A timeshare contract is an agreement between two parties to buy and sell the rights to use a specific resort or property for a specified period of time. It can be categorized into two types: deeded and non-deeded timeshares. Non-deeded timeshares offer more flexibility than deeded timeshares because they allow owners to sell or rent their property at any point during the contract term. In addition to this, they also provide higher levels of legal assurance and guarantee. Regardless of the type of timeshare contract, there are several ways to get out of one. These options range from working directly with the company to enlisting the help of third-party negotiators/attorneys. Ultimately, escaping from your timeshare contract will take some work but the results are worth it in the end.
The first step in rescinding your timeshare contract is to determine whether you are still within the cancellation period, which is a short window of time after signing the contract that you can cancel without penalty. This window of time varies between states, but is typically three to 14 days. If you are not, it is imperative to act quickly as the longer the contract goes uncancelled, the more difficult it will be to escape from it.
Many people choose to purchase a timeshare because of slick sales presentations that promise everything in the world, but are later disappointed with the cost or the restrictions of their timeshare agreement. Whether you suffer from buyer’s remorse or simply change your mind, there are many ways to exit a timeshare contract, including requesting a “time out” clause and contacting the company to see if they can waive the termination fees.
Those who are looking to break free from their timeshare contracts should start by reviewing their current agreements to identify all the terms and conditions. A thorough review will also reveal any hidden fees or restrictions that may make it difficult to escape from the agreement. In most cases, you will need to contact your timeshare company and request that they release you from the contract. This process can be very difficult, and you should enlist the help of experienced timeshare exit experts to ensure that your rights are protected.
The EU Timeshare Directive aims to protect consumers by requiring disclosure information to be provided to prospective timeshare purchasers before they sign their purchase contracts. This includes a clear explanation of the benefits and charges associated with timeshare ownership as well as the opportunity to use exchange companies. The EU Timeshare Directive also stipulates that purchase contracts must be written in the language of the Member State where the purchaser lives and include a cooling off period and right of withdrawal. It also bans the practice of charging advance payments, deposits and guarantees prior to the sale of a timeshare.