Timeshare Contract

Posted by admin filed under Timeshare Contract.

Buying a timeshare appears to be an alluring prospect, but you need to understand that many people go through buyer’s remorse after signing the dotted line. At the time of signing, the amenities look great, prices seem unbeatable, and the thought of owning a share in a vacation home at your favorite getaway destination makes the offer irresistible. Though timeshares work out fine for some people, others soon realize that they may not get the benefits as advertised to them. At that point, you may want to pull out your investment and back out of the deal, but with a legally binding contract in place, it may seem there is no way out.

Why People want to get out of a Timeshare Contract?

When you buy a timeshare, you are actually buying a piece of real estate, most likely a resort condominium. Sellers are infamous for using hard selling tactics on buyers, which are extremely convincing. They are lured into attending a sales presentation in exchange of a free bottle of wine or any other incentive, and end up signing a timeshare contract. But later they realize that their hunch of the deal being too good to be true turns out to be right. Timeshare sellers skip the unappealing parts such as the obligation to pay fees, taxes, and assessments, and several others. After gaining this knowledge, people readily change their minds.

What are your Options?

Timeshare sellers will do everything in their power to make you believe that there is no way you can get out of the contract. However, due to the nature of this real estate transaction, there are several state laws that enable timeshare owners to cancel contracts. In most cases, the contract has a specified cancellation period, and if you decide to back out of the deal, you have to cancel within that period.

Other legal options for getting out of a timeshare contract include:

  • Ownership transfer: You can transfer the ownership of the contract to a third party. In this case, the contract would simply be transferred to the new owner.
  • Selling: Another good way is to sell your timeshare. However, some listing companies use fraudulent and deceptive practice, so you may want to have a real estate attorney to handle the deal.
  • Donation: Although a less favorable option, you can donate your timeshare. However, the challenge with donation is that finding organizations willing to take ownership is very difficult.
  • Developer Resale: You can list your timeshare with the help of the developer, but make sure you are not required to pay an advance fee in the process. It is advisable to have an attorney watching over the process as sometimes developer reselling involves deceptive practices.
  • Bankruptcy: Filing for a bankruptcy is an option if you are struggling financially. You can get rid of the timeshare by filing for Chapter 7 bankruptcy and including it in the petition.

If you have purchased a timeshare but want to cancel the contract or get out of the deal, you should talk to a real estate attorney to evaluate options available to you. Contact Casement Group, P.C. today at (847) 888-9300 for a free consultation with an experienced and reliable attorney.