Timeshares have become a popular way for families to vacation, but they can also be a burden if not used. When this happens, you may be able to get out of your timeshare through foreclosure or by giving it back to the resort. Learn more of Sarasota Timeshare Legal Help.
Timeshare cancellation laws vary by state and contract, so it is important to work with a North Sarasota timeshare attorney to understand your rights.
Buying a Timeshare
Purchasing a timeshare is an investment in real estate that comes with significant legal and financial obligations. It is important to understand the terms of a timeshare contract before signing it, and not rely on oral promises made by salespeople. Timeshare lawyers can help consumers understand these contracts, and fight for their rights when they are violated.
A timeshare is a vacation property that multiple owners share use of for one or more weeks on an annual basis. Its disadvantages include high maintenance fees and unpredictable expenses. You may also be required to pay property taxes, assessments, and utility fees. It is best to purchase a timeshare with cash or savings, rather than financing it with a mortgage.
Beware of con artists who promise to sell your timeshare, especially those who demand money upfront via wire transfer or re-loadable money cards. They are likely scammers who will not follow through on their promises, and you could end up losing thousands of dollars.
Transferring a Timeshare
Timeshares can be a great way to enjoy vacations with family members. For many owners, lifestyle changes or personal priorities make it no longer feasible to maintain their timeshare deed. A common option is to transfer their ownership to a family member.
This process can be difficult and requires careful planning. For instance, the new owner will need to be apprised of the costs of maintenance and membership fees. It is also important that the timeshare deed be updated appropriately. A closing company or attorney who is familiar with timeshare laws can help.
The new deed should be recorded in the appropriate county clerk’s office. This step may be complicated, but it is essential to the legality of the transfer. It is a good idea to leave this task to an experienced timeshare lawyer in North Sarasota FL, as one mistake could spell trouble. A Sarasota timeshare law firm can help ensure that the transfer complies with state and federal regulations.
Foreclosure of a Timeshare
A foreclosure on a timeshare can have serious consequences. It can hit your credit score and make it difficult to get loans and other types of credit. For this reason, it is important to seek out help if you are in danger of foreclosure on your timeshare.
Like any real estate property, timeshares can be foreclosed on if you do not make payments. This process is governed by the law of the state where the property is located. The company that has the mortgage will send demand notices if payments are missed. After several missed payments, they can file for foreclosure.
If the company wins a foreclosure action, it will be able to take over ownership of the property and sell it. They may also be able to garnish your wages or put a lien on other property you own to recover the debt. However, a timeshare lawyer can often prevent or delay a foreclosure.
Resale of a Timeshare
In timeshare sales, like in real estate, a buyer should always use an attorney who “eats, breathes and sleeps” the market, Sweeney says. He warns against relying on high-pressure tactics or claims by resale companies that they can extract a person from their legally binding contract, especially if the resort refuses to voluntarily accept a deed back.
Timeshares can be accessed in the form of a fixed week or floating time during a certain period each year, a point system, or some combination of access options. While the industry tries to make this clear to buyers, some misunderstand what they are buying.
Timeshare contracts can have significant ramifications on an individual’s consumer credit and ability to obtain loans or mortgages, according to Florida statutes. If you have concerns about your timeshare purchase or resale, consult a North Sarasota timeshare lawyer for legal help. Susan Budowski is a highly experienced and AV-rated attorney who can handle all aspects of your timeshare, including cancellation, foreclosure, deed back and other alternatives.