Know More About Timesharing Law

Timeshare is a way to save up on vacation homes, but its laws are quite complicated. There have been several laws passed to help mitigate power controlled by timeshare owners and companies. Although you can get a timeshare lawyer to help handle timeshare interests on your behalf, it is important that timeshare owners know more about timeshare laws so as not to be taken advantage of in the timeshare industry. Below is more information on timesharing law that can help you stay guided.

No More Perpetuity Clause

Timeshare contracts that exceed fifty years are labeled perpetuity clauses, and they were canceled in 1998, which turned out to be a great thing for many persons. This was done to avoid people paying annual fees all their life or the payment burden being transferred on the family. There are no lifetime timesharing agreements, and timeshare owners who notice a perpetuity clause in their contract can pursue legal cases with a timeshare lawyer.

Floating Week

Many timesharing agreements state-specific weeks that a timeshare owner has access to the property in a year. There are, however, floating weeks that give a timeshare owner the choice of selecting their preferred week in the year. Although this flexing week sounds like a great idea, there are usually lots of headaches attached to it. Conflicts are known to arise among owners who might disagree on the time wanted.

Cooling Off Time

This time is agreed upon from the signing period and is a stipulated time in which the signee can choose to change their mind and opt-out of the agreement. This is because a signee may have signed under duress, and many changed their mind upon reflection. The cooling off time must be up to fourteen days, and timeshare companies are prohibited from taking money from the signee. Any actions in breach of this render the contract null and void.

Honest, Simple Language

It is important that honest and straightforward language be used in the contract; timeshare companies must ensure that the timeshare lawyer doesn’t make use of confusing language and discourse to make the customer sign. The idea of vague language is to make many people sign without questions, and that is completely wrong and may lead to compensation for the signee. There is bound to be a level of jargon in the legal document, but the idea shouldn’t be to confuse a prospective timeshare owner.