Time Share Law
If you have purchased a timeshare or vacation club membership and now regret signing the contract, under Missouri law you may have an opportunity to be released from the contract.
Although caveat emptor (let the buyer beware) is alive and well in the state of Missouri, timeshare and vacation club’s business practices regarding sales may step over the line, giving the consumer an out in certain circumstances.
First, timeshare sales differ from vacation clubs in that the former is usually a “deeded ownership” percentage interest in a condominium unit, and vacation club memberships are a service that supposedly allows its members large discounts on vacations, cruises, and hotel rates, and are not specifically regulated.
Although arguably both are within the Missouri Merchandising Practices Act umbrella, timeshares have a specific cancellation period of 5 days in which purchasers may cancel by notifying the seller in writing.
Consumers have been successful in canceling timeshares and vacation club memberships through legal action under the following circumstances:
1. The product was sold under the guise of an investment.
2. The product was misrepresented and those misstatements induced the purchase.
3. There was a representation that the price or product was “today only” and not available tomorrow or to other persons.
4. The stated value of the product sold was grossly exaggerated to the point of being unconscionable.
5. The salesman high-pressured the buyer to the point that he was not making a rational decision, was not given time to review, or did not fully understand the documents before signing.
It is important you seek legal help as soon as possible, time limitations may apply to your case.
