Timeshares have become one of the most difficult business propositions for many people in modern America. People want to be able to take vacations to different locations in the world, especially after they retire. Folks have worked hard all of their lives and now they want to spend their remaining days being able to vacation well without the expense of purchasing a separate home all on their own. They figure, why not share the financial burden with some other people who want the same thing?
The problem is, things never work out the way the salespeople promise they will in the sales office. They might tell you after you have signed on the dotted line that you have no timeshare cancellation rights, but that is not necessarily true. Here are three things you should know when it comes to timeshares.
1.) It is not a reputable practice and the sales people are not real estate professionals.
If this were a business venture you could have confidence in, why would 85% of timeshare buyers regret their purchase? Many of them cite fear, confusion, intimidation, and distrust of the sales team as the main reasons for their regret.
2.) You might not be sure of exactly what you are signing when you buy.
Many people do not realize until it is too late that when they sign the timeshare contract to buy their share of a vacation property, they are doing so in perpetuity. This means that the timeshare and all of the provisions of the contract are handed down to their heirs, putting their children and grandchildren on the hook well after they are gone. Obviously, this is not what most people want from a timeshare property.
3.) Maintenance fee increase over time.
While maintenance fees may not be much at all at the signing of the agreement, they very often will go up over time. This financial burden is often too much for most people to bear. They have more than enough financial responsibility with their main property. According to a 2016 survey, 66% of timeshare owners wanted to get out of their contracts because the maintenance fees had gotten too high.
Timeshare cancellation rights are hardly ever discussed or even mentioned during a sales pitch. Without timeshare attorneys there to help you understand all of the rights you have and which ones you do not, it can be very difficult to achieve a timeshare contract cancellation.
However, if you find yourself in a situation where you need timeshare legal advice in Florida or in any other state, a timeshare cancellation lawyer can help you understand your timeshare cancellation rights.