A Timeshare contract is a binding legal document and the “we will, we will help you” style of fake lawyers should be avoided.
A collection of contracts is employed in the Timeshare model, all the contracts bind you to one product or another. Such contracts are regulated contracts, as in the past, the selling has been described as a “wild west” or a “flurry of misselling”. Such mis-selling has been continual, is habitual and exists in all countries.
The Timeshare contracts are entirely trumped by laws and regulations, therefore all or most contracts can be broken if the circumstances and law permits.
Fortunately, impulse buying can exist and these can be cancelled, as many legal jurisdictions permit cooling off periods. Most European and U.S states require the Timeshare contract to contain a clause allowing for cancellation within a specified period of time.
Beyond that, legal costs may be required to transfer ownership. Whether you sell, donate, give away or challenge. Ending the contract in many ways needs real and ethical advice. To avoid that opportunity you may have future or long-term consequences equally as unlawful breaches in the contract may expose the Timeshare owner to forward financial ramifications.
In cooling off (recessionary) periods most the U.S States and European countries have passed laws ensuring that when a Timeshare buyer cancels their contracts the deposits are returned in full.
For example, Europe has 14 days, California has 7 days and many others have 3-5 day recessionary periods. The developers are required by law to give you a “Notice of Cancellation Rights” and instructions on how to return it to them.
It is very difficult to sell a Timeshare on the resale market. Many obtain either a low-priced or no remuneration at all. That said, some Timeshare (very few) do eventually sell. If you do have a need to try and sell your Timeshare yourself try websites like eBay or Craigslist. In Europe, it is unlawful for a reseller to charge you any consideration until the Timeshare is sold. In the US each state has different rules.
Donate the Timeshare.
There are a number of organizations in the U.S who may accept Deeded-Timeshare donations. Those organizations sell the Timeshare and then give the proceeds to charities or a charity you specify. Because they sell the Timeshares at rock-bottom prices, the whole process, from donation to closing, can be as short as six to eight weeks. They do however drive down prices and the consequential fall out is that you will have to compete with them if you want to sell yourself.
In comparison, if you try and sell personally, the typical resale can take many months, and even years, to sell.
Transfer ownership to a third party.
These transfers are also known as “exit solutions” as the transaction in itself gets you out of your contract and very quickly. That said, the third party is unlikely to pay you anything for the Timeshare.
Posted on: 3rd March 2016