Is it Mandatory to Pay for the Time Share Contract You are Willing to Sell?

Selling a timeshare is usually a more challenging process than buying it. While developers frequently ply you with free drinks, discounted vacations and sales people that act like your long-lost best friend, getting rid of your timeshare is usually a long and arduous process that ends in you taking a big loss. Because many timeshare owners are desperate to sell their units and escape their liability for maintenance fees, an entire industry has popped up to help owners sell. An upfront fee is usually the sign of a scam rather than a legitimate sales opportunity.

When you pay an upfront fee for the sale of your timeshare, you run the risk of losing the fee if the timeshare doesn't sell. If the fee isn't refundable, you will still own your unit, while having spent the money on a broker who didn't sell it. Among other authorities, the Federal Trade Commission recommends that you not pay an upfront fee and, if you do, make sure it is refundable.

Choosing a Timeshare Broker

Other than a willingness to work without an upfront fee, there are a few other factors to look for when you choose a timeshare broker. Since timeshares are considered real estate, the broker should have a real estate license in the state in which the property is located. In addition, she should be able to provide you with information about what she will do for you and when. Finally, it's wise to check her references and see if she's successfully completed transactions for other people.

Advertising and Listing Fees

The one exception to the rule that you shouldn't pay upfront fees is if you decide to sell your timeshare yourself. You will probably need to pay advertising fees to post your sale on major timeshare websites, on auction sites or in local newspapers. However, if you're looking at a timeshare website that is charging anything other than a nominal fee to join and post, it may also be a scam. You will probably also have to buy a set of transaction documents if you don't already have them, and will still need to pay many of the same closing fees as if you were using an agent.

In case, you no longer want to keep the property with you, you can take the help of timeshare exit company. This will help you in all possible ways.

Legal Hassles Associated with Backing Out of a Timeshare Contract Early

A real estate purchase contract is legal and binding. Once both parties sign the agreement, they're expected to abide by its terms. As such, backing out of a contract can often be an expensive proposition. However, most contracts also have clauses that allow either party to walk away from the transaction with no penalty if certain conditions are met. You are always free to take the help of timeshare exit company experts who can help you in all ways. Following are few ways that could be logically discussed:

When You Back Out as a Buyer:

Most real estate contracts contain contingencies that allow you to cancel the purchase in certain instances. As long as your contract has contingencies, typically, you can back out of the deal without sanction. For example, a home inspection contingency gives you the right to inspect the property and to back out of the purchase if the inspection doesn't meet your expectations. Financing contingencies let you back out if you can't find suitable financing for your purpose.

When You Back Out as a Seller:

When you're a seller, your options are much more limited. Most contracts put the control of the deal largely in the buyer's hands. However, if the contract has contingencies, it probably also requires the buyer to take certain actions in a timely manner. If the buyer fails to perform, you may have the right to cancel the transaction.

When You Backing Out after Liquidated Damages:

If a buyer backs out of a transaction without invoking her rights under a contingency, the seller could sue her to force the transaction to move forward or for damages. To avoid this risk, most contracts contain a clause that allows the seller to keep the buyer's deposit if the buyer backs out. Since non-refundable deposits are technically not valid under California real estate law, most contracts describe the seller's retention of the deposit as "liquidated damages."

Steps to Exit the Time Share Contract from Expert’s Diary

Perhaps you got a call from a nice lady on the phone who told you that you won a three-day weekend at a nice resort. All you had to do was enjoy yourself and sit through a "short presentation" about opportunities to own a piece of the resort. Excited to be able to get out of town for a weekend, perhaps you gladly accepted, only to find yourself at the end of the weekend a proud owner of a timeshare you don't want and maybe can't afford.

STEP 1

Read your contract carefully. Most timeshare mortgages have a right to rescind within a certain period of time. Your salesperson may or may not tell you about that clause.

STEP 2

Follow the guidelines and procedure for rescinding your contract exactly. You may have only a certain number of days after the purchase to cancel. You must submit all of the proper paperwork within that time period in order to negate the contract.

STEP 3

Send your rescission notice by certified mail. Some contracts may say that they accept fax, email or hand delivery, but certified mail is the only way to guarantee that the receiving party has received the notice. This gives you a paper trail, meaning that a government agency (the U.S. Postal Service) certifies when you mailed the rescission notice and a government agency gets the recipient to sign for it.

STEP 4

Send a certified letter to the timeshare company if you are outside of the rescission period and follow it up with a friendly phone call. State the reasons why you need to get out of the agreement. They may agree to it if you agree to pay a penalty. However, remember that a timeshare mortgage is just as binding as a home mortgage, so make sure you keep all of your related paperwork.

STEP 5

See a lawyer. He may be able to find a loophole or find out if any of your rights were violated when you signed your contract. If not, he may be able to recommend another course of action to help you get out of the contract.

STEP 6

Contact the Better Business Bureau and your state's attorneys general office if you believe you were coerced or taken advantage of in any way.

You need to opt out of the time share contract when needed and this would be a help from the timeshare contract termination company.

Timesure – a Way to Check Who Liens Against the Timeshare Property You Buy

Before entering into any real estate transaction, it’s important to find any liens attached to the property. For a seller, a lien could mean a loss of profit from the sale of the home, as the proceeds go toward paying off the liens attached. For a buyer, the lien continues to apply to the home, adding a price to home ownership. Either search for the lien yourself using publicly available records, or hire a title search company to do the legwork for you. Liens on real estate are public record. Creditors and governmental tax authorities place liens on property as part of the debt-collection process. You can find the title history of any property in a county through the county records. Some county recorders provide the information online, while others require an office visit to access their lien books. All outstanding liens must be paid before a home can be sold, transferred or mortgaged, so it is a good idea to check the title for liens if you are considering a transfer or financial transaction.

• Contact the county recorder’s office in the county in which the house is located, to find out the procedure for searching its records; search requirements, Internet availability and fees vary from county to county.
  

• Enter the owner’s name and a year to be searched in the appropriate box on the recorder’s search computer, if you are searching in Los Angeles County. Click “Submit” or “Enter” to access the lien. Other counties allow online searches using similar information. You may also send a written request containing the name of the document (lien), the names listed on the document and the years you want searched, along with a check to cover any fees due. Contact the office to get fee amounts before mailing your request.
  

• Print a copy of the lien if you are searching on the recorder’s system. Print a copy from the deed book if you are in an office that is not computerized. Copy fees will vary from office to office.

Dragging yourself out of the contract becomes easy if you are interested in it with the help of timeshare contract termination company.