Even though it's true that a timeshare contract is a legally binding document, it is mistaken to think that such a contract cannot be cancelled. While most timeshare companies contend that their contracts are non-cancellable, this is simply not true. This timeshare myth, that the contracts are perpetual and can never be cancelled is perpetuated by timeshare developers and user groups that are funded maintained and controlled by the timeshare industry.
The reality is that all contracts are terminable for a variety of different reasons, including fraud and misrepresentation. If bound by a timeshare contract, a person who is burdened by its financial obligations, may find just cause for its termination or cancellation. Should the proper set of circumstances arise, such an owner will be able to terminate it and no longer be obligated to pay the ever increasing maintenance fees that go along with timeshare ownership.
"Termination" occurs when a party, pursuant to a power created by agreement or by law, puts an end to the contract for reasons other than breach. Uniform Commercial Code sec. 2106 (3)
"Termination" occurs when either party, pursuant to a power created by agreement or by law, puts an end to the contract otherwise than for its breach. Uniform Commercial Code sec. 2106 (3)
A breach of contract by a party to the contract may lead to the non - breaching party being released from their contractual obligations. As such, being bound forever by a timeshare contract is a notion that is erroneous as a matter of law.
The author hopes that this article will provide a ray of hope to those timeshare owners who are no longer interested in being tied to their timeshare and its lifetime of financial obligations.
When first sold a timeshare, a "right of rescission" exists. This provides is a "cooling off" period in most states that have enacted timeshare legislation. During this period timeshare buyers may cancel their contracts along with having their deposit returned.
Most timeshare companies will have you believe that, once this period expires, their contract is no longer cancellable and you are stuck for life with the obligation to pay maintenance fees for a timeshare unit that you may never again use. Be assured, however, a timeshare owner is not bound in perpetuity to pay the ever increasing maintenance fees that go along with timeshare ownership.
Proponents of timeshare ownership would have you believe that once the "right of rescission" expires the only way to rid oneself of the timeshare contract involves a transfer of ownership to a third party willing to take over the maintenance obligations.
In fact, most timeshare user groups and virtually all timeshare companies want you to believe that under no circumstances will a timeshare company voluntarily take back their timeshare. This again, is not true.
While it is true, that most timeshare companies will not willingly take back their timeshare. When faced with litigation or the potential of litigation many timeshare companies will do one of two things; take back their timeshare or simply agree to release the timeshare owner from any future liability in connection with the timeshare contract.
There are some new developments that a timeshare owner can use to terminate and cancel their timeshare. Before I discuss the latest techniques in cancelling a timeshare, I'd like to devote a little time to the more traditional means of getting rid of an unwanted timeshare.
The traditional means of ridding oneself of an unwanted timeshare is through a donation, transfer, or sale as mentioned above.
One of the problems in selling a timeshare, is that many unwary timeshare owners fall prey to listing companies that propose to list their timeshare for sale at prices simply not justified by the open market. These listing companies have been under investigation for fraudulent and deceptive practices. It is therefore recommended that a proposed timeshare seller wishing to sell his or her timeshare obligation, should first consider selling their timeshare by listing it on sites like eBay or Craigslist.
Another traditional option is to list your timeshare through the developer or through a timeshare resale broker. One thing the proposed timeshare seller should not do is pay an advance fee for the sale of their timeshare because it is just such practices which have fallen under the scrutiny of state Attorney Generals from coast - to - coast.
Another frequently discussed solution to the problem of how to be released from your timeshare's financial burdens, is to donate the timeshare. Where there once were a number of organizations that accept deeded-timeshare donations, with the ever increasing burden of maintenance fees which seem to go up every year, such organizations are a vanishing breed.
Another frequently discussed "exit strategy" is transferring ownership to a third party who will merely take over the yearly maintenance obligations. It is important to mention, these persons won't pay you for the timeshare. Moreover, the timeshare company, in many cases, will simply refuse to recognize the transfer or alternatively impose onerous resort transfer fees making those that are faced with financial difficulties more prohibitive to transfer to a third party.
In recent years, however, legal techniques pioneered by real estate attorney's specializing in timeshare litigation have emerged. These techniques, which involve application of the legal principles of cancellation and termination, reached their zenith in a series of lawsuits filed in California filed by a private law firm on behalf of a group of timeshare owners who wanted nothing more than the complete release, termination and cancellation of their timeshare interests.
What followed were other similar actions, each seeking damages for the deceptive and fraudulent conduct that is almost always utilized by timeshare sales people for the purpose of inducing unwitting potential owners to sign on the dotted line.
Such conduct includes representations typically made at the initial timeshare presentation:
a. That the timeshare interest purchased would appreciate and increase resale price and value over time.
b. That the timeshare interest purchased could be freely
exchanged, transferred and sold.
c. That the timeshare interest purchased was a financial
investment.
d. That the timeshare interest purchased would result in the
purchaser receiving booking priority over non - purchasing
vacationers wishing to stay at one or more of the
properties owned and/or maintained by the defendant.
As a result of the filing of the aforementioned legal actions, timeshare companies have become more willing to release timeshare owners from their timeshare obligations, even without resort to litigation.
In order to obtain such a result, a timeshare owner should first retain an attorney who is familiar with timeshare laws and the various techniques that are invaluable for terminating a timeshare contract.
