Timeshare sales pitches can be lengthy, grueling, and, ultimately, convincing, which means that most buyers usually fail to read the fine print of their contracts. We strongly advise against this hasty approach, as there are likely several items in your contract that are designed to limit your rights as a timeshare owner or even manipulate you into an arrangement that you didn’t even know you were agreeing to.
The majority of timeshare contracts have what is known as a perpetuity clause, which, in essence, means that in the event of the owner’s death, his or her children or next of kin will assume ownership of the property. Usually, timeshare salespeople will try to pass this off as a benefit ― that they are purchasing a piece of property that their loved ones will be able to enjoy for generations.
Of course, what they fail to mention is that the perpetuity clause locks in ownership whether your loved ones are interested in owning the property or not, whether they can use it or not, whether they can afford it or not. In short, a perpetuity clause could be an appreciated inheritance or it could be an unwanted burden. Be sure to discuss the matter with your entire family before making a decision that could impact their financial futures.
Fixed, Floating, and Rotating Weeks
Many new owners are under the impression that they will have the opportunity to use their new timeshare whenever they feel like it, but the reality is much more complicated. Depending on the resort and the language of the contract, there are typically three different usage options ― some of which might not fit your family’s travel plans:
1. Fixed: Occupancy is for the same week in the same unit every year. Obviously, certain weeks are more popular and attractive than others, so be sure that the price of the property reflects the desirability of the season at the resort’s location. For instance, generally speaking, January in Las Vegas is a very different experience than May in Las Vegas.
2. Flex/Floating: Occupancy is for a predetermined period of time, but the owner must contact the resort and reserve their timeslot. This can be an attractive option for many owners since they are not pinned down to a specified week year after year. However, all owners within your float period are also eligible to reserve that same timeslot, which could result in the owner forgoing their usage for that entire year if the float period is fully booked. Also, there might be blackout dates that are reserved for premium buyers and are not eligible to be reserved by owners. Further, many resorts require owners to prepay their maintenance fees in order to solidify their reservation.
3. Rotating: The rotating week system is similar to the fixed week system in that owners are assigned specific dates to be used on an annual basis. However, in this model, rather than those weeks repeating at the same time every year, they rotate during different seasons on an annual basis. Depending on how you and your family want to use your timeshare and your annual travel availability, the rotating model could be a blessing or a curse.
Fraudulent inducement means to deceive someone into acting against their own interests regarding a property transaction. As the term relates to timeshares, it is only applicable if the owner is able to prove that the sales pitch was misleading and did not match the language of the contract signed.
While it’s true that many timeshare owners have experienced fraudulent inducement, leveraging that experience into a timeshare exit is very difficult, very risky, and could lead to substantial legal fees. The burden of proof is on the owner to show that he or she would not have purchased the property had the salesperson been forthright.
Many contracts include language that disclaim any statements or promises made during the sales pitch, which means that the owner is beholden to the written terms of the agreement and that the salespeople are not liable for any discrepancy between what they said and what is written into the terms of the contract itself. If the language of the sales presentation doesn’t match the language of the contract, walk away.
Contact Newton Group Transfers Today to End Your Timeshare Contract
If you are having buyer’s remorse after signing a timeshare contract, please contact Newton Group Transfers today by calling (877) 354-4321 for a free consultation in which we can discuss your current situation and potential exit options. We have helped thousands of customers end their timeshare ownership over our 13+ years in business, and we guarantee to cover all fees related to your timeshare property throughout the duration of the exit process. Furthermore, our “A+” rating with the Better Business Bureau reinforces our reputation as the “#1 Most Trusted Name in Timeshare Exit.”
Your timeshare obligation might seem insurmountable, but it doesn’t have to be a permanent burden for you and your family. Please call today to learn how we can put your stress to rest!