Updated 6/8/22.
A timeshare is a form of property ownership split up over time. Before investing in a timeshare, you need to know about timeshares and how they work. You need to know about timeshare ownership to get the most out of your investment. When seeking tips on how to buy a timeshare from the owner, it is vital to be aware of the costs you will need to incur.
The investment usually entails an annual maintenance fee that varies depending on the property itself. You must determine your timeshare company’s average maintenance fee for timeshare ownership. With this, you can evaluate if it is worth buying the timeshare.
Some people may regret the purchase of timeshares. This results from a lack of adequate knowledge of this type of investment for most people. To avoid being in such a state, ensure you are well prepared to invest in timeshares before committing yourself to a timeshare company. There are several timeshare exit strategies to use in the scenario you want to quit.
Buying a timeshare is exclusively a financial decision. The owner makes money by receiving rental payments from other guests for their time at their property. Timeshare prices vary drastically depending on each property’s location and size. Ensure you get a good deal when purchasing the property by undertaking proper research.
On its surface, a timeshare can seem like a great deal. You get to have access to a vacation home while only paying for a fraction of it. If you’re not going to be going all year, then it makes sense to go in with someone else on the costs. However, before you sign up for a timeshare, make sure you know what you’re agreeing to.
Timeshares often have hidden fees and finding the best timeshare resale opportunities can be difficult if you decide you want to sell. Make sure you know your possible timeshare exit strategies from the beginning. Can you rent a timeshare or do you have more responsibilities? How long does a timeshare last? These are just a few things you need to know.
Despite their appeal, the future of timeshares is uncertain. So don’t feel pressured to buy one before you are certain that you know exactly what you are agreeing to. Do all of your research and think about it carefully before making a decision. This will save you stress in the future.
Perhaps reality has just dawned that you are a victim of a hard sell, realizing that you were duped into buying a timeshare or you simply think the contract is beyond your budget, you can terminate the purchase. Research shows that 3% of U.S. households own a timeshare. Further studies indicate that about 85% of timeshares buyers canceled their contracts due to fear, coercion, payments, uncertainty, distrust among other factors. But canceling a timeshare often has a window period, legally referred as rescission period. Depending on your state’s laws, you are given a short period of time to cancel the purchase and typically ranges from 3 to 15 days.
When buying a timeshare, you are legally entering into a contract to have an interest in a piece of property, most often a vacation home or a resort. Timeshare brokers can be very convincing, they use all sorts of marketing strategies to lure you into taking the deal. They’ll use deceptive approaches on you while glorifying timeshare as the greatest investment of a lifetime. Before you realize, you are walking out of wine treat as a proud owner of a timeshare. You not ready to meet the often hefty commitment of timeshare assessments, taxes and other fees! There is hope of getting out of a timeshare contract, legally.
According to the provision of consumer protection laws, you now have a legal backing that defends you against all forms of timeshare scams often associated with unscrupulous timeshare sales representatives. There are numerous timeshare lawyers who can help you oppose the contract and receive your rightful compensation provided the claims are warranted. Here are few factors you need to look at while considering to cancel timeshare.
- What options do you have?
Generally, there are two options involved when you want to get rid of a timeshare contract. You can either choose to terminate the contract or cancel it all the same. Different factors may lead to either of the two choices. For instance, in case you notice there was a malpractice in the execution of the contract, you can cancel it. On the other hand, termination results to the same effects as cancellation, but here, the party canceling a timeshare gets to retain any underperformed balance. In most cases, termination is the best choice when there are other foul plays other than breach. - Act quickly
To cancel timeshare, remember you only have the rescission period to initiate termination or cancellation. This period allows you to get rid of a timeshare contract and still receive your deposit back. Should you late to initiate this process, you’ll have made the situation a little more complex than when the period was open. But you can still dispute the contract. - Find a timeshare attorney
A timeshare lawyer is conversant and experienced with cases like this. Therefore you should find soon to get legal representation and stand a chance of successfully terminating the contract. Whether the rescission period has elapsed or the case has just become too complicated, finding a specialist will help speed up the process.
The mentioned factors will facilitate your process to cancel timeshare with the help of an attorney. Note that the contract must be canceled through a written document if even the contracts state otherwise. Clearly list the reasons behind your decision, but in most cases, this isn’t always necessary. Lastly, make sure the document is delivered as stipulated by the contract, whether it’s hand-delivery or through a certified mail.
