Timeshare and other property ownership has been around for a long time. While it is often a very attractive option, it can also have its drawbacks that are not always readily apparent. You might have been informed that selling or trading a timeshare may be your best option but you’re not sure what to do next. This blog post will go into detail about the five main reasons why hiring an attorney specialized in timeshares may be the right choice for you.
Avoid the Unfair Taxation of Timeshare Sales
Most timeshare owners do not know they are liable for federal taxes on the unrealized capital gain resulting from their timeshare sales. These taxes might be thousands of dollars and is not too appealing to most people who generally consider this money as pocket change. The good news is that your legal rights can be protected if you are dealing with a licensed attorney – especially in cases of misrepresentations or outright fraudulent acts.
Obtain a Fair Compensation for Your Timeshare
A timeshare is worth much more than what you paid for it. It might be possible that the previous owners did not disclose these additional value to you. So, while it might be a good idea to sell your timeshare as soon as possible, if you’re not aware of the market prices, you may end up losing out on millions of dollars in case the market turns against your timeshare. This is where a good attorney can come in. They can get you a fair compensation for your timeshare that is based on current market value.
Protect Yourself from Deceptive Marketing Practices
Oftentimes, timeshare deals are marketed as “free vacations” but these “vacations” are generally very limited in their locations and are often more like hotel stays. And when you consider that you need to pay hefty fees for maintenance, fees for optional upgrades and fees for maintenance, fees for membership dues, the “free” vacations are not looking so attractive anymore. This is why it is important to hire an attorney so that your needs are protected through timeshare purchase/sales contracts.
Avoid the Unfair Deeds Clauses
One of the worst aspects of timeshare ownership is that there is no written documentation to prove any future use of your timeshare. Unlike other property ownership, you do not get to create any legal document that states your terms and conditions for future use. This makes it easier for your heirs or anyone else who decides to take over your time share without having a clear understanding of the terms and conditions. These clauses become unfair if you don’t know that they exist within your timeshare agreement. There are timeshare deeds that are downright fraudulent, so it is important to read through the information provided by the seller to prevent fraudulent sales.
Avoid any Hidden Fees on Timeshare Sales
You might think that your time share will be sold to the highest bidder without any fees being charged but you might be wrong. Be sure to read through the fine print and understand all of the fees associated with your time share sale. These may include dues for future years, assessments for future upgrades as well as property taxes.
If you want to be well informed when Hire a timeshare lawyer, it is important to get the best information available. We know that the market for timeshares can be unpredictable and we can understand the confusion of not knowing how much the market might be willing to pay for a particular time share.