Timeshares are essentially vacation properties that are supposed to be a convenient way for consumers to stay in a resort destination. The company that sells the timeshare allows the buyer to use it for a fixed period of time each year through a lease or ownership interest, before it is given to another owner for their period of time. This is supposed to be a way to make vacations more convenient and cost effective. The traveller will not have to find lodging, and they also have access to a full scale home in a resort area rather than a small space in a hotel room. However, anyone who does research related to timeshares will soon find that these accommodations do not always function as advertised, and many people who have been sold a timeshare start to regret it for several reasons, mostly due to the serious long term financial obligation associated with timeshare ownership. One of the most common questions that they will ask is “Can I cancel my timeshare?” in Missouri.
Some companies in Missouri and other states have used aggressive marketing and sales tactics to try to get individuals and families to invest in timeshare ownership, due to its many alleged benefits. However, there are serious financial commitments associated with owning or leasing a timeshare, and many people find over time that the cost of the property and other associated travel expenses are just not worthy investments. This has caused the timeshare industry to gain a bad reputation, and some states have even changed their laws to try to give consumers additional protections.
While salespeople often try to inflate the value of the products they are selling, the timeshare industry has had some very specific problems that are widespread enough to cause a legislative response. Missouri has enacted laws that are specific to the kinds of behaviors that timeshare companies utilize during promotions and presentations for this reason. It is common for timeshare marketers to bring in customers with free gifts or other perks and bonuses for attending presentations and seminars about timeshare ownership. Some of these regulations have included making timeshare sales companies follow through on any giveaways or gifts that they promised customers. There are also laws that say representations of timeshares by salespeople must be complete, honest, and not deceptive, and various regulations for how promotions and contests can be conducted by timeshare companies. In other words, timeshare marketing has gained a reputation for being high pressure and dishonest, which has caused some bad experiences for consumers.
The timeshare contract is a crucial piece of evidence, as it is the main document that details and explains the transaction. It should outline the description of the property, the purchaser’s financial obligations, the seller’s transfer of their ownership rights, and other important pieces of identifying information. Because these are formal agreements much like those that contain a mortgage commitment, it is possible that there can be a foreclosure or repossession action with serious consequences for the buyer if they ever stop making payments and default on their obligations. Many buyers are also unaware that the ownership interest stated in the contract also locks them into various maintenance fees and property taxes that never go away as long as the person owns the timeshare. These can become large and burdensome over time, especially if the city or county where the property is located has tax increases each year. The possibility of a formal foreclosure on the property with all of the associated legal problems starts to become very real if the owner has missed payments. Ideally, any contract of sale for a timeshare should be reviewed thoroughly with an attorney before it is signed by a buyer, but this does not always happen and owners who regret their purchase need a way to get out of the deal.
As a general rule, contracts should not contain false or misleading statements of any material facts that could affect the transaction. A common problem with timeshare contracts specifically is that there may be language which is dubious or meant to mislead the customer. It is common for a property description, along with details about a resort and accommodations to be incomplete, misleading, or outright false in order to make a sale. This kind of deception can have legal ramifications, including helping the buyer get out of their obligations in clear cases of misrepresentation or fraud. The buyer should review their contract and document the condition of the property as it was initially offered through pictures or other means. It is recommended that a Missouri timeshare termination lawyer reviews the documents and contract as well. Any serious disconnects between what was stated or promised in the contract versus the timeshare’s actual condition may be grounds to rescind the contract due to misrepresentation or fraud. However, the owner will need to go through the courts in a formal legal setting to void the contract before they can stop making payments related to any financial obligations on the timeshare.
There are certain things a purchaser can do to get rid of their timeshare and associated obligations. The specific process depends on when the timeshare was bought and other factors surrounding the situation. It is always best for a concerned owner to review their specific situation with a timeshare cancellation attorney in Missouri to get advice tailored to their problems.
The best way for anyone to get out of their timeshare is to do so very shortly after the transaction for the sale. This is normally called a grace period, and it cannot be cancelled, even if the seller has tried to put language to this effect in the sale contract or other documents signed by the buyer. Missouri law allows the buyer to cancel their purchase within five days of the initial deal without any kind of penalty or further obligations.This should be done by certified mail, or the cancellation notice can be personally served onto the seller. As a precaution, the person should keep their own documents related to the cancellation, and try to do so as soon as possible after the purchase to avoid missing this timeframe.
This is a very short window of opportunity to get rid of the timeshare, so many owners will have to resort to other options that may be more difficult. Legal advice from a Missouri timeshare loophole attorney is recommended for anyone who is going to have to try other methods to cancel their timeshare.
One other answer to the question of “How can I get out of my timeshare in Missouri?” is that timeshares can be sold like any other piece of real property. A timeshare owner can always get out of their financial commitments by selling their ownership interest to another person or business. The rights and obligations associated with the timeshare will be entirely transferred to the new buyer once the transaction is complete.
One of the problems with attempting this method is that timeshares tend to be very difficult to resell. Owners are often disappointed to find that not much of a timeshare resale market exists in many states. There are also a number of scams involving individuals and companies that promise to find a buyer in exchange for payment for their services, but these unethical companies will usually ask for pay up front without providing a legitimate buyer in return. This means that sellers have to be especially careful regarding who they deal with when trying to make a timeshare sale.
As mentioned, the timeshare industry has gained a reputation for trying to lure customers into buying with various prizes, gifts, and other promises. Depending on the specifics of what the company or salesperson did to try to make the sale, it is possible that the transaction can be voided with the help of a lawyer. The salesperson should be honest about the property, its uses, and its value as an investment. They also should not try to make guarantees or promises that sound too good to be true, as this can be considered a form of fraud in some cases. The owner should gather all of the promotional materials that they were sent in regard to their timeshare, as well as any other relevant communications that were sent from the seller to help make their case for deceptive sales practices.
Boukzam Law is a firm that helps consumers with various aspects of the law, including problems related to timeshare ownership and cancellation. Their Missouri timeshare attorneys can assist clients with finding the best option to get out of their timeshare and any related issues or financial problems.