Timeshare Contracts: What are the Most Common Loopholes?

Timeshare Contracts

The prospect of a guaranteed vacation in an exclusive getaway for a few dollars sounds like a dream come true. This is what most timeshare sales agents tell you to bait you into signing a contract. This contract, however, is not as rosy as the agent might make it seem.

Without contracting a timeshare lawyer’s services to help you understand your timeshare contract and foreclosure process in Florida, you might be in for a frustrating rather than relaxing deal. This is because of the many loopholes typically included in timeshare contracts.

Short Rescission Periods

The rescission period refers to the timeframe within which you are allowed to get out of the contract without repercussion. Though there are state laws dictating the minimum rescission period, it is typically very short and only works for newly purchased timeshares. Take note of this period and cancel your contract early should you have any remorse.

Lengthy Contract Periods

This might look like an advantage in the beginning but might not be as lucrative if the contract is not working in yourfavor. Most resorts will have very lengthy agreements within which it is hard to rent the resort or condo if you are not using it. Some will include caveats on who can document and sell the timeshare making it very hard to sell it before the contract ends.

Undocumented Fees

The fees you pay for maintenance and use of your timeshare might be reasonable. However, the additional costs that pop up monthly will make your timeshare expensive. Ensure you are well conversant with all fees and miscellaneous expenses before signing your contract.

The above caveats might seem straightforward and easy to spot. They, however, will have different legal wording in your contract, which you might not decipher and thus incur costly penalties for their breach. So regardless of how good your deal sounds, always get a timeshare lawyer to guide you.