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Best Ways to Get Rid of an Unwanted Timeshare in Florida Edited

Best Ways to Get Rid of an Unwanted Timeshare in Florida Edited

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Best Ways to Get Rid of an Unwanted Timeshare in Florida

The timeshare industry is a big industry worth billions of dollars. In America alone, there are millions of people who own a timeshare, many with the intention of enjoying the promise of readily available vacation spots.

Indeed, many expect owning a timeshare property would come with great satisfaction and beautiful memories. However, this is not always the case. While some timeshare owners may benefit from their timeshare ownership experiences, there are many more who are looking for ways to get out of their contracts.

For various reasons ranging from the bad to the ugly, there are thousands of distressed timeshare owners ready to sell out their timeshares or just simply abandon it. But, we should quickly note that abandoning a timeshare is never the way to go.

If you have a timeshare in Florida that you no longer want and you are wondering how best to escape, then rest assured that your answers are in this article.

Note, however, that timeshare cancellation is similar in most places. The only aspect where variations may be found is in relation to timeshare laws, most especially regarding what’s known as the rescission or cooling off period.

What Rights Do you Have as a Timeshare Owner in Florida?

As a means of guarding timeshare owners from being cheated by timeshare developers as well as scammers, there are certain legal rights you can always bank on. The specific provisions of the laws backing these rights vary from state to state.

• Information rights
If you own a timeshare in Florida, then you have the right to know key information pertaining to whichever timeshare you’re purchasing. In other words, your timeshare developer is obligated to let you in on all your entitlements, rights and responsibilities as a timeshare owner under their company.
For instance, your resort developer must clearly include information about timeshare taxation, cancellation, governing laws, and the like in your contract. Moreover, it is binding on the resort to give you a copy of the public offering statement, which is a document containing essential information regarding a timeshare.

Should you ever need to make any further enquiry , you are rightfully entitled to ask your resort. And, in the same vein, the resort developer is responsible for attending to your enquiry.

• Rescission Rights
Furthermore, you have the right to rescind your timeshare and receive a full refund in Florida if you are still within the first ten days of purchasing your timeshare, until the “midnight of the 10th calendar day.”
Note that the counting of the ten days starts either after you must have signed the timeshare contract or after you have received the last of all the documents to be received from your resort. Basically, whichever of the two days comes last starts your ten-day right of rescission.

It is equally important for you for you to know that your timeshare company is obligated under Florida Statutes to refund your money within the first 20 days of receiving your notice of rescission, or the first 5 days of receiving funds from your cleared checkbook— whichever comes last. However, the law provides that the refund of your payment may come with a minus of any benefits you may have received.

Timeshare Resale Rights
For those who may be looking to resell their timeshares to new owners, you are covered by some protection laws in Florida as well. This is especially essential based on the fact that there are many timeshare resale scams in the industry.

Among other legal provisions, you have a grace of 10 days for you to cancel any contract signed with a timeshare resale company. Furthermore, the resale company is obligated to refund your money within 20 days after your cancellation notice. The refund may also come 5 days after receipt of funds from the cleared check.

What’s more, if a timeshare reseller goes against the law, there is a penalty for that. Such a company will have to pay up to $15,000 per violation.

Getting out of your Floridian Timeshare Effectively

Now that you know some of the rights and entitlements you have as a timeshare owner in Florida, let’s talk about how to get you out of that unwanted contract. Below are viable options you can consider:

• Rescission of your timeshare

Remember the rescission rights mentioned above? This is your best shot at terminating your timeshare contract, as long as you are still within the stipulated period of 10 days after purchase, as provided by the Floridian state laws.

To exercise this, you simply must send a letter containing a clear statement of your intention to cancel your contract. No need for explanations—you may simply mention that you want to rescind your timeshare contract within the rescission period.

It is advisable that you send the letter through certified mail. You should also make sure to include key details such as the date of the letter, your name as contained in the contract, your address and contact details, the timeshare company’s name, description of the timeshare, date of purchase, in addition to the explicit statement that you’re terminating your contract.

If all these seem a bit cumbersome for you, or you think you might make a mistake, you may be better off seeking legal help. Remember, however, that time is of the essence.

• “Deed back” or “take back” program

Although they don’t publicize them, there are timeshare developers offering certain hardship programs to help timeshare owners get out of their contracts officially. So, as a first step for this option, contact your resort to know whether they have such a program, which is generally know as “deed back,” “take back,” or “buy back.”

The downside is that a timeshare developer will typically not want you to terminate your contract for business reasons. Customer care agents may attempt to get you to keep on with your contract or even sell you more points, so be cautious when dealing with representatives.

As a general precaution, you should desist from signing any document whose purpose you don’t fully understand. Equally, should your resort agree to take back your timeshare, be sure to take note of whatever process you may be asked to go through.

• Timeshare Resale

You may also choose to get a buyer for your unwanted timeshare, thanks to the availability of a secondary market through which already purchased timeshares may be sold. You should understand, however, that reselling a timeshare  is difficult.

Typically, timeshares do not increase in value. They begin to diminish immediately after purchase and may be worth only as low as a dollar on the resale market. It is only the rare cases of Disney or Hawaiian timeshares that retain a significant amount of value.

Despite this, you can still list your timeshare through one or more of such platforms as Craigslist, RedWeek, eBay, Facebook Marketplace, Sell My Timeshare Now, and the likes of them. You might find a buyer, but do not make the mistake of raising your hope too high.

Alternatively, you may hire a timeshare resale company or broker to help you with the resale. Make sure not to use a company that requests upfront payment, though; you should pay a resale company or broker only after the successful resale of your timeshare.

• Timeshare company

Ultimately, it is highly recommended that you simply get yourself a reputable timeshare exit company. This is because the probability that your timeshare contract will be terminated by such a company is high.

Although there is a rise in the number of scammers parading as timeshare exit experts, there are a significant number of genuine companies as well. With these companies, it is always advisable to hire a timeshare relief company that makes use of escrow as mode of payment.

Without a doubt, hiring a reliable timeshare exit company will get you out of your burdening timeshare situation safely and effectively. Such companies are sure to take the legal route, as they make use of well experienced professionals and attorneys.

Moreover, they make sure to attend to every client on a case-by-case basis. Should a client’s situation seem irredeemable, a sincere timeshare exit company would rather not take up such a case than seek to be paid unfairly.

Conclusion

All in all, you need to act fast if you really want to get rid of your timeshare in Florida—or anywhere else. Indeed, the more days you spend as a timeshare owner, the more complicated it gets for you to cancel your contract. Also, you should never forget to check through your contract document carefully or contact your resort if you ever need any important info.