Thinking of purchasing a timeshare? Well, there are only two paths before you now; you either forget that idea and find other more-suitable options, or you go ahead and purchase one and in a few months start asking how to get out of a timeshare legally.
You probably were searching for the perfect vacation home and just then, the new sales agent comes into town trying to close sales; a perfect coincidence, right? Now, a presentation has been arranged to help you understand more about timeshares and how owning one will benefit you.
However, you should know that there are certain lies hidden in plain sight when these presentations are made; they are not always what they are made to look like. Here are some of the 3 biggest ones we have found and what they mean for you:
- Being told to sign a waiver of your right to be released from the timeshare contract within the contract rescission period: The timeshare rescission period is the period during which you can get out of a timeshare legally. This period varies according to State Laws, but they have a range of between 3 and 7 days in most states. This legal removes your legal right to freedom when the contract becomes stifling. Look out for any lies packaged this way and refuse to sign any waiver rescindment.
- Calling timeshares an investment: Whatever makes you spend money without giving great value in return is not an investment but a liability: timeshares are exactly that. When you spend a huge amount of money yearly on a property that you only use for a few weeks within the same duration, then your liability profile increases. Do not buy into that lie so you don’t join the company of those seeking how to get out of a timeshare.
- Hidden fees: The third biggest lie is that there are no hidden fees. How then would you explain a timeshare valued at $400/month in the first year that becomes $550/month in the subsequent years? This happens a lot, and the timeshare company may explain it away as maintenance and repair costs that are not covered in the contract.
If a sales agent has already convinced you to buy, you need to know how to get out of a timeshare. Thankfully, there are competent legal teams that can exploit these well-packaged lies to help you rescind the contract.