A timeshare contract is a legal agreement that gives you the right to use a vacation property at a specific resort for a specified period of time. It’s a great way to save money on travel costs, but there are some things you need to know before you sign on the dotted line.
The most important consideration when deciding to sign on the dotted line is your budget. This is why it’s a good idea to do your research before you buy. You may also want to consult with an accountant who can help you figure out if it’s a financially sound decision.
There are several types of timeshare contracts, but the two most common are deeded and right-to-use. You can choose either one, but they both have similar costs and fees that you’ll be responsible for throughout the lifetime of your agreement.
Timeshares can cost you a lot of money, so it’s a good idea to shop around and compare prices before signing on the dotted line. The initial purchase cost can be as high as $22,000, and you’ll also need to pay maintenance fees and other expenses for the duration of your timeshare.
Generally speaking, maintenance fees increase each year to cover the costs of keeping your resort clean and up-to-date. These fees can range from 3-4% to 5 to 6% of the total price of your timeshare.
If you don’t agree with the fees, you can always rescind your contract and get a refund. However, be aware that many timeshare contracts are written in fine print, and you’ll need to dig through it to find the details of your rescission policy or rescission period.
The law of the country in which you own your timeshare contract will apply, so you’ll need to check with your local authorities before you can cancel it. In the United States, each state has its own rescission laws that protect you when you want to walk away from your timeshare.
You should also look for a timeshare cancellation company, like EZ Exit Now, that has experience in dealing with timeshare companies. These firms will be able to assist you with your case and work with you to get out of the deal as soon as possible.
There are also some cases where you can file a claim for misrepresentation, which is another legal term that refers to a false statement made by the party who is selling you the timeshare. This can lead to a rescission, and in some cases, damages.
In Kenya, the Consumer Protection Act 46 of 2012 outlines the rules that apply to timeshare contracts. It aims to protect consumers from rogue trader operators by requiring traders to provide all the information required in the timeshare contract in a form that is easily understood.
The Directive 2008/122 sets down strict rules that traders must meet in order to give their customers the information they need before entering into a timeshare contract. This includes providing a checklist of the important information that needs to be included in timeshare contracts and standard forms that need to be completed.