4 legal facts you never knew about timeshare companies
1. Until 1994, there was almost no regulation on the activities of timeshare companies
It was only on the 26th October 1994 that the European Communities passed The European Directive 94/47/E in order to protect the purchasers of timeshare agreements.
It was the first time that legal guidelines were put in place to protect the public from immoral and unreasonable timeshare practices. The law offers guidelines on, among other things, cooling-off periods and fair use of language.
2. You are not the first priority
Every timeshare agreement has been designed to protect the interests of the timeshare company issuing it. You, the customer, are very much the lesser priority.
Because of this, the majority of the clauses in the contract are put there in order to enable the timeshare companies to extract as much money from their customers as possible.
It also means that they have gone to great lengths to ensure that any pursuit of compensation is thwarted by various underhand clauses included in the contract, in an attempt to pull the rug from under your feet.
Over recent years, laws have come into place to try and regulate this behaviour but some timeshare companies remain undeterred, steadfast in their attempts to fill contracts with self-protective clauses.
3. You might not have even read the full contract
It seems unbelievable, but it’s true.
So often is the case that the document you actually sign is no more than an abridged version of the full contract.
Through their conniving use of language, timeshare companies are legally able to condense the contract you sign in such a way that it locks you into clauses not even referred to on paper.
If you don’t have sight of and are able to read the full contract, you may well be agreeing to fees and conditions that you are never even aware of.
4. Having a lawyer examine your contract is your legal right
Do not be pressured into signing any contract without being given the opportunity to have it reviewed by a lawyer.
The timeshare companies will try and imply that signing it instantly is the only way to ensure a great deal but they’re lying. All they want is for you to sign the contract before you even know what you’re doing. The faster they can lock you down, the more money they can get from you.
If any of this sounds familiar, then it’s important that you seek legal advice from an expert in timeshare law. By a thorough assessment of your case, they will be able to ascertain precisely where the timeshare company has slipped up, and therefore where you may be entitled to exit your contract. In some cases, you may also be eligible for refunds and/or compensation as a result of your timeshare company’s misdeeds.