Recent timeshare legal rulings have given timeshare owners more power than ever as several cornerstones of dishonest timeshare practice have been declared illegal. This has allowed many owners who were tied into unfavourable contracts or misled by timeshare companies to terminate their contracts.
The declaration that In Perpetuity contracts are null and void is perhaps the most important ruling. In perpetuity contracts tied timeshare owners into their contracts for life, this even meant that the contracts were be passed on to their children, whether then heirs wished to receive them or not! They have now been ruled illegal, meaning that a huge number of people who were previously tied into contracts for life now have grounds to terminate their timeshare contracts. However, as straightforward as this ruling may seem, you its is probably best to take professional advice regarding your contract, as the ruling only applies to contracts signed after 1998. There is still much legal discussion around what exactly will happen to woners with in perpetuity contracts signed before 1998.
Floating Weeks have also been ruled illegal. The main legal point surrounding this was the fact that floating week contracts do not clearly state the location and duration of the property ownership. This means that those with floating weeks could find that their weeks disappear. If you own a floating week, your best course of action is to seek advice from a legal professional with the necessary timeshare contract knowledge.
Deposits Taken Illegally
Lastly, deposits taken during the 14 day cooling-off period have been declared illegal. If you paid a deposit during this period, you are eligible not only for a refund of the money paid, but also quite possibly you could be due compensation. Again, it is best to consult a timeshare law firms or an expert on this matter as contacting your resort directly will only alert them to your grievance – remember they will do everything in their power to avoid paying your refund.
Here at the Timeshare Advice Service, our team of industry experts has years of experience in terminating timeshare contracts. If you feel that any of the above applies to you or your timeshare, or there are other issues that you would like advice on, then please do not hesitate to contact us for impartial advice on your options.