A timeshare contract is a type of agreement where you buy a certain amount of rights to a certain vacation property, for a specified amount of time. There are a variety of different types of contracts, including deeded and non-deeded. The main difference between these types is how much ownership you will receive.
Deeded contracts allow you to own a portion of a property, including the home itself. This provides a high degree of legal protection. On the other hand, a non-deeded contract is more similar to signing a lease. It allows you to own a piece of property for a specific number of years, and you need to make annual maintenance fees. If you decide you don’t want to keep your timeshare, you can sell it to another owner or use the rights to rent it out.
Some companies have a rescission period, which gives you an opportunity to cancel your timeshare if you no longer want it. Typically, this is a limited period of time, and it is important that you take advantage of it. Whether you are looking to purchase or sell a timeshare, it is always best to do your homework first.
Most timeshares provide a set amount of days each year. You are also assigned points, which you can use to upgrade your vacation experience. These points can be used to book a vacation at another timeshare or resort via a timeshare exchange program.
A rescission period is often overlooked by prospective owners. Timeshare salespeople know that it can be tough to break the timeshare contract, so they will do their best to convince you to stay. Unfortunately, if you don’t plan carefully, you could end up with a timeshare you will never be able to get rid of.
Although the rescission period is relatively short, it’s still a good idea to follow it up with a well-thought-out exit plan. One of the most common reasons people end up stuck with their timeshare is that they have no idea how to get out. Luckily, there are companies such as EZ Exit Now that specialize in helping timeshare owners find an exit strategy. They will find the quickest way to let you go, as well as make sure it is legal and abides by your state’s regulations.
If you are thinking about selling your timeshare, it is also wise to understand the differences between deeded and non-deeded contracts. For example, a deeded property is a real estate, while a timeshare is a vacation property. As a result, you may have to pay a mortgage. Even though you may think you are getting a discount on the property, you may still have to pay the mortgage.
During a rescission period, you may have to send a written notice to the company. Depending on the state you live in, you may need to send the letter by certified mail, and it may be mandatory to include a few other details about your plans.