If you live in the state of New Jersey and own a timeshare property that you would like to cancel, then our team is standing by to assist you. We help timeshare owners find reputable timeshare exit solution providers who look to help people cancel their unwanted timeshares.
New Jersey Timeshare Laws
Timeshare laws for the state of New Jersey can be located within the New Jersey Revised Statutes starting at Title 45, Section 45:15-16.50. This section is known as the New Jersey Real Estate Timeshare Act and governs all timeshares located in the state, as well as those located outside New Jersey but sold within the state. The laws related to the creation of a timeshare plan can be found at Title 45, Section 45:15-16.56, and the laws related to annual reporting requirements can be found at Title 45, Section 45:15-16.60. The laws that exist within the New Jersey Real Estate Timeshare Act lay out the rules that timeshare developers are expected to follow. If timeshare developers don’t follow these rules, then they subject themselves to potential legal liability.
In the state of New Jersey, timeshare developers are required to give a prospective timeshare buyer a public offering statement. A public offering statement is a document that contains important disclosures about a timeshare property that is being offered for sale, and it required to include:
- The name and address of the developer
- A description of the duration and operation of the timeshare plan
- A description of any existing or proposed amenities
- A description of your cancellation rights
The laws that explain all of the mandatory disclosures that timeshare developers are required to make in a public offering statement can be found at Title 45, Section 45:15-16:59 of the New Jersey Revised Statutes.
Rescission Period
In the state of New Jersey, you have seven days to rescind a timeshare purchase from when you receive the public offering statement or after execution of the purchase contract, whