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.
Under general contract law, the truth of the matter is contracts are cancellable for a variety of reasons. Common grounds for cancellation include mistake and fraud. But there are others. Burdened by the obligations of a contract, a person moreover, may "terminate" it for reasons other than breach and as a result may no longer be bound by the contract.
"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 if either party, pursuant to a power set forth in the contract 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.
A ray of hope therefore does exist for those timeshare owners, who wish to no longer be their timeshare and it's 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.
Once the " cooling off" period has expired, most timeshare companies will have you believe that upon this periods expiration, their contract is non - cancellable and you are bound in perpetuity to pay the 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.
A common misconception is that under no circumstances will a timeshare company voluntarily take back their timeshare, in fact, most timeshare user groups and virtually all timeshare companies want you to believe this.
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.
I'd like to devote a little time, before I discuss the latest developments in cancelling a timeshare, 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.
In regards to the subject of selling a timeshare, many unwary timeshare owners looking to rid themselves of their timeshare fall prey to the variety of listing companies that propose to list their timeshare for sale. Fraudulent and deceptive practices by such companies have been under investigation by state Attorney General's from coast-to-coast. A proposed timeshare seller wishing to sell his or her timeshare obligation would be better served by first considering 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.
Donating the timeshare is another frequently discusses solution. There are charitable organizations that may be willing to take the deed to an unwanted timeshare. However, where there once were a number of such organizations, they 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.
New techniques pioneered by real estate attorneys who specialize in timeshare litigation have emerged in recent years. These techniques reached the summit through a series of lawsuits filed in California by a private attorney who worked on behalf of a group of timeshare owners that had 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.
The following representations are typical of the false promises typically made at the time the timeshare was sold:
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 timeshare legal actions, timeshare companies have become much more agreeable to releasing timeshare owners from their timeshare obligations. It is again important to note that such a result may be achieved without to 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 despair nor should you take to heart those who will tell you that it is impossible to get out of a timeshare contract. If you are the victim of timeshare fraud, you too may be able to permanently rid yourself of your timeshare obligations.
Under general contract law, the truth of the matter is contracts are cancellable for a variety of reasons. Common grounds for cancellation include mistake and fraud. But there are others. Burdened by the obligations of a contract, a person moreover, may "terminate" it for reasons other than breach and as a result may no longer be bound by the contract.
"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 if either party, pursuant to a power set forth in the contract 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.
A ray of hope therefore does exist for those timeshare owners, who wish to no longer be their timeshare and it's 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.
Once the " cooling off" period has expired, most timeshare companies will have you believe that upon this periods expiration, their contract is non - cancellable and you are bound in perpetuity to pay the 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.
A common misconception is that under no circumstances will a timeshare company voluntarily take back their timeshare, in fact, most timeshare user groups and virtually all timeshare companies want you to believe this.
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.
I'd like to devote a little time, before I discuss the latest developments in cancelling a timeshare, 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.
In regards to the subject of selling a timeshare, many unwary timeshare owners looking to rid themselves of their timeshare fall prey to the variety of listing companies that propose to list their timeshare for sale. Fraudulent and deceptive practices by such companies have been under investigation by state Attorney General's from coast-to-coast. A proposed timeshare seller wishing to sell his or her timeshare obligation would be better served by first considering 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.
Donating the timeshare is another frequently discusses solution. There are charitable organizations that may be willing to take the deed to an unwanted timeshare. However, where there once were a number of such organizations, they 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.
New techniques pioneered by real estate attorneys who specialize in timeshare litigation have emerged in recent years. These techniques reached the summit through a series of lawsuits filed in California by a private attorney who worked on behalf of a group of timeshare owners that had 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.
The following representations are typical of the false promises typically made at the time the timeshare was sold:
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 timeshare legal actions, timeshare companies have become much more agreeable to releasing timeshare owners from their timeshare obligations. It is again important to note that such a result may be achieved without to 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 despair nor should you take to heart those who will tell you that it is impossible to get out of a timeshare contract. If you are the victim of timeshare fraud, you too may be able to permanently rid yourself of your timeshare obligations.
About the Author:
Learn more about timeshare debt relief. Stop by attorney Mitchell Sussman's website where you can find out all about how to rid yourself of an unwanted timeshare.
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