In conclusion, do not believe the unscrupulous companies who tell you that it is impossible to get out of a timeshare contract. Should you be victim of timeshare fraud, you too may be able to terminate your timeshare contract.
The reality is that all contracts are terminable for a variety of different reasons, including fraud and misrepresentation. If bound by a timeshare contract, a person who is burdened by its financial obligations, may find just cause for its termination or cancellation. Should the proper set of circumstances arise, such an owner will be able to terminate it and no longer be obligated to pay the ever increasing maintenance fees that go along with timeshare ownership.
"Termination" occurs when a party, pursuant to a power created by agreement or by law, puts an end to the contract for reasons other than breach. Uniform Commercial Code sec. 2106 (3)
"Termination" occurs when either party, pursuant to a power created by agreement or by law, puts an end to the contract otherwise than for its breach. Uniform Commercial Code sec. 2106 (3)
A breach of contract by a party to the contract may lead to the non - breaching party being released from their contractual obligations. As such, being bound forever by a timeshare contract is a notion that is erroneous as a matter of law.
The author hopes that this article will provide a ray of hope to those timeshare owners who are no longer interested in being tied to their timeshare and its lifetime of financial obligations.
When first sold a timeshare, a "right of rescission" exists. This provides is a "cooling off" period in most states that have enacted timeshare legislation. During this period timeshare buyers may cancel their contracts along with having their deposit returned.
Most timeshare companies will have you believe that, once this period expires, their contract is no longer cancellable and you are stuck for life with the obligation to pay maintenance fees for a timeshare unit that you may never again use. Be assured, however, a timeshare owner is not bound in perpetuity to pay the ever increasing maintenance fees that go along with timeshare ownership.
Proponents of timeshare ownership would have you believe that once the "right of rescission" expires the only way to rid oneself of the timeshare contract involves a transfer of ownership to a third party willing to take over the maintenance obligations.
In fact, most timeshare user groups and virtually all timeshare companies want you to believe that under no circumstances will a timeshare company voluntarily take back their timeshare. This again, is not true.
While it is true, that most timeshare companies will not willingly take back their timeshare. When faced with litigation or the potential of litigation many timeshare companies will do one of two things; take back their timeshare or simply agree to release the timeshare owner from any future liability in connection with the timeshare contract.
There are some new developments that a timeshare owner can use to terminate and cancel their timeshare. Before I discuss the latest techniques in cancelling a timeshare, I'd like to devote a little time to the more traditional means of getting rid of an unwanted timeshare.
The traditional means of ridding oneself of an unwanted timeshare is through a donation, transfer, or sale as mentioned above.
One of the problems in selling a timeshare, is that many unwary timeshare owners fall prey to listing companies that propose to list their timeshare for sale at prices simply not justified by the open market. These listing companies have been under investigation for fraudulent and deceptive practices. It is therefore recommended that a proposed timeshare seller wishing to sell his or her timeshare obligation, should first consider selling their timeshare by listing it on sites like eBay or Craigslist.
Another traditional option is to list your timeshare through the developer or through a timeshare resale broker. One thing the proposed timeshare seller should not do is pay an advance fee for the sale of their timeshare because it is just such practices which have fallen under the scrutiny of state Attorney Generals from coast - to - coast.
Another frequently discussed solution to the problem of how to be released from your timeshare's financial burdens, is to donate the timeshare. Where there once were a number of organizations that accept deeded-timeshare donations, with the ever increasing burden of maintenance fees which seem to go up every year, such organizations are a vanishing breed.
Another frequently discussed "exit strategy" is transferring ownership to a third party who will merely take over the yearly maintenance obligations. It is important to mention, these persons won't pay you for the timeshare. Moreover, the timeshare company, in many cases, will simply refuse to recognize the transfer or alternatively impose onerous resort transfer fees making those that are faced with financial difficulties more prohibitive to transfer to a third party.
In recent years, however, legal techniques pioneered by real estate attorney's specializing in timeshare litigation have emerged. These techniques, which involve application of the legal principles of cancellation and termination, reached their zenith in a series of lawsuits filed in California filed by a private law firm on behalf of a group of timeshare owners who wanted nothing more than the complete release, termination and cancellation of their timeshare interests.
What followed were other similar actions, each seeking damages for the deceptive and fraudulent conduct that is almost always utilized by timeshare sales people for the purpose of inducing unwitting potential owners to sign on the dotted line.
Such conduct includes representations typically made at the initial timeshare presentation:
a. That the timeshare interest purchased would appreciate and increase resale price and value over time.
b. That the timeshare interest purchased could be freely
exchanged, transferred and sold.
c. That the timeshare interest purchased was a financial
investment.
d. That the timeshare interest purchased would result in the
purchaser receiving booking priority over non - purchasing
vacationers wishing to stay at one or more of the
properties owned and/or maintained by the defendant.
As a result of the filing of the aforementioned legal actions, timeshare companies have become more willing to release timeshare owners from their timeshare obligations, even without resort to litigation.
In order to obtain such a result, a timeshare owner should first retain an attorney who is familiar with timeshare laws and the various techniques that are invaluable for terminating a timeshare contract.
In conclusion, do not believe the unscrupulous companies who tell you that it is impossible to get out of a timeshare contract. Should you be victim of timeshare fraud, you too may be able to terminate your timeshare contract.
About the Author:
Looking to find the best way to get rid of your timeshare, then visit www.timesharelegalaction.com to find out more on the subject of timeshare relief.
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