These guidelines have been prepared by VOASA with the view of empowering the consumer with the knowledge needed to ensure a peace of mind purchase.
- Is the developer or marketing agent a member of a regulatory body approved by the Department of Trade and Industry?
- Buy a shared vacation ownership product because you plan on using it in the future. Consider your purchase as an investment in future vacations and not as a property or financial investment.
- Does the sales documentation comply with the National Credit Act, Share Block or Sectional Title Scheme? Has it been fully completed? Are you satisfied that you understand all your obligations? Does the sales contract make provision for a deposit? Is this held in a trust account? Is the building complete? Refer to the provisions of section 7 of the Property Timesharing Control Act and check the date of completion.
- Carefully read all documentation and ensure that you understand exactly what type of product you are being offered. If necessary, ask for a clear explanation of any terminology and terms such as ‘space banking’ or ‘usage rights’.
- Choose a shared vacation ownership option that suits your lifestyle. Consider what you value most in a holiday experience, and then explore the wide variety of options and products that are available. Select the option that will best suit your family’s lifestyle now and in the future.
- To maximise your opportunities for exchange, buy the most desirable unit in high season or purchase the largest points package that you can afford. If your primary goal is to take advantage of the exchange benefit, then it is important to know that the greater the demand for the unit or resort you ‘space bank’ for exchange, the greater the exchange flexibility will be.
- Make sure that you receive a copy of the contract on the day that you signed it. The contract must include the Acknowledgement of Presentation, Terms and Conditions and, where applicable, a Usage Agreement and Management Rules as well as a copy of the completed and signed section of the contract.
- Get an attorney or financial advisor to check your sales documentation. You have the right to exercise a 5-day cooling off period, but this must be done in writing within 5 working days of signing your contract. No verbal cancellation is accepted.