US Consumer Attorneys

It could be quite difficult to sell your timeshare for a profit due to the saturated resale market. Often times it is simply easier to have your timeshare transferred to a family member or any other person. One must keep in mind that it is a legally bound business deal and hence would need to follow a certain protocol. In most cases it would be advisable to get professional help to ensure a smooth and hassle free transfer of your timeshare deed.

It would be best to first discuss with your timeshare company about transferring your timeshare deed. Check if the company has any specifications regarding the transfer. In some cases, the management may want to buy it back and resell it. If you decide to transfer your timeshare to someone other than your family, do a good back ground research as there are a lot of scammers out there. Try to get to know the buyer by having a few initial discussions with them so that you are sure about your timeshare transfer.

Once you have finalized with your buyer, make sure you have all the documents ready. You may need to create a sales agreement also known as an earnest money contract. Make sure you are up to date with all the maintenance fees, cost of transference, or any new membership applications that may need to be filled. Also make sure you make it clear from the beginning about who would make the payments if there is any mortgage involved. Once that is done, you would need to create a timeshare deed which is the actual proof of the ownership transfer. You will then need to record your deed with the county clerk’s office. Make sure to check with your country or state as they may have specific requirements for recording your deed and you may also be asked to pay the required fees. Also keep copies of the deed with you for further reference.

Once the deed is ready, a detailed letter about the deed transfer needs to be sent to the resort. The letter should include details such as account numbers, unit numbers, contact information of the purchaser, billing addresses etc. You must also ensure that the resort receives a signed , notarized copy of the recorded deed as many resorts do not transfer the ownership records until they receive a copy of the deed.

Although it may seem easy, there could be many pitfalls while transferring ownership and hence it is always better to take legal help.

Canceling your timeshare is not an impossible task. Companies often try to ensure that when a customer wants to rescind their timeshare property, the company still gets their credit amount. But these contracts have a window for timeshare termination. This allows the customer to cancel their contract. But the customers often skip these details and end up exceeding the specified duration. So you need to ensure that your timeshare cancellation is carried out before that period expires.

Timeshare termination has now become easy with various updated laws for the people. However, you need to follow some steps to ensure that your timeshare termination is a smooth process. Your major focus should be on your timeshare contract and the rescission period provided in it. Once you know that you fall within that window then type out a notice and send it to the company. You will also be required to make copies of all your timeshare related documents including the contract. Different companies prefer different modes of delivery of your timeshare cancellation statement so it is necessary to adhere to that as well.

Customers often overlook the rescission period in the contract. So if you have missed the duration to rescind your contract then you need to act fast. The best way in situations like these is to find out if there has been a breach in the contract from the company’s end. If you can find out that there has indeed been a breach of contract then you can prove the same in your lawsuit and have an easy timeshare cancellation of your contract. But in case there hasn’t been any such breach then you always have the option of selling your timeshare.

Every timeshare company is required to provide the customer with a Timeshare Public Offering Plan. This document basically explains the customer all they need to know from a financial point of view. So, if your company has not provided it then you have the option of timeshare termination. However, in order to get the best possible results, it is always advisable to take the help of a competent attorney. The attorney can help you find any loopholes that might be in your contract and show you how to utilize it for your timeshare cancellation.

Timeshare was originally known as vacation or holiday home sharing.  A group of 4 families would buy a vacation property jointly and then divide its usage between the 4 seasons.  They would also rotate it so that all got to enjoy the different seasons.  In the initial stages of the timeshare industry, timeshare owners were deeded a slice of real estate such as an apartment, suite, or condominium and the duration of use was divided up between the owners.  This was done through a timeshare deed.  However, as more timeshare companies came into being, clients started yearning for more flexibility in their holidays.  They wanted the option of exploring different resorts and holiday spots instead of going to the same place repeatedly.

Access To Resorts And Its Facilities With Timeshare Deeds

Timeshare deeds allowed owners to have access to the resort and all the facilities it offered during the week allotted to them.  The deeds are made in the name of the purchaser but can be willed to relatives, gifted, or sold to third parties.  Timeshare companies realized that offering flexibility in the way of ability to use their resorts at different holiday locations was likely to bring in more clients.  They thus set up point systems according to which the more popular places were given more points.  The number of points allotted also depended upon the popularity of the resort location, the number of nights, the appeal of the season, and the size of the accommodation.   Point system allows the owners to have more options as far as resort location, the unit, and even the week to be used.

Types Of Timeshare Ownership

The floating week option allows owners to book their reservation within the season that has been allotted to them.  The right to use ownership is the third option offered by timeshare companies wherein there is an expiry period for timeshare ownership.  In the first two options, the owner can do a timeshare transfer.  It is only in the last option that the ownership has a timeline.  The initial thrill of timeshare ownership palls after a while and that is when owners look for ways to get rid of their timeshare.  The reasons could also be financial as the maintenance fee usually goes up over time.  Although it may have been taken as an investment, timeshare buyers soon realize that it is a drain on their money.

Reasons People Opt For Timeshare Transfer

People opt for timeshare transfer when they grow older and are unable to travel or meet the travel expenses.  Travel fares can be quite steep especially if you buy it during the holiday seasons.  The timeshare agreement is quite complicated and you may sign the document without reading all the fine print.  Owners realize soon after they commit, that all the promises are not really true.  Trading your vacation spot for another is easier said than done.  The financial commitments that come with owning a timeshare can also be rather steep.  The value of the timeshare depreciates with time and it can be quite difficult to sell it.

Regrets after falling prey to the pressure tactics of timeshare sales are pretty common. More common than you’d ever realize! The deceptive sales presentations can sometimes hypnotize an otherwise careful consumer to sign a deal.

However, that’s exactly where timeshare rescission period comes to the rescue. Afterthoughts of timeshare termination can easily be implemented if you’ve got the advantage of the rescission period. Here’s your quick guide to the same.

About Timeshare Rescission Period

So what’s this so-called “cooling off” period or the timeshare rescission period? A small window of time, varying from a few days to a few weeks depending on the state laws, that immediately follows the contract signing, within which timeshare consumers are allowed to cancel the contract without reasons and without any financial implications. From the consumer’s perspective, this is an extremely important time frame for consumers facing timeshare regrets. Statistics indicate a percentage as high as 80 percent for timeshare regrets with consumers seeking timeshare disposal.

If you’re suddenly wondering why your timeshare company did not inform you about the rescission period, you’re not alone. Most states do require sellers to inform the buyers about the timeshare rescission period as well as to mention the same in the contractual documents. That said, timeshare documents are a bundle of paperwork and information like this is often mentioned in the fine print, deliberately created to escape the untrained eyes of prospective consumers.

How Long Does It Last?

There is no standard duration for a timeshare rescission period. The same varies from one state to the other and is dependent on the individual state laws. While some states allow only a few days post contract signing, others allow a period of 10-15 days for timeshare termination after the signing of the contract.

It is also important to consider terminologies such as “calendar days” and “work days” to calculate your overall timeshare rescission period.

Use It While You Can

If you’re having some serious timeshare regrets and are still well within the timeshare rescission period, you’ve got luck on your side! While oral communication is also accepted by some timeshare companies, it is always advisable to document your actions and hence send out a written letter stating your intent for timeshare disposal.

Additionally, it is important for the letter to state all details of the timeshare (you could also enclose a copy of the documents) as well as a mention of the circumstances that led you to purchase the same. It is also important to check out the state laws as well as the concerned timeshare laws to get a complete list of the data that needs to be provided along with the letter for timeshare termination request.