Recognizing Real Estate Mistakes

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You Were Lured Into Buying A Timeshare – But Can You Back Out Legally?

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Swaying palm trees, free rounds of golf, relaxing spas, a yearly vacation getaway – these are all reasons that you may have been persuaded into purchasing a timeshare. Unfortunately, after you signed and got to thinking about it, you've decided that a timeshare really just isn't for you. Is there a way to get out of it although the contract seems pretty iron-clad? More than likely, you do have a couple of options. Read on to learn more.

Cancelling the Timeshare Purchase

It's okay that you were enticed and trapped by timeshare salespeople – those are some very persistent marketers that know what they're doing, especially with their incentive list that they offer customers. They know how to talk you into making that purchase. Even if they aren't the problem, maybe you've just changed your mind. Whatever the case may be, there are some states that have regulations in place regarding timeshares. These laws allow for customers to cancel timeshare contracts within a certain amount of time following the sale.

For example, Florida offers 10 calendar days for buyers to change their minds and cancel their contracts in writing. In Nevada, the purchaser has five calendar days. New Mexico has laws that give consumers seven days. After this time limit, of course, if the seller misrepresented the timeshare, then you may be able to void the purchase under consumer protection laws.

Sell and Transfer Your Timeshare

There is another option if it has been too long past the state regulation time period and the seller didn't misrepresent the timeshare. You can sell and transfer your recently-acquired timeshare. You could sell it to an individual, especially if it is in a prime location. You could also sell it to a company that purchases and then re-sells timeshares. Some charity organizations may even accept your timeshare as a donation, which means you will be able to do a good deed while giving away something that you don't want. Sure, you won't get any money back from it, but you'll know that the proceeds from the sale of the timeshare went to a very good cause.

Regardless of what you decide to do, it may be in your best interest to take the time to consult with a real estate attorney. Real estate contracts, including timeshare contracts, can be very confusing and intimidating. Not only is it recommended to have a lawyer look over a contract before you sign it, it is also advisable to have an experienced attorney to help you escape a timeshare contract if that is what you wish to do.