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Timeshare Associations
Are you planning to join a Timeshare association? Timeshare Defense Attorneys can guide you through the necessary steps. Call us today for guidance.
Everything You Need to Know About Timeshare Associations
So, you were convinced to attend an elaborate timeshare presentation. But somehow, you’ve managed to escape being coerced into making a downpayment. Perhaps you have already paid but are within your cancellation period. Maybe someone other than a salesperson convinced you to get a timeshare. Maybe it was a friend, or you inherited a timeshare and have no clue about it.
One thing is certain: Both current and prospective timeshare owners need to understand what timeshare associations are all about. There are several reasons you might be reading this. It is likely that you will become a member or already are a member of one as a timeshare owner.
What Are Timeshare Associations?
A timeshare association consists of people with an ownership interest in a vacation timesharing plan. It is basically a homeowners’ association for timeshare owners created by the resort. The association is typically responsible for making important decisions concerning the property.
According to the Internal Revenue Code, a timeshare association is any association (excluding a condominium management association) whose members own a timeshare, a timeshare ownership interest, or real estate constituting association property and are organized and operated for the following reasons:
- Acquisition
- Construction
- Management
- Maintenance, and
- Care of association property
Does this mean you will be responsible for managing your vacation property? Are you expected to do this in addition to all the fees you will or are probably paying? Not exactly.
How Do Timeshare Associations Work?
Timeshare owner associations usually have a contract arrangement with a third party. The third party could be the resort developer or a management company. The contract agreement allows the developer or resort management company to handle the day-to-day management of the timeshare on behalf of the owners.
Timeshare associations also often have an appointed Board of Directors. They are put in place to oversee the operations of the resort management companies. They ensure the timeshare is managed well and make critical decisions concerning the property. They may need to consult the homeowners first, depending on how much power is vested in them. The board is accountable to the rest of the association.
The board proposes the annual dues, including maintenance fees and special assessments. They also work to adopt, enforce, and modify the association’s bylaws. Meanwhile, the management company is saddled with more hands-on tasks. They handle things like housekeeping, accounts payable/receivable, collection of fees/dues, etc.
The association typically has occasional meetings to update members about any new developments.
How To Join a Timeshare Association
Once you buy a timeshare at a resort, you become a member of their timeshare association. There is no need for an application. Many owners are unfamiliar with the owners’ association at their resort. But, it is very important for timeshare owners to be more involved. This is because the association’s decisions will almost always affect your annual fees.
What if You Want to Quit Your Timeshare Membership?
Quitting your timeshare association membership invariably means exiting your timeshare. There are many unhappy timeshare owners in the vacation ownership and resort development industries. Timeshare ownership quickly begins to feel more like a burden than an asset. This is especially true for owners who use their timeshares infrequently.
If you find yourself in such a situation, it might be best to inform your timeshare resort developer first. Your resort might have a policy on timeshare cancellation. If you are lucky, your resort might have a straightforward process like a deed back program where they collect the timeshare back. Otherwise, they might be willing to agree on an arrangement that allows you to exit the timeshare.
Timeshare resort developers are not known for being cooperative, so if contacting them has proven fruitless, you can try the following:
Sell Your Timeshare
You can try to sell your timeshare on an e-commerce site or by hiring a real estate professional to sell it for you. The trouble with reselling is that you will sell at a considerable loss. This is because the timeshare resale market is saturated. There are numerous owners desperate to get rid of their timeshares. As such, they offer them for sale at meager prices. To stand a chance of selling your timeshare, you might have to go even lower than others.
Also, there are many scammers in the resale industry. Fraudulent agents charge you an upfront fee to get you a buyer and then disappear. These kinds of scams are also popular with timeshare exit companies.
Gift the Timeshare
If you do not want to or are unable to sell the timeshare, you can give it out as a gift. You can transfer ownership of it to someone else who wants it for free. If you choose to go this route, have your lawyer draft a contract.
Also, do not stop paying your timeshare fees until the transfer is complete. That is unless the receiver knows the timeshare will come with outstanding payments. Some people give their timeshares to charity if they don’t find interested people. However, only a few charity organizations accept timeshare gifts.
Seek Legal Help
Your best bet at exiting your timeshare might be contacting timeshare defense attorneys. Timeshare attorneys have plenty of experience handling timeshare exit situations. As such, they are reliable professionals to consult. Unlike so-called timeshare exit experts, they often have solid credentials and reputations. Furthermore, timeshare lawyers can help you pursue timely legal solutions to your problem.
Let Timeshare Defense Attorneys Help You
Whether you want to join or exit a timeshare association, it is a good idea to consult a timeshare attorney. Having helped many clients with timeshare issues, we are familiar with the industry. We can provide you with sound legal advice so that you do not become a victim.
If you already own a timeshare and want to leave, fill out our timeshare exit form, and we’ll take it from there.
Do you need a timeshare attorney in Florida, Utah, Nevada, Arizona, or California? Contact us today and get a free consultation!