In the state of Florida, a healthy vacation and tourism industry has created a boom in the number of timeshare properties. While timeshares can be economical ways for people and families to own and utilize a condo, apartment or other piece of property, they can also have their drawbacks. Additionally, specific statutes in the State of Florida govern sales, resales and foreclosures of timeshare property. Here are some of the more common issues you may run into along your timeshare journey.
What is a Timeshare
First things first, let's define what a timeshare is. Per its legal definition, a timeshare is a way through which various persons may share property ownership. Timeshare agreements are typically entered into for vacation or recreation properties. A group of people will share a joint ability to use the timeshare property under certain conditions and subject to lengths of times as laid out in a timeshare agreement.
Buying, Selling and Re-Selling your Timeshare
Since a timeshare is a form of property ownership, you can buy, sell and otherwise transfer your timeshare interest. There may be certain limitations or other conditions regarding the sale of your timeshare interest. You or your attorney should carefully agree your timeshare agreement to see if there are any terms with which you must comply in order to sell or transfer your interest.
State Laws Governing Resale Service Providers
In the state of Florida, recently enacted laws govern the behaviors of resale service providers. Resale service providers are individuals and businesses that market themselves specifically to those looking to sell, buy or transfer their timeshare interest. Many times these resale service providers can charge exorbitant fees, for little or no actual benefit to buyers or sellers. If you believe you have been taken advantage of by one of these resale service providers, you should contact a qualified Florida attorney to discuss your rights under the law.
Timeshare Foreclosures in Florida
In Florida, foreclosures on timeshares happen in a different manner than typical real estate foreclosures. These differences in law were enacted to facilitate transfer of ownership in timeshare interest when previous owners are unable to pay. If you are a Homeowner's Association attempting to foreclose on an owner who has not met their payment obligations, you may want to consult with a qualified attorney regarding your rights and obligations under these laws.
Florida is home to more timeshare properties than any other place in the U.S. It only makes sense then that they would also feature some of the most numerous and complex timeshare specific laws in the country. While navigating the issues can be complicated, a Florida attorney experienced in timeshare laws can provide guidance. Contact the Law Offices of Justin McMurray, P.A. today for a free consultation regarding your timeshare issue.