A timeshare contract is a legal agreement that allows individuals to share the ownership of a vacation property with others. This is a popular way to enjoy vacations without having to worry about the planning and expense of purchasing and maintaining a private vacation home. Timeshare contracts typically include a one-time purchase price, annual maintenance fees and taxes. These fees can add up to thousands of dollars over the years. The good news is that there are ways to get out of a timeshare contract, even after the rescission period has expired.
The first step to getting out of a timeshare contract is to read the contract carefully. Make sure you understand all of the fees and penalties associated with your timeshare, including any resale or transfer fees that may be charged. Once you know exactly what you are obligated to pay, it is easier to determine whether or not the property is actually worth the money.
When deciding to rescind your timeshare contract, it is best to put your request in writing. This will help ensure that all the necessary details are included and that no one can argue with your decision later on. If you are still within the rescission period, find a location that has a business center and can provide you with a computer to type up your letter. If not, a local cafe or library should have computers available for public use.
Once your rescission letter is complete, send it certified mail. Then keep the certified mail receipt in a safe place. This will prove that you sent the letter in time and it was received. You should receive confirmation that your timeshare contract was rescinded within a couple of weeks or 30 days at the latest.
Deeded Ownership
A deeded ownership timeshare gives owners the right to use the property for a specified number of years. This is the most traditional type of timeshare, and can last anywhere from 10-30 years. Deeded ownership timeshares require maintenance fees and can be difficult to resell or give away.
Right To Use Timeshares
Right to use timeshares, or RTU timeshares, are a newer form of timeshare ownership. These types of contracts do not deed the property to buyers, so they do not have the same legal protections as a traditional deeded timeshare. However, these types of timeshares are becoming increasingly popular because they are more affordable.
A right of first refusal (ROFR) is a common clause in business contracts that provides certain parties priority over other potential buyers. This stipulation can be found in real estate contracts as well, and it can benefit both buyers and sellers.
Resale Market
The resale market for timeshares is not regulated as tightly as the resale market for other types of real estate. As a result, the quality of timeshares on the resale market can vary widely. In order to avoid getting stuck with a bad timeshare, you should consider buying through a reputable resale company. In addition, you should always seek the advice of a licensed attorney to assist you in the resale process.