A timeshare is a legal contract that grants multiple people the ownership of a single property. When buying property traditionally, you pay the selling price and have the right to use, live, sell, or rent the property year-round. With a timeshare property, you “buy” into the right to use and live in the unit for a specific period of time. Sometimes the time you own the property is at the same time every year, and sometimes it can be at different times in the year, but for a specified amount of time. The arrangement can vary depending on the language of the legal contract. Generally, a timeshare property is owned until it is sold or transferred, which can be virtually impossible to achieve. There are many different types of timeshare contracts. The best time to cancel a timeshare is during the recission period, when you still have the legal right to cancel the timeshare agreement.
The Federal Trade Commission notes that individuals need to be very careful before they enter into a legally binding timeshare contract. Failure to honor the terms of the contract can result in breach of contract, legal issues, fines, and even collections actions against the person who signed on the dotted line. Furthermore, the FTC notes that the value of a timeshare is in your ability to use the timeshare unit at a given vacation destination, not necessarily as an investment. Individuals thinking to buy timeshares as investments need to do legwork before signing a contract. Timeshares can be difficult to resell or rent and the FTC has made note that there are many timeshare resale scams out there.
But what if you want to terminate your timeshare after you have already signed a timeshare contract and it is past the rescission period? What if you find yourself in deeper than you bargained for, facing higher maintenance fees than you expected, monthly mortgage payments with abhorrent interest rates, and struggling to pay your bills? Individuals who have purchased a timeshare have often entered into binding legal contracts with developers. It can be very difficult to break or leave these contracts. However, there are some situations where buyers of timeshares may have the legal right to cancel the timeshare contract, especially if the developer or seller of the timeshare lied or deceived them during the purchasing process.
When trying to rescind or terminate a timeshare contract or agreement, it is often a good idea to hire a lawyer to review the contract, to help you understand your obligations, and help you understand your legal rights and consequences for taking action in your situation. Boukzam Law is a timeshare lawyer in Boca Raton, Florida that can read through your contract, gather evidence to support your case, and help you understand the next steps you can take. Contact the timeshare law firm of Boukzam Law in Boca Raton, Florida today to learn more.
If you have purchased a timeshare and didn’t get what you were promised, or were promised that your timeshare would be a great investment and find that your timeshare is just a financial drain, you may have legal options. If deceptive practices were used to get you to buy a timeshare unit, you may be able to fight to terminate your timeshare contract. In other cases, individuals may be able to negotiate with the developer to cancel or terminate the timeshare contract, but this can sometimes result in fees. If you believe you have a legal case against the developer, a timeshare cancellation law firm like Boukzam Law in Boca Raton, Florida may be able to help you. Not sure if you have a legal case? Contact Boukzam Law in Boca Raton, Florida today to learn more.
Be wary of timeshare exit companies offering to resell your timeshare. In the wake of the pandemic there have been many timeshare resale and timeshare exit scams. Instead, consider reaching out to the timeshare cancellation lawyers at Boukzam Law located in Boca Raton, Florida. Boukzam Law can walk you through your rights and the specific options you have. We negotiate with developers to cancel your timeshare contract or take legal steps to cancel your timeshare contract—if that is an option. Have questions about your rights when it comes to getting out of a timeshare? Many people, in the wake of the pandemic and financial downturn have been looking for a way out. You are not alone. Be careful of people promising you a quick and easy exit to your timeshare. It is not quick, nor is it always easy to cancel or leave a timeshare contract. Instead, consider speaking to a timeshare cancellation law firm like Boukzam Law in Boca Raton, Florida today.
980 North Federal Highway
Boca Raton, FL 33432
Fax: 561 750-5507