Owning a timeshare sounds like a great option to many people. It allows them to have the home of their dreams in a place they would love to live, but can’t necessarily afford.
Sure there’s a few things you can’t do at a timeshare like you would with a regular home, such as visit anytime you want, but why let that stop you?
In actuality, purchasing timeshares is a complicated process not to be taken lightly. Instead of jumping in straight away to get a timeshare, it’s worth talking with an attorney first, and letting them help you in the process should you decide to go ahead.
Learn everything you need to know about preparing for a timeshare, and why an attorney is a worthwhile investment.
1. Laws Around Timeshares Get Complicated Quickly
If you live in one state and own a home there, you’re likely aware of the rules and regulations for homeownership. Ths makes owning a timeshare sound simple enough to do since you already know how this goes, right?
Buying a timeshare usually involves purchasing a home in a different state, since most people want to vacation in a different area. While there’s nothing wrong with this, timeshares come with their own set of rules.
Add to this the fact that timeshares come with their own special rules when purchasing, using and owning. Knowing this information, you won’t want to go into buying a timeshare without a little help.
Having a lawyer is important because there’s more than one type of timeshare available. Make life easier for yourself and your family, and pick a lawyer experienced in timeshare matters.
That way even if you do decide to purchase, you’ll know what you’re in for.
2. Unlike Buying a Home, There’s More Than One Party When Purchasing a Timeshare
When you buy a timeshare, it’s a little tricky in that you don’t own it the same way you would a home you privately buy.
Unlike your own private house, a timeshare is something that usually gets shared with many people, as the name suggests.
One option is fixed or floating time. This means that your timeshare is only available to you during a specific week or short time period out of the year.
There’s also fractional ownership, which allows you to own the timeshare for up to 6 months out of the year.
It’s important to understand that although the timeshare is still partially yours, there are limitations when you can visit it and make use of it. For many people, this sounds acceptable when they first buy the timeshare, and then they quickly realize how frustrating it is.
A timeshare cancellation attorney can help you change your mind and get out of a timeshare that you find isn’t working for you. Make sure you contact and get the help fo an experienced lawyer, so you don’t have to muddle through getting out of one by yourself.
3. The Timeshare Rescission Period is a Short One
If you choose to rescind on a timeshare deal, keep in mind that the period to do so is short. This varies by state and much depends on the state you purchase your timeshare in.
Some states go by the fifth calendar day of when a person signed a contract for their timeshare. This includes popular states that timeshare purchases are common in, such as California and Colorado.
If you’ve made the choice to purchase a timeshare and you’re having buyer’s remorse, make sure to talk with an attorney. Depending on where you are in the contract process with your timeshare, it’s still possible to get out of the contract.
Don’t feel trapped into a purchase you aren’t confident on. Check your contract and call a lawyer to see what your options are when dealing with a timeshare.
4. Canceling a Timeshare is Tricky and Sometimes Time-Consuming
Even if you’re well within the time frame to cancel your timeshare, it’s still a tricky process.
Many timeshares don’t want to lose buyers and try to do everything they can to stop them from canceling or convince them not to rescind their contract.
By bringing a lawyer into the situation, you can feel confident in getting out of your purchase.
Having a lawyer with you shows the company or individual you purchased the timeshare from that you’re aware of your rights and how you choose to exercise them.
A lawyer can help you learn about what steps to take in order to properly get out of the timeshare. Normally a cancellation letter must get sent in order to start the process.
The lawyer can assist you with drafting this up, and ensure you’re following the correct steps to get out of the contract. You won’t need to worry about having a timeshare company convince you otherwise when you have a lawyer on your side.
5. Having a Lawyer Protects You from Debt Collection When Canceling Your Timeshare
If you’re the victim of timeshare fraud, it’s essential that you have a lawyer help you through the process. Because you’ve signed a contract, if you haven’t properly rescinded, you could get contacted by debt collectors.
As long as you’ve retained an attorney to help you get out of your timeshare, your attorney will work with you to keep the debt collectors back. This is a legal obligation they must adhere to once they’re aware a lawyer is on the case.
Don’t try to go through a difficult process like this alone. Let an experienced lawyer help you through it.
Purchasing timeshares sound good at first, but it’s not always the right decision for many people. If you find yourself trying to get out of a purchase you made, have a lawyer help you through the process.
If you’re looking for help with buying a home, check out our blog on why you need a closing attorney.
Don’t go into the process alone. Make sure you have someone who can help you through every step.