Timeshare ownership can be the perfect vacation solution for some people. However, for others, it can become a financial burden over which they feel they have no control. Annual fees increase every year, and lifestyles change. As a result, some timeshare owners may no longer be able to travel or take advantage of their reserved timeslot. While it may seem that timeshare resorts and developers have the upper hand, as an owner, you do have timeshare rights.
State Timeshare Laws
Timeshares are governed by the state where the property is located, and those laws vary by state. Timeshare laws are more extensive in some states than they are in others. For example, Florida has more in-depth timeshare laws as it is home to multiple timeshare properties. However, states like Missouri, Michigan, and Wyoming don’t have any laws that pertain specifically to timeshares. Instead, timeshares fall under real property, condominium, or consumer protection law. If you want to understand your rights as a timeshare owner, the state where your timeshare is located is a good place to start.
Different Types of Timeshares
The type of timeshare you own also impacts your timeshare rights. There are “Deeded” timeshares and “Right to Use” timeshares. Deeded timeshares provide you with a deed to the property and the right to a specific facility for a specified period of time each year. This type of timeshare typically gives owners more rights than right-to-use timeshares because you have fractional ownership of the property. Although you share ownership, this is still considered legitimate ownership and allows you to join your timeshare’s HOA (If one is available) and have a voice in the maintenance of the property. Right-to-use timeshares are viewed as a lease agreement because you are purchasing a block of time. With no real property involved, you have no say in how the property is maintained.
Questions About Timeshare Rights
While there are many questions surrounding timeshare rights, there are two common questions asked by timeshare owners:
What Do Annual Fees Cover?
They primarily cover property maintenance and operational expenses. However, timeshare owners also ask, “Why are annual fees so expensive?” If you are wondering how your money is being spent, you have the right to fair and accurate accounting, including timely bills and statements. You can also hire third-party auditors to conduct annual audits. If those audits reveal that your timeshare management company has more than 10 percent in bad debts, you have a right to request an explanation. Some timeshare companies will be more forthcoming than others; however, don’t be surprised if your request for information is met with some resistance.
How Can I Get Rid of My Timeshare?
If you are questioning how your maintenance fees are being used, you are probably already experiencing a certain level of dissatisfaction with your timeshare purchase. Whether it is the expense or a shift in your personal priorities or lifestyle, you may have thought about getting rid of your timeshare.
If you ask Google, you will be given results about renting, selling, or canceling your timeshare. Renting can be a hassle, and with the market flooded with timeshares for sale, you won’t get anywhere near what you paid for it. On top of that, you will still be paying fees while you are waiting to sell, and it could be a long wait. Depending on your particular situation, a timeshare cancellation could be your best option.
What is Timeshare Cancellation?
Timeshare cancellation is the process of legally canceling your timeshare contract. This involves negotiating with the resort or timeshare company. This is something that is best left to professionals who have in-depth knowledge about the timeshare industry and how to navigate it.
Timeshare Legal – Timeshare Cancellation Experts
Timeshare Legal is a professional, full-service timeshare cancellation company founded by Christian Highlander. Christian has over 20 years of experience in the timeshare industry. He and his team are passionate about providing timeshare exit solutions that have the least possible impact on your credit and financial future.
And yes, we can start the timeshare exit process without all the upfront costs.
Take our online assessment to see if you qualify for a timeshare cancellation, or contact us today to schedule a consultation. Learn how we can help you take the first step toward timeshare cancellation and financial freedom.