Timeshare contracts can be a great way to enjoy vacations without the hassle of finding a hotel room, renting a car or booking airfare. But they can also be very problematic. Many consumers find themselves struggling with onerous financial obligations or reselling fees, and often seek to exit the contract. However, it is important to know that timeshare companies often include provisions in their contracts that make it difficult or impossible to cancel or resell. Furthermore, timeshare salespeople frequently employ deceptive and unethical tactics in an effort to persuade consumers to purchase. This, combined with a lifetime commitment, creates a situation in which getting out of a timeshare can be an overwhelming task for most consumers.
The first step in the process of getting out of a timeshare is to speak with the company or resort directly. Many times, the company will be willing to work with you to help you resolve the issue, such as waiving some or all of your resale fees or prorating them over an extended period of time, so that you can get out of the contract sooner.
Another option is to contact a third party service that specializes in helping people get out of their timeshare. While it may take longer than working directly with the company, these services can be extremely helpful, especially if you are trying to get out of a timeshare contract with an international developer or resort. If you do decide to go this route, it is important to do your homework and research the company and service you are hiring.
The final option is to contact a legal service that specializes in timeshare law. These professionals can help you navigate the complex legal issues that come up in these situations and help you understand your options for exiting the contract. They can also assist you in reselling your timeshare if necessary.
It is important to note that, unlike deeded property, RTU timeshares do not contain a title or deed. Instead, they simply entitle you to use the timeshare during the agreed upon period. This can range from twenty-five to ninety-nine years. Another benefit of this type of timeshare is that it contains an expiration date, which can give owners peace of mind that they will not be responsible for the property for life, unlike with deeded timeshares, which typically have a perpetuity clause that continues to bind owners even after death. This makes RTU timeshares a great option for people who want the convenience of vacation ownership but cannot afford the life-long financial burden that comes with a deeded property. In addition, these contracts are typically much more affordable than deeded timeshares. However, the RTU contract still requires that you pay yearly maintenance fees. This is a major concern for many buyers, as these fees are not always clearly communicated to purchasers before they sign the contract.