If you look at anything you purchase you will see it typically has a finite term for a fixed time period. For instance, your cell phone contract will last 12 or 24 months; insurance lasts for a set period of time. This is to ensure that you always have a way out of a commitment, once your obligation expires. After all, times and circumstances change for everyone.
Perpetuity is defined as something which continues for the foreseeable future, if not forever. In essence perpetuity can be used when you are talking about an eternity; this is not a context which is normally associated with any legal contract.
Despite all this, timeshares seem able to operate within the premise of perpetuity. How is this possible?
The main issue is in the small print of your timeshare contract. You may find that the developer has reserved the right to approve or disapprove any sale of your timeshare. Of course, they are unlikely to ever allow a sale as they want your money from constant fees! Indeed, in many cases you will find it impossible to contact the developer at all; never mind get their consent.
To complicate matters further, even if you managed to get hold of the developer and somehow convince them that they should agree to you selling your interest; you will likely struggle to find anyone willing to buy it.
The real issue with timeshares is that no one will buy them in a normal situation; this is why they are generally sold to you when you are on vacation and with your guard down. Alongside the fact that you struggle to actually book or visit any unit owned by the developer you will quickly realize that the timeshare is a net liability. Your maintenance, taxes and even fees will outstrip any value in the ‘investment’ and will go on into the future indefinitely.
Of course, this is in the interest of the developer as they will be the one managing the property and overcharging you for the maintenance of the property, as well as preventing you from using it or selling it! At this moment you may start to feel quite desperate as there appears to be no way out of a commitment to expensive fees for life.
The situation can get worse! In a bid to escape from this contract you will find there are many companies offering their services. They generally operate online and will not be easy to trace. These firms usually offer the opportunity to resell your investment. Unfortunately this is usually not a realistic offer and they will often just pocket your deposit, and disappear.
It is worth noting that only people qualified and utilizing attorneys certified to practice law can handle the execution of deeds. If the company offering to take care of your timeshare for you is not using attorneys, then walk away; it’s likely all they want is your money.
It is imperative that you speak to a properly qualified company, as even selling your timeshare often will not absolve you of the financial commitment you have made! Unless you have consent from the developer to sell, which we have already established is unlikely, the sale will not be legally recognized and you will still need to pay the annual charges.
As a consumer, you have the right to be thoroughly informed of the product you are purchasing and to be protected from fraudulent or misleading information. Our timeshare attorney network has decades of experience to legally cancel you timeshare in spite of the developer’s misleading techniques.
Fidelity Resource Management offers a free evaluation of your situation and our legal team will determine if you have a case for legal timeshare cancellation.
Call us today at 877-218-3223!