A timeshare contract is a form of vacation ownership that involves the right to stay at one particular property or resort for an agreed upon number of days. Often, timeshare companies will offer exchange contracts that allow consumers to use accommodations at other locations. Timeshares are usually sold as deeded or non-deeded ownership agreements.
Some of these contracts have a rescission period, which allows buyers to get out of the contract if they change their minds after they sign. However, timeshare companies often make it difficult for owners to take advantage of this option. For example, representatives may not mention the existence of this rescission period, or they might misstate how long the rescission period is.
Buyers who want to terminate their timeshare contracts often find that it is impossible to do so without the help of third-party negotiators or attorneys. These experts understand all aspects of timeshares, including the varying clauses that can affect consumers during termination proceedings. They also have a good understanding of consumer protection laws, and they know how to apply them to different scenarios.
Generally, timeshare companies will try to keep consumers in their contracts as long as possible. This is because they are concerned about the legal risks of having to honor a contract that has been terminated in accordance with state law. Some states, such as California and Nevada, have laws that protect consumers from being subjected to unfair and unenforceable terms in timeshare contracts. Other states, such as South Africa and Kenya, do not have laws that protect consumers in this way.
When a person wants to get out of their timeshare contract, they should first read their agreement’s fine print carefully. They should look for information about administrative fees, penalties for early termination, and any other stipulations that may be buried in the fine print. They should also familiarize themselves with the rescission period that is available in their state.
The rescission period is designed to give consumers extra time to think about their decisions before they are finalized. However, many people don’t realize this is an option until it is too late and they have already signed their timeshare agreements. Those who do realize that they are in the midst of a timeshare rescission period typically need to act quickly if they want to be successful in terminating their contract.
Consumers who want to end their timeshare contracts should contact the company that owns their timeshare and let them know that they are not interested in continuing their membership. In some cases, the timeshare company will work with the consumer to come up with an acceptable resolution. This may include waiving some of the penalties associated with terminating a contract or prorating them over a period of time so that they are easier on the consumer’s wallet. In other cases, the company will not agree to cancel the contract, and the consumer will need to find a way out of their commitment on their own.