Timeshare contracts are legal agreements that provide several parties with the right to use a specific property or building. There are two main types of timeshare contracts: deeded and non-deeded. Deeded contracts offer a higher level of legal assurance to the owner. The owner owns a part of the property for a set number of years and is required to make annual maintenance payments. If the owner stops making payments, they lose their ownership rights.
Non-deeded contracts are similar to leases. Investors agree to a specified period of time, usually a decade, and commit to paying for a set number of weeks each year. These leases can be expensive, and must be renewed in order to keep using the property. It is important to understand your timeshare contract before signing. Some of the terms and conditions may surprise you.
Right of First Refusal (ROFR) is a specific sales clause in some timeshare contracts. This clause gives the resort the right to buy back the timeshare if the owner decides to sell it. Before selling a timeshare, owners must contact the resort and find out what steps they need to take to get a resale. They may also have to negotiate with the timeshare provider to find a way to get out of the deal.
In addition to the ROFR clause, some timeshare companies have other clauses that might prevent you from getting out of your contract. For example, they might demand that you pay for outstanding maintenance fees or that you file a lawsuit. Also, some timeshare contracts have a “cooling off” period. During this period, you cannot change your fixed weeks and you will be subject to a substantial upgrade fee if you choose to do so.
Buying a timeshare can be a lot of work, and a lot of people are confused by the various clauses and rules. Some buyers have a change of heart, while others do not realize they have a right to cancel their contract. However, if you are planning to exit a timeshare, you must know your rights and be prepared to fight to stay out. Getting help from experts can ensure that you get out of a timeshare.
To cancel a timeshare contract, you will need to follow specific procedures. You must also be aware of the laws of your state. Depending on the state, your rescission period may vary. A few states have consumer-friendly laws, while others have more stringent rules.
Regardless of what you decide, it is very important to get everything in writing. Getting everything in writing helps to protect your rights and will serve as evidence of your efforts to terminate your timeshare. Many timeshare providers will not allow you to leave a contract if you do not do it in writing.
There are several companies that specialize in helping people escape their timeshares. One example is EZ Exit Now. Their team of experts will work hard to find you a way to get out of your timeshare.