Timeshares are often associated with vacations, leisure time, and providing a convenient space for families to get away from their routines and relax. Many companies have focused their effort on marketing and selling these timeshares in a way that emphasizes these qualities. While this seems like a fairly harmless transaction and a good way for people to take their vacations in a nice resort, this is not always the case. Timeshares often create very real issues and financial problems for those who lease or buy an ownership interest in the resort properties. Many people who have been through this process find that they need help from a North Carolina timeshare attorney after researching issues related to timeshare ownership and cancellation, along with the dishonesty present in the timeshare sale market.
Consumers should be aware that businesses that sell timeshares are primarily concerned with making sales and profits, often without giving the customer all of the important information they need or disclosing potential future issues. At times, these businesses cross the line into illegal behavior when they trick buyers. These issues are so problematic that the state’s legislature has responded with specific laws that regulate the timeshare industry. Timeshares tend to have issues with permanent maintenance fees, the property not matching the description given by the seller, or inadequate exchange programs that are supposed to give owners and renters a chance to see new destinations, but do not work as intended. Even though it is required by law, it is also rare that a company that sells timeshares will voluntarily give the consumer information or an explanation about how to legally exit my timeshare contract in North Carolina. This means that the only option for most people attempting to get out of their timeshare obligation is to retain a North Carolina timeshare attorney.
The formal definition of a timeshare is a kind of property interest that can be bought, sold, or leased. Timeshares are generally used as vacation properties in a desirable resort area in the United States, where the purchaser can be given a certain period of time to use the property for their personal needs and leisure, and then the property is essentially handed off to another partial owner when their time is over after weeks or months pass. The costs of the timeshare are usually all paid up front for a lease or ownership interest in the resort, and this practice of locking in a price is often used as a marketing point due to the fact that real estate prices tend to increase over time. However, the purchaser is often also stuck with fees, interest, and taxes that never go away in addition to this initial offering price. North Carolina law even allows these costs to be passed to the heirs of the timeshare owner if they die before terminating their ownership rights. If these costs are not all paid, there can be a foreclosure or repossession on the property with serious legal consequences, similar to what happens with a foreclosure on a house. These are obviously some potentially severe financial consequences that may start to affect the owner, especially if they invested in the property without totally understanding the obligations that come with it.
Because a timeshare is a legally binding form of property ownership, the purchaser will also have to go through a formal process if they ever want to terminate or transfer their ownership rights in the resort. The owner cannot simply just stop making any required payments or stop using their timeshare to make their obligations go away. This makes one of the most common questions from owners “Can I cancel my timeshare in North Carolina?” Due to the widespread nature of timeshare problems, certain law practices have dedicated staff who work on timeshare and related property law issues for their clients.
Each state has different rules for cancelling a timeshare based on where the property is located. This means that timeshares which are physically present in North Carolina may not be canceled in the same way as those in other jurisdictions. Questions about what state has jurisdiction over the property and the transaction should be directed to a lawyer, as issues of jurisdiction over property and contract terms can be one of the more complex aspects of civil procedure.
Various aspects of timeshare ownership and cancellation are covered in a state law called the North Carolina Timeshare Act. This piece of legislation was meant to help regulate the industry, and it touches upon various issues such as the purchaser’s rights to cancel, requirements of a public offering statement, and registration for timeshares along with real estate license regulations. This act also requires funds to be deposited into an escrow account in case the buyer wants to back out of the purchase within the grace period. The law was passed in part due to the unethical practices present within the timeshare industry and high pressure tactics used to trick people into purchasing a timeshare without totally understanding their obligations and the long term costs of ownership. The state has had a history of owners asking how to legally cancel my timeshare in North Carolina, which resulted in the legislative response.
Anyone who has bought a timeshare should know that sellers of timeshares cannot force the buyer to waive these cancellation rights through language in the purchase contract or any oral agreement. The contract of sale also needs to contain language regarding the right to cancel in order to give the purchaser notice. A timeshare loophole lawyer in North Carolina can provide more information about any of these cancellation methods.
The easiest way to get out of the timeshare contract is always to do so shortly after the purchase. All states, including North Carolina, have a grace period where the contract can be terminated shortly after the initial sale without any kind of penalty or further obligations. Under state law, this can be done within five days of signing the documents or being sent the public offering statement. The seller also has a limited time period to return the funds and comply once they receive the cancellation notice. Because this window of time is so short, it may not be available to many owners who have already bought their timeshare at some point in the past. This means that other more difficult cancellation methods need to be used in many situations.
Another method for the purchaser to get out of their timeshare obligations is to resell the ownership interest in the property. This requires listing the property for sale, finding a buyer and going through the formalities of a property transaction much like selling a home or any other property. However, there have also been serious problems in the state with individuals or companies acting as agents for buyers and requesting money for their services to resell the timeshare, then taking the money for the service without providing a real buyer. Despite what timeshare sellers may tell the customer, a timeshare is generally not a good financial investment, and they can be very difficult to resell to another buyer when the time comes.
Some salespeople will misrepresent the condition of the timeshare property or other material terms of the deal. Any kind of contract fraud or misrepresentation can allow the buyer to rescind the deal with the help of a North Carolina timeshare cancellation lawyer. There may need to be an analysis by the attorney to determine the exact nature of the disconnect between the contract language, what the buyer was told, and the actual piece of property that is the subject matter of the timeshare deal. The lawyer or firm will also need to take formal legal action by bringing a lawsuit or giving the seller formal notice before the contract can be rescinded. This means that buyers will need to get legal help and go through this process before they can stop making all payments and remove their financial obligations related to the property.
Boukzam Law is a firm that has dedicated its efforts to timeshare issues and various other forms of consumer protection law. Their North Carolina timeshare cancellation attorneys can provide advice to clients about any of these issues and other relevant aspects of the law. Anyone who needs help can start the process by scheduling a meeting to discuss their issues with a legal professional and forming an attorney client relationship if there is an agreement for representation.