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 truth of the matter is, that under the law, contracts are cancellable for a variety of reasons, including fraud and mistake. Moreover, a person who is burdened by the obligations of a contract may "terminate" it and no longer be bound by the contract for reasons other than breach.
"Cancellation" occurs when either party puts an end to the contract for breach by the other. Its effect is the same as that of 'termination' except that the canceling party may also sue for breach of the contract or any unperformed balance." Uniform Commercial Code 2106(4); see 13 Corbin (Rev. ed.), 73.2; 13 Am.Jur.2d (2000 ed.)
"Cancellation" occurs when a party puts an end to the contract occasioned by the breach of the other. Its effect is the same as that of 'termination' except that the canceling party also retains any remedy for damages for non - performance of any unperformed balance." Uniform Commercial Code 2106(4); see 13 Corbin (Rev. ed.), 73.2; 13 Am.Jur.2d (2000 ed.)
Since it is the law of the land, that a breach of contract by a party to the contract may result in the other party being released from their obligations under the contract, the notion that one is forever bound by a timeshare contract is erroneous as a matter of law.
The purpose of this article is to 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 you first purchase a timeshare, most states have a statutory right of rescission, or "cooling off," period during which timeshare buyers may cancel their contracts.
Once this period expires, however, most timeshare companies will have you believe that their contract is not cancellable and you are thereafter 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.
Moreover, many 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, however, is simply not true.
What is true is that most timeshare companies will not willingly take back their timeshare. When faced, however, with litigation or the potential of litigation, most timeshare companies will in fact either take back their timeshare or simply agree to release the timeshare owner from any future obligations.
Before I discuss the latest developments in cancelling a timeshare, I'd like to devote a little time to the more traditional means of cancelling or getting rid of an unwanted timeshare.
The traditional means of ridding oneself of an unwanted timeshare is through a sale, donation or transfer. In today's economy, with people simply not willing to take on more debt, this approach is problematic.
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.
Listing it through the developer is another option, should the developer handles re-sales, or through a timeshare resale broker. Paying an advance fee for the sale of a timeshare is the one thing the proposed timeshare seller should not do. Advance fee practices have fallen under the scrutiny of state Attorney Generals.
The other frequently discussed solution to the problem of how to be released from your timeshare's financial burdens, is to donate the timeshare to a charity. Before the recent crash in the real estate market, this was a viable solution. Today, where there once were a number of charitable organizations that accept timeshare donations, with the ever increasing burden of maintenance fees, 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.
Other lawsuits followed, all seeking cancellation and termination for the type of fraudulent and deceptive conduct that is frequently utilized by timeshare sales people to induce unwitting potential buyers 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.
The truth of the matter is, that under the law, contracts are cancellable for a variety of reasons, including fraud and mistake. Moreover, a person who is burdened by the obligations of a contract may "terminate" it and no longer be bound by the contract for reasons other than breach.
"Cancellation" occurs when either party puts an end to the contract for breach by the other. Its effect is the same as that of 'termination' except that the canceling party may also sue for breach of the contract or any unperformed balance." Uniform Commercial Code 2106(4); see 13 Corbin (Rev. ed.), 73.2; 13 Am.Jur.2d (2000 ed.)
"Cancellation" occurs when a party puts an end to the contract occasioned by the breach of the other. Its effect is the same as that of 'termination' except that the canceling party also retains any remedy for damages for non - performance of any unperformed balance." Uniform Commercial Code 2106(4); see 13 Corbin (Rev. ed.), 73.2; 13 Am.Jur.2d (2000 ed.)
Since it is the law of the land, that a breach of contract by a party to the contract may result in the other party being released from their obligations under the contract, the notion that one is forever bound by a timeshare contract is erroneous as a matter of law.
The purpose of this article is to 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 you first purchase a timeshare, most states have a statutory right of rescission, or "cooling off," period during which timeshare buyers may cancel their contracts.
Once this period expires, however, most timeshare companies will have you believe that their contract is not cancellable and you are thereafter 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.
Moreover, many 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, however, is simply not true.
What is true is that most timeshare companies will not willingly take back their timeshare. When faced, however, with litigation or the potential of litigation, most timeshare companies will in fact either take back their timeshare or simply agree to release the timeshare owner from any future obligations.
Before I discuss the latest developments in cancelling a timeshare, I'd like to devote a little time to the more traditional means of cancelling or getting rid of an unwanted timeshare.
The traditional means of ridding oneself of an unwanted timeshare is through a sale, donation or transfer. In today's economy, with people simply not willing to take on more debt, this approach is problematic.
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.
Listing it through the developer is another option, should the developer handles re-sales, or through a timeshare resale broker. Paying an advance fee for the sale of a timeshare is the one thing the proposed timeshare seller should not do. Advance fee practices have fallen under the scrutiny of state Attorney Generals.
The other frequently discussed solution to the problem of how to be released from your timeshare's financial burdens, is to donate the timeshare to a charity. Before the recent crash in the real estate market, this was a viable solution. Today, where there once were a number of charitable organizations that accept timeshare donations, with the ever increasing burden of maintenance fees, 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.
Other lawsuits followed, all seeking cancellation and termination for the type of fraudulent and deceptive conduct that is frequently utilized by timeshare sales people to induce unwitting potential buyers 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:
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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