If you took the decision to get rid of your timeshare, you must find a good attorney, with skills and experience in dealing with the challenges of timeshare contracts. People who have been in the same situation know how difficult it is to rescind a timeshare contract and how you are told so many times that you will never be able to cancel the contract and be free of what turned to be a financial burden.
Timeshare contracts that you cannot afford anymore can drain you financially – and all because someone maybe used deceptive sales practices and tricked you into buying a timeshare. It seemed an attractive investment, isn`t it? Perhaps they even told you that you will be able to sell your property one day, for a good profit? All these represent violations of consumer protection laws and you have the right to cancel your contract.
The bad news is that there are more than 1,2 million lawyers in the US and only 1% are experienced in selling timeshares laws. In these circumstances, it will be difficult to find a capable attorney. Difficult, but not impossible.
The best thing to try is Advocate Financial Services that can put you in touch with the right attorney in your state, or contact people who have been in your situations, as they may recommend you the attorney who worked for them.
Timeshare contracts require the owner to pay an annual maintenance fee on the property and that is something that most timeshare owners have put up with. However, yearly maintenance fees might not be the only sums you need to pay – unexpected assessment fees might also come up and often leads to you asking how do I sell my timeshare now for a fair price.
There are various situations that entail special assessment fees – here are some:
- Upgrades – resorts need to stay competitive and to offer services of a consistently high level. To ensure quality, buildings need more than regular maintenance – they need more expensive upgrades, such as refurbishing, the construction of a new pool or other remodelling work, the costs of which will distributed among timeshare owners;
- Weather damage – timeshare properties also need to be renovated in case they are damaged by extreme weather events, such as tsunamis or tornados;
- A change in resort ownership – a new owner might have a different pricing strategy and he might have made the acquisition only to get more profit;
- Other owners are bad payers – the special fees that you find yourself stuck with might be caused by the loss of income caused to the management company by another owner of your property who fails to pay his fees.
Buying a timeshare ownership and visiting an all-inclusive resort are among the most common ways of spending vacations. While both vacationing methods provide access to comfortable, elegant, high-end resorts, they work in very different ways – here is a short outline of the differences:
- While all-inclusive vacations are booked in advance, with the booking valid for one specific period of the year and not recurring, buying a timeshare means that you buy access to a specific room or apartment in a specific resort, for a specific amount of time recurring each year, which also means that if you buy a timeshare, you commit to spending all your vacations in the same place and you take your sabbatical in the same period each year;
- While the costs of booking an all-inclusive vacation are one-time expenses, with timeshares you will have to pay a lump sum upfront as well as annual maintenance fees for the entire duration of the timeshare contract, whether you use the property or not;
- All-inclusive vacations can be cancelled easily and in many cases without requiring you to pay cancellation fees, while timeshare contracts are notoriously difficult to cancel, to sell or to get out of using any other methods. To make the process easier for selling, see https://www.timeshareterminationteam.com/.