Thursday, January 24, 2019

What You Need to Know about the Perpetuity Clause of a Timeshare

What You Need To Know About Perpetuity Clause

In most cases, timeshare contracts use complicated legal jargon, with terminology that needs to be researched for proper understanding. One of the terms that surely need some explanation is the perpetuity clause. The word “perpetuity” is derived from Latin and it practically means forever. As the name implies, the clause has provisions about what will happen to the contract until the end of times – in other words, it includes the conditions to be enforced in case the owner of the timeshare owner dies.  So those of you who need to know how do I sell my timeshare legally should know there are legal ways to help you.

Many timeshare owners mistakenly think that their timeshare contract ends with their demise. Well, if the contract includes a perpetuity clause, the timeshare enters your list of assets and obligations after you pass away, which means that it is inherited, with everything implied by that inheritance. The primary heirs of everything you own and owe are your children, so they will be the ones who inherit your timeshare, too. If you want to make sure that the timeshare will not be a burden and a financial blackhole that drains their savings, you can try to get rid of the timeshare, selling it. However, if this is the option that seems the best, you need to know that the price you will be able to get for the timeshare on the second-hand market will probably be very low.

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