Orlando, FL – Timeshares can become a large and unnecessary expense, and many people who are in timeshare contracts may want to end their access at some point in the future. The industry has also been known to be filled with scams, where sellers give themselves hundreds or thousands of dollars worth of commissions that are built into the purchase price and can never be refunded. Florida’s laws have been amended to protect consumers from these kinds of behaviors, but the industry still has serious problems.
There are a few different ways that cancellation can be done, but the process can sometimes be difficult and time consuming. For these reasons, it is helpful to consult with a lawyer who focuses on this transaction and handles the process to cancel a timeshare.
Anyone who has recently entered into a timeshare contract has up to ten days to cancel the transaction. This method is useful for anyone who has recently executed a timeshare agreement, although most people who are bound to the contract are likely past this ten day period.
Formal notice in writing
Any kind of cancellation will require a formal notice to the seller in writing that follows certain procedures and rules outlined in the Florida statutes. This cannot be done through any other kind of communication or notice. It is helpful to have a timeshare attorney draft any kind of formal notice or legal document.
While this is usually not a desirable option, anyone who has financed their timeshare can allow the lender or bank to foreclose on the property. This can happen from not paying the mortgage or loan used to finance the property itself, or various other assessments and fees that are charged to the property as well. All of these additional taxes and assessments are also the responsibility of the owner. However, foreclosure can result in large amounts of lost money and damage to the person’s credit for several years.
Selling to another buyer
Anyone who owns an interest in a timeshare can technically resell it to another person or business. However, this may prove difficult because there are very few people looking to pay for another person’s timeshare at any given time. This is obviously much different from buying a typical piece of real estate, and the average person is usually looking for a single family home or a rental rather than a timeshare.
Help with timeshare laws
There are lawyers in Orlando and other parts of Florida who can assist with the process to cancel a timeshare. Boukzam Law is a trusted local firm that handles these matters and guides people through the process to get rid of their timeshare.
Firm contact info:
980 N Federal Highway, Suite 110, Boca Raton FL, 33432
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