A timeshare contract gives multiple people the right to use a particular vacation property for a predetermined week every year. This can be a very convenient and affordable way to enjoy your vacations while still being able to return to work, family, and your regular routine. However, the purchase of a timeshare can become a burden on some individuals because of high maintenance fees. Fortunately, there are ways to get out of a timeshare contract. If you have experienced misrepresentation or fraud during the sales process, it may be possible to cancel your contract under state laws. In addition, there are many professional companies that can help you get out of a timeshare contract.
The decision to purchase a timeshare is often an impulsive and emotional one. Many consumers regret their purchase and want to cancel their contracts or get out of timeshare responsibilities. It’s essential to do your research before making a timeshare commitment. It’s also important to evaluate your financial situation and see if the investment is responsible. If you’re unable to afford the yearly maintenance fees, you might consider working with a reputable timeshare exit company like Centerstone Group to get out of your timeshare.
What Are the Different Types of Timeshare Contracts?
There are two types of timeshare contracts: deeded and non-deeded. A deeded timeshare contract entitles you to the title of the property for life, while non-deeded timeshares allow you to rent or sell your property after a certain amount of years. Non-deeded timeshares can be more financially advantageous because you can often sell or donate your membership to a charitable organization. However, the downside to non-deeded timeshares is that if you don’t sell or give it away before the end of the contract, your membership will be cancelled by the resort.
Some companies do not disclose the annual maintenance costs to consumers before signing a timeshare contract. This is particularly concerning because other long-term financial obligations, such as mortgages and auto loans, require disclosures that are easy to read and understand. It’s crucial that you ask for a copy of your timeshare contract before agreeing to it. If the company is reluctant to provide you with a copy, it may be time to seek legal advice.
If you are not able to cancel your contract during the rescission period, it is possible to make a claim against your seller for fraud or misrepresentation. A good timeshare exit company can help you sift through your options and decide what strategy is best for you. They can also offer a template letter that you can send to your resort or company asking them to cancel your contract.
It’s also possible to file a lawsuit against your timeshare company for breach of fiduciary duty. In addition, it’s important to review your timeshare contract carefully for hidden clauses. If you find any such clauses, contact a lawyer immediately. It’s also wise to read your entire timeshare agreement and be sure that you understand all of the terms and conditions before purchasing.