A timeshare is a real estate investment that provides you with the right to use a vacation property for a certain number of nights. Timeshares are also what’s known as “reciprocal,” which means that one owner’s rights are tied to another owner’s obligations. If you need a timeshare refund, you need to contact the peoples advocate.
Trouble arises when you can’t use your timeshare because someone else hasn’t fulfilled their end of the deal. In such cases, you may be able to get a refund on your timeshare.
If you’d like to dispute your timeshare, follow these steps:
- Collect information about your timeshare purchase and contract. Gather contracts, agreements and any other paperwork related to your timeshare purchase. If there’s information specific to your situation, such as an appraisal or inspection report, include that as well.
- List all contact information for relevant parties involved in the purchase of the timeshare. You’ll want to include contact information for the resort itself, as well as any third-party service providers who were involved in the sales process (such as real estate brokers, attorneys and so on). Make sure you have names and titles for everyone, such as resort manager or maintenance director. You’ll also want to list the names of any additional owners at the resort itself.
Timeshare is a legal agreement between two parties. When you buy a timeshare, you are actually purchasing the right to use the property for specific periods of time each year. Timeshares are often sold by real estate developers around the world. However, timeshares are also sold by individuals who plan on reselling their share in the future. Purchasing a timeshare can be an expensive and risky purchase, but with some reasonable expectations, you can have a good experience.
If you decide that owning a timeshare is not for you, there are ways to get your money back and cancel your contract. Here are some tips for getting your money back on a timeshare purchase.
Consider the total cost of ownership
Timeshares can be an expensive investment. The initial purchase price is usually steep, and annual maintenance fees may also be required to keep your timeshare operational. Before signing any contract or handing over your credit card number, ask about all of the costs involved in owning a timeshare. If you’re only going to use it once or twice every year, how much is that going to cost?
Know what’s included in your purchase price
Timeshares typically include access to the property itself, along with amenities such as pools or tennis courts.
Timeshare resales are booming, according to the Timeshare Users Group (TUG), a national timeshare user organization. Timeshare sales have been steadily increasing since 2010 and resales are up significantly. While many buyers choose to sell their timeshares because they do not use them often enough, others want to get out of a purchase contract for several reasons. Timeshare contracts can be complex and, if not carefully reviewed at the time of purchase, some buyers may later decide that a timeshare is not the best investment for them.”Timeshares are real assets with real value,” says Mark Davenport, founder and president of TUG. “It’s easy to see why so many people want to sell.”
In fact, the resale market is so promising that some sellers are foregoing traditional sales altogether by opting for timeshare rental companies instead. However, the decision is not always an easy one. Depending on what type of owner you are — an individual or business owner — there can be financial and legal considerations when deciding whether to rent or sell your timeshare.