Time Share Contract – what is mandatory for the sale?

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.

How shall I choose the 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.

What is the 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.

Few other ways to use Time share property

A timeshare is a piece of real property with multiple owners. In most cases, timeshares are vacation properties, such as condos or cabins, with different owners during every week of the year. If you buy your timeshare from an exchange company, you have the option of using the property during your week of ownership or banking it for later use. While some timeshare companies sell rights to a specific location at a specific time only, exchange companies allow their owners to trade the weeks they own for weeks in other locations. To exchange a week, owners must typically "bank" it. When an owner banks a week during a given year, he is relinquishing his rights to the week for that year, and the timeshare company will put it back on the market for other owners or guests to use.

What is the relation of location exchange?

After you bank a timeshare week, you can typically trade it for a week at another location managed by the exchange company. For example, if you bank a week in Florida, you may be able to exchange it for a comparable week in another location, either for the same dates or at a different time. However, exchange companies won't grant every request for a trade. If the week you want is already booked, you must choose another date or location.

 

What do you mean by date exchange?

In some cases, you may be unable to go on vacation during the week you own, but you may still want to travel to the same location. If so, it may be possible to trade the week you own for a different week at the same establishment. The same rules of exchange apply, however. If the week you want it is already booked, you must pick a different date or travel somewhere else.

Since, timeshare is gaining importance because of the funding that it offers, you can also make sure that you can opt out of the contract any time you want with the help of Timeshare exit company.

3 possible ways to end your contract legally

While it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled.  In fact, most timeshare companies maintain that their contracts are non – cancellable.  This misconception is continued by timeshare companies and user groups that are funded, maintained and controlled by the timeshare industry.

The truth of the matter is, that under the law, contracts are cancellable for a variety of reasons, including fraud and mistake. Moreover, a person who is burdened by the obligations of a contract may “terminate” it and no longer be bound by the contract for reasons other than breach. Following are few ways that might help you:

1.       occurs when either party puts an end to the contract for breach by the other and its effect is the same as that of ‘termination’ except that the canceling party also retains any remedy for breach of the whole contract or any unperformed balance.” 

2.       occurs when either party, pursuant to a power created by agreement or by law, puts an end to the contract otherwise than for its breach.  Since it is the law of the land, that a breach of contract by a party to the contract may result in the other party being released from their obligations under the contract, the notion that one is forever bound by a timeshare contract is erroneous as a matter of law.

3.    The purpose of this article is to provide a ray of hope to those timeshare owners who are no longer interested in being tied to their timeshare and its lifetime of financial obligations. What is true is that most timeshare exit companies will not willingly take back their timeshare.

As will be seen below, when faced with litigation or the potential of litigation, many timeshare companies will in fact either take back their timeshare or simply agree to release the timeshare owner from any future liability in connection with the timeshare contract.