According to the 2019 ‘State of The Vacation Timeshare Industry: United States Study’ done by EandY for the AIF, the US timeshare industry sales increased by 7% to 10.2 billion in 2018. It marked the ninth straight year for growth, pre-pandemic. Sadly, for the 9.9 million families that own a timeshare, 4.4 million dump them into secondary markets each year.
Most households are on the lookout for how to get out of a timeshare deal legally. It may not be a straightforward as one would hope. You may require reputable timeshare lawyers to help you cancel the contract held. Here are several legal issues that may arise as you search for ways on how to get out of a timeshare deal.
1. The Timeshare Contract Is a Legally-binding Document
Chances are that the resort or hotel presented the timeshare sales pitch to you during your vacation. With everything relaxed, you may have let your guard down and not read through the fine print. Years later, you are still struggling to get an amicable timeshare exit, with the burden of maintenance fees and taxes on your back.
Signing on the dotted line completed a legal contract that you have to honor. Hiring reputable timeshare exit and support services can help you identify loopholes in the agreement that you can use to get out of your timeshare obligations. Using illegal timeshare cancelation strategies may land you in trouble with the law.
2. The Legal Recession Period Is Often Short
Most states have regulations specific for timeshare contracts and the legal exit options available. One key rule across most jurisdictions is the recission period, which is roughly five to ten days. This is the time that you may have to exit a timeshare deal without any consequences. If you opt-out of your timeshare right after signing the contract, a reputable timeshare lawyer can help you take the necessary steps to take.
Getting out of the legal contract may become complicated after the elapse of the recession period. You may have to research more on how to get out of a timeshare deal without making the situation worse. Experienced attorneys can help formulate effective timeshare exit strategies that can set you off the hook.
3. Illegal Timeshare Sales Tactics Are Quite Rampant
Families that realize that they have been duped with the rosy picture painted by the resort often seek any means on how to get out of a timeshare deal. Some of the strategies used to get them to sign the contract fall on a grey area, with others being outright illegal.
The timeshare sales representative may have inflated the benefits while promising an easy way out any time you wished to cancel the contract. The timeshare company may also trick you into signing a perpetual contract, whose obligations will not only tie you but also your children’s lives. Reputable timeshare cancellation lawyers could help you negotiate an exit with the company if any of their sales reps misinformed or withheld information during their sales pitch.
Most families searching on how to exit a timeshare deal may become frustrated over the legal conundrums that arise as a result of their signature on the contract. Understanding the legal issues may help you find ways to exit the agreement lawfully. For more information on how to get out of a timeshare deal, reach out to Lonestar Transfer.