A timeshare contract is a legally binding agreement that gives you the right to use a particular property, usually for a specific period of time. There are several different types of timeshare contracts, each with its own pros and cons.
Buying a timeshare can be very expensive, and there are many hidden fees and restrictions that may not have been disclosed during the sales presentation. It’s best to take your time and find out what you’re getting into before signing on the dotted line.
Some timeshare companies are known for using high-pressure sales tactics and misrepresentation to get people into their programs. These tactics can be dangerous, and it’s important to do your research before making any decision about a timeshare.
There are two main types of timeshare contracts: right-to-use timeshares and shared leases (also called deeded week). RTU timeshares give you the “right to use” a timeshare for a specified amount of time.
Shared leases give you a “shared deed” of ownership for a set number of weeks each year, typically 52 weeks or more. Depending on the type of shared lease you choose, you can stay in the same unit each year or change it up with other units in the same resort.
The key to choosing the right type of timeshare is to make sure it suits your vacation schedule and budget. It’s also a good idea to find out what kind of maintenance and fees will be required for your timeshare.
If you want to sell your timeshare, you’ll need to make sure the property is in good condition. Then, you can use a reputable resale company to help you sell the property for top dollar.
Another thing to consider is whether the timeshare property is in a desirable location. This will help you determine the value of the timeshare and how much it will cost to sell it.
It’s best to work with a professional to assist you with your timeshare sale or purchase, especially if you’ve been victims of fraud, misrepresentation or high-pressure tactics. This can save you money in the long run by helping to ensure you get the most out of your investment and avoid costly mistakes in the future.
You can get out of your timeshare contract before it expires if you have a good reason to do so. The key is to contact an experienced timeshare exit firm and find out what options are available for you before it’s too late.
State laws vary on how to exercise a timeshare cancellation, so be sure to check with your state’s Department of Consumer Affairs and find out what steps are involved. In most cases, you need to write a letter that details your intent to cancel the contract. This letter must be delivered to the company you purchased your timeshare from and addressed to its address on your original contract.
If your timeshare cancellation letter is received by the company within the rescission period, they have to refund you for any up-front fees. However, they do not have to return any of the maintenance fees or annual charges that you’ve already paid.