29 Jul TIMESHARE ADVICE AND TIPS
Ever thought of having a home away from home? Well, timeshares can be your dream vacation property that you can own on a shared basis, either on a leased or deed contract. With various timeshare companies floating in the market, this blog is an essential read for you. Know all the situations that you might need advice for and stay protected from scammers.
Let’s get started with how timeshare works and the different contract terms that you can get yourself signed up for before we jump on to the timeshare advice centre.
Imagine a luxurious stretch of real estate property where you can spend a week at a time, relaxing and having a break from the stress of daily life. Timeshare properties could be apartments, cottages, resorts, or even cap grounds where you and your family can hang around for a holiday. Timeshare is a shared property, which means several other owners also spend time at the vacation spot.
It is a convenient alternative to hotels if you plan on visiting the same location for years, depending on your preference, you could choose a different contract and weekly options. Read along to find out more.
How does Timeshare Work?
Timeshare properties can be obtained if you follow and sign a proper legal contract. These contracts can either be shared deed contracts or shared leased contracts.
These contracts define who owns the property. For instance, in shared deeded contracts, you and a couple of other people own the property and each of you is allotted one or more weeks throughout the year. These weeks are mostly predetermined and remain the same for the period mentioned in the contract. As you are a partial owner, you are free to gift, lend, or rent the timeshare property.
On the other hand, in shared leased contracts, you are not the owner of the property, but you are entitled to use it on the predefined weeks of the year. These contracts mention a specific number of years during which the contract is viable. After the given period, the contract expires, and you can no longer use the property. Like leasing contracts, these contracts are difficult to end and require legal consultancy.
Types of Timeshares
The two most commonly used timeshare types are floating week and fixed week timeshares. As the name suggests, the fixed week timeshares are the old-school system where you are assigned a specific property for a specific week of every year. These are best for people who plan to take a vacation every Christmas or on anniversaries and don’t mind going back and forth to the same place.
However, in the floating week contracts, you can book any week of the year depending on the availability. Finding the location empty on the desired dates can sometimes be challenging, as most properties cater on a first-come-first-served basis.
Now that you are aware of the different types of timeshare contracts, and have probably chosen your preferred type too, let us see when and where you will need legal timeshare advice and assistance.
Ground for Claims?
With recent rulings in timeshare laws and regulations, this industry is now regulated, and so, protects its consumers much more than it did before.
These recent rulings have now made 150,000 timeshare points and contracts null and void. This means that if you partially own a timeshare property currently, you need to recheck your rights and contracts to file any claim.
These claims can get you your money back, but for that, you should contact a timeshare advice centre and provider today to better understand where your contract stands.
Dealing With Scammers?
Like every other industry, you are bound to find scammers in timeshare providers as well. Don’t fall for their outward professional attitude or a well-established social media presence. In today’s digitalized world, it is only a matter of minutes to build a fake portfolio just to attract innocent people like you. Here is some of the best timeshare advice for you to avoid getting scammed by fraudulent companies.
- Trust your guts: If you have even the tiniest bit of feeling that things are too good to be true, take a step back ASAP.
- Don’t fall for the manipulative nature of the company: Most scammers are experts in manipulating the buyer by offering discounts or easy payment options.
- Involve a lawyer: Before signing any legal documents, it is very important to involve a legal entity. Let them go through each clause before you sign up for something you weren’t told about by the frauds.
Trapped In Unwanted Weeks?
For people who have entered a fixed-week contract, managing a vacation every year on those specific dates can be difficult. Circumstances change over the years, and most people fail to keep up with the committed dates.
In such situations where you are trapped in unwanted weeks, it is advised to claim an adjustment in your contract through a legal procedure. When looking for a timeshare advice centre, simply email or call us here at Right To Claim!
Your Exit Options?
Ending a timeshare contract is said to be more difficult than getting into one. Don’t worry, everyone has a different experience, and to help you with exit plans we have gathered three of the best ways to get rid of your timeshare contract.
If your timeshare contract is a shared deed contract, legally you are one of the owners of the property, so it is lawfully allowed for you to rent the property. For renting purposes, you are advised to choose a renter who takes responsibility for the property and doesn’t damage anything. Or else, you could end up being personally responsible for it.
If your contract is leased, we suggest you end your contract and return the right to use to the leaser if you don’t wish to continue. With shared leased contracts, you don’t have much choice either, as you are not the owner of the property even after the lease period is successfully terminated.
Lending the property to a friend or family is also a viable option that you can avail to exit your timeshare contract. However, while lending, you will still be indirectly responsible for the place.
If your contract allows, you can even sell your right to use the timeshare property. This is mostly possible in shared deed contracts compared to the lease ones.
One thing that should be kept in mind while choosing any exit options is to involve an independent third party, i.e. a lawyer or a law firm who can understand your contract clauses and help you in making the right choice in ending the contract.
How to Get Rid of Your Timeshare during the Pandemic?
Timeshares can consume a big chunk of your income. With the recent pandemic, where vacationing has become challenging for most of us, timeshares are not more than an unwanted expense. In this scenario, your best option to get rid of your timeshare is to directly discuss that with the developer.
Most of them offer relaxation in annual payments, loan deferrals, and reliefs in various forms to support the timeshare owners and realtors.
Just Need Advice?
Timeshares are somewhat tricky to understand for a beginner or even for people who don’t have a knack for finance and laws. To make the best decision regarding your timeshare contract, you need to contact a timeshare advice centre.
At Right To Claim, we prioritise our customers and guide you through all the available options before recommending any of them. Our team is well-versed with timeshare claims and will support you in every way possible.
We helped lots of people with their unwanted timeshare agreements and are waiting for you to reach out to us. Give us a call and talk to our experienced timeshare advisors to solve all your contract issues.
Book your free, no-obligation timeshare assessment today!
People Also Ask
- Is the timeshare advice Centre genuine?
Timeshare advice centre is there to guide and provide you with the right information regarding the situation you are stuck in. Whether it is related to exiting a contract or dealing with a scammer, the timeshare advice centre is there to solve all your property problems at the most affordable rates.
- Who owns timeshare advice centre?
Timeshare advice centre is known to be led by an EEC that works to end your timeshare contracts with different resorts and properties. Timeshare advice centre guides timeshare owners of their available options and other legal details. For further information, you can contact us today here for any and all advice on your timeshare claims.
- How do I give away my timeshare?
If you are planning to get rid of your timeshare contract and lose your vacation property, you have a couple of options, such as:
- Return the timeshare to the leaser;
- Find a way to sell to another potential buyer;
- Hire an attorney to end the contract;
- Sell it to a family member or friend;
- Donate the contract to someone who cannot afford to pay the upfront amount;
- Or just get the timeshare contract transferred legally.
- Is it hard to get out of a timeshare?
Timeshare contracts are hard to get out of but with the right legal advice by your side, the process can be made smoother and faster. Keep in mind that you might still have to continue the payments for the next 8-14 months till the contract is terminated.
If the ownership has already been transferred, you can look for options such as renting the place or selling it in the market. Be prepared to face certain circumstances in each case.