Tampa Timeshare Attorney
A timeshare can be a great way to enjoy your vacation in the greater Tampa and St. Petersburg area. But remember, a timeshare is not the same thing as renting a house for a few days on the Internet. When you purchase a timeshare, you sign a legally binding contract that potentially commits you and your family to years of mortgage payments, administrative fees, and other assessments.
Many people are pressured into entering into timeshare contracts, sometimes without reading the fine print. Fortunately, Florida law offers a number of protections for prospective timeshare buyers, as well as existing owners looking to sell. An experienced Tampa timeshare attorney can help you understand and exercise your legal rights. You do not have to be a victim when it comes to dealing with high-pressure timeshare salespersons or outright scam artists who make false promises.
You Have 10 Days to Cancel a Timeshare Agreement
Before you even purchase a timeshare, the seller must meet certain legal obligations. Anyone who offers a timeshare plan must submit a “public offering statement” to the State of Florida. Once approved by regulators, this statement must then be given to all prospective timeshare buyers. The statement itself must include such information as a detailed explanation of the “form of timeshare ownership,” including whether or not you will actually acquire “any interest in the underlying real property.” The offering plan must also inform you upfront about any common expenses and the duration of the plan.
Once you decide to purchase a timeshare, Florida law gives you 10 days to back out of the deal for any reason. This 10-day cancellation period starts on the day you sign the contract or the date that you receive the last of any legally mandated disclosures or documents, whichever is later. The cancellation period is mandatory. It cannot be waived, and if the seller pressures you to close early, the contract becomes voidable at your option for one year following the expiration of the original cancellation period.
Tampa Timeshare Contract FAQs
How do I cancel a timeshare contract?
Each state has laws regarding the amount of time you have after buying a timeshare to return it for a full refund. We recommend that you employ a method of delivery of the cancellation request that provides proof of the date upon which the timeshare received the request, such as certified mail (return receipt requested) or some other method of delivery which uses a tracking system. When the timeshare receives your cancellation they must refund the total amount of all payments made by you under the contract, reduced by the proportion of any contract benefits you have actually received under the contract, prior to the date of the cancellation.
Can I be financially responsible for the balance due if my Florida timeshare is foreclosed on?
If you take out a loan to purchase a timeshare and fail to make your timeshare mortgage payments or keep up with the assessments you will most likely face foreclosure. In addition to monthly mortgage payments, you will be responsible for maintenance fees, special assessments, utilities, and taxes, collectively referred to as “assessments.” Please note that in some circumstances FHA financing may consider nonpayment defaulting on consumer debt. However, each lender has their own interpretation and your default may still be considered a foreclosure.
How many days after signing the timeshare contract do I have to cancel my timeshare?
In Florida you can cancel your timeshare contract up until midnight of the 10th calendar day following:
the date you signed the contract, or the day on which you received the last of all required documents, whichever occurs later.
How do I avoid timeshare foreclose?
The best way to often avoid timeshare foreclosure is to sell the timeshare to another investor or back to the homeowners association. We recommend contacting the timeshare owner directly and let them know you are having trouble making the payments. The timeshare owner may suggest ways you can avoid foreclosure. Some owners are even willing to assist you with selling the timeshare to another investor.
What are the consequences of a timeshare foreclosure?
A timeshare foreclosure can have negative consequences on your credit score, taxes, employment opportunities, and ability to obtain future loans.
How can I get my money back from a timeshare fraud or scam?
If you have already signed a timeshare agreement you believe to be fraudulent and are out of your rescission period your best option is to consult an attorney.
Do my children inherit my timeshare obligation?
We recommend having a conversation with your children about your timeshare obligation. Do your children wish to inherit the timeshare? Adding your children to the deed is the best method to transfer ownership of your timeshare obligation and provides a plan for succession that avoids increased non-payment costs and penalties after your death. Like a mortgage, timeshare fees and payments endure after your death. While your children organize your estate the fees for the timeshare continue to accrue. If you have other assets including your primary residence, the timeshare can take legal action against your estate to recover the outstanding value of your timeshare.
What are things I should make note of in a timeshare presentation?
We recommend you get everything in writing from your timeshare presentation. You should never take the salespersons word and ask them politely to show you exactly where it says what they said in the contract.
If you decided to purchase a timeshare be sure at closing to record your understanding of the transaction by repeating everything you were told by the salesperson or team that factored into your purchase decision. The closing will often be recorded, but if you do not repeat the representations made by the salesperson they do not become part of the closing and will be hard to prove.
Do You Need Legal Representation in a Florida Timeshare Matter?
Even if you are happy with your timeshare purchase, the day may come when you can no longer afford your payments. If you took out a loan to finance your timeshare contract, nonpayment can have serious ramifications for your credit rating. You may also face a foreclosure action. At HD Law Partners, we can help you deal with timeshare owners and homeowners associations to try and avoid such an outcome. And if necessary, we can help you sell your timeshare.
Indeed, it is important to have experienced, independent counsel when you are reselling a timeshare. There are many shady resale-companies that collect large upfront fees from timeshare owners yet somehow never manage to find a buyer. Although Florida law regulates such resale operations as it does timeshare plans, many financially desperate owners are quick to buy into empty promises. Do not let this happen to you. Call HD Law Partners at 800-876-3392 to schedule a consultation with one of our Tampa timeshare attorneys right away.
