If you’ve bought into a timeshare, or maybe you’ve inherited it from a relative, there’s a good chance you’d like to get out of it. It is true that this can often be a difficult process, but there are some truths which could be very useful for you to know. There are various laws, introduced in the 90s, which can help you to leave a timeshare without stress, here are a few of them.
First, let’s talk about Perpetuity clauses. A perpetuity clause means that your timeshare contract never expires. This means that even upon your death, the financial payments will be passed on to your family. However, in 1998, laws were passed which made it illegal for a timeshare contract to last more than 50 years. Believe it or not, this hasn’t stopped the timeshare companies from selling contracts that break this law; they do so in the hope that people won’t even realise. However, if you have a timeshare contract, signed after 1998, which includes a perpetuity clause, you might be able to get the contract completely nullified, perhaps even some sort of legal compensation, too.
The next thing to know about is Flex-Time, otherwise known as a Floating Week clause. Floating Week clauses mean that, rather than you having access to your timeshare on the same dates every year, you can choose a different set of dates each year. Such contracts are sold by timeshare companies who try and make you believe that the extra flexibility is a bonus, but in reality, it’s very different.
The reality of Floating Weeks is that it often results in people missing the opportunity to visit their timeshare at all, because the battle between all of the various timeshare owners means that the dates you need are soon unavailable.
However, just like Perpetuity Clauses, since 1998, Floating Weeks have been ruled unlawful. Take a close look at your contract; if it was signed/bought after 1998, you may be able to get it fully nullified.
Finally, there’s cooling off period. This is a period of time, usually one or two weeks, after you sign a timeshare contract in which you are able to change your mind and cancel the contract, despite already signing it. You are able to do so without any type of fine or repercussion. During the cooling off period, the timeshare companies are not allowed to take any money or other forms of payment from you; none whatsoever. They are meant to be giving you time to consider the investment you’ve made. If they did take money from you during this period, you may be eligible for full compensation.
These are just a handful of ways in which you might be able to get out of your timeshare agreement without stress. There are more, far more, intricate timeshare law details, but in order to fully understand those, we recommend that you find yourself a good timeshare contract lawyer. They will be able to help guide you through the process, telling you what to expect and how good your chances are of getting out of the contract altogether.