

Con­sumers who want to buy a shared va­ca­tion own­er­ship prod­uct should check the fol­low­ing: Whether the de­vel­oper or mar­ket­ing agent is a mem­ber of a reg­u­la­tor y body ap­proved by the Depart­ment of Trade and In­dus­try. That the con­sumer ac­tu­ally wants to buy a va­ca­tion for the fu­ture and not just an in­vest­ment. Does the sales doc­u­men­ta­tion com­ply with the National Credit Act, Con­sumer Pro­tec­tion Act, Share Block Act and Sec­tional Ti­tle Scheme Act? Are you sat­isf ied that you un­der­stand all your obli­ga­tions? Does the sales con­tract make pro­vi­sion for a de­posit held in a trust ac­count? Is the build­ing com­plete ac­cord­ing to sec­tion 7 of the Prop­erty Time­shar­ing Con­trol Act? That you have read all doc­u­men­ta­tion and un­der­stand what t ype of prod­uct you are buy­ing and asked ques­tions if you did not. That you choose a shared va­ca­tion own­er­ship op­tion that suits your life­style. What you r op­por t unit i e s f or ex­change are and buy t he most de­sir­able unit in high sea­son or the l argest points pack­age you can af­ford. That you re­ceive a copy of the con­tract on the day that you signed it. It must in­clude the Ac­knowl­edge­ment of Pre­sen­ta­tion, Terms and Con­di­tions and, where ap­pli­ca­ble, a Use Agree­ment and Man­age­ment Rules, as well as a copy of the com­pleted and signed sec­tion of the con­tract. Get your sales doc­u­men­ta­tion checked by an at­tor­ney or f inan­cial ad­viser with the nec­es­sary knowl­edge.

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