If you purchase a new time-share from a developer, research the company as thoroughly as possible before you buy. There have been many time-share failures around the world, leaving owners with nothing for the money they paid. If the company cannot provide you with verifiable details about other successful time-share resorts they have developed, consider passing on the offer to purchase.

Developers sometimes offer free trips and lodging to potential timeshare buyers in exchange for their attendance at a sales presentation. These vacation certificates are typically for a three-day, two-night stay at the time-share resort or a nearby hotel.

Sometimes the offers truly are free. Developers know that people are more likely to buy when a large crowd is there, giving buyers the perception that it's a hot property — one they shouldn't pass on. That makes it worthwhile to the developer to have as many warm bodies as possible browsing the grounds.

Other offers are more questionable, and some are nothing but scams. You might be promised free airfare, but when you arrive, you find that your lodging bill is higher than it should be. Or you might be given free lodging but charged higher airfares.

If you are solicited by phone, ask the caller to mail you full details in writing. Reputable companies with valid offers don't hesitate to send written information. When it arrives, you'll have a better opportunity to study the facts and check the identity and references of the sender. As with any other solicitation, never give personal or financial information to an unknown caller.

Read the Fine Print

Nearly all vacation offers are subject to certain requirements:

• You must be twenty-one years old, and your annual income must be over a stated amount.

• If married, both you and your spouse must attend the required presentation.

• You may be asked for a deposit to guarantee your trip. The deposit might not be refundable.

• Your identity will be verified when you arrive at the resort.

A fee that's called a processing fee is probably nonrefundable. If the fee is called a deposit, it might be eligible for refund if you cancel the reservation. Ask the company to verify the facts, including deadlines for cancellation of your trip.

If you buy a new time-share and change your mind the next day, check the real-estate laws for the state the property is located in. There's often a “cooling off” period that allows buyers a specific time to back out of the sale with no penalties. Cooling-off laws do not cover time-share resales.