What You Need to Know About Timeshare Contracts
When you sign a timeshare contract, your mind is probably focused on the amazing vacation possibilities—and not on the small print of your agreement. Unfortunately, during timeshare presentations many owners fall victim to the high-pressure tactics of the sales representatives. In a rush to complete the sale, most buyers do not take the time to fully understand the terms of their timeshare contract. There are many different kinds of timeshare properties, and not knowing what you have—or what the terms of your agreement are—can cause some big problems down the road.
Timeshare Contracts 101
Each timeshare will have a unique contract. The contract will describe the resort’s policies, how you can use your ownership, and what your responsibilities are as an owner. Before you buy a timeshare, it is important to make sure you know what you are getting into. Whether you are considering buying a property or have already purchased one, here are some things to keep in mind:
- Usage—Your timeshare contract will come with a specified timeshare usage. This will dictate when and how often you can vacation. If you timeshare usage is a week, you will either have a fixed or floating week. A fixed week will allow you to reserve the same week every year, while a floating week provides the chance to book a variety of weeks throughout the year. Timeshare are also sold using a points-based membership. Depending on your contract, timeshare points provide you with a variety of travel options. You may even be able to split up your points into multiple vacations.
- Lengths of contract—Timeshares will also have different terms when it comes to the length of your contract. For example, right to use (RTU) timeshares have a specified expiration date that can range anywhere from a few years to several decades, while a deeded timeshare is yours for life and is often passed on to family members when the owner dies.
- Cancellation—Some timeshare contracts specifically outline your options for cancellation, either by return to the developer or rights to sale of the property. Others, however, can be extremely vague on this subject. Be sure to review your cancellation policy before you sign a contract.
These are just a few of the things to keep in mind while you think over your timeshare options. While vacation ownership can be a great way to visit your favorite vacation destinations, being unsure of your timeshare contract can cause you a headache down the road.
For more information about your timeshare contract, contact us at 1-855-781-0081. Our timeshare specialists will help you to understand your contract and what options you have to get out.
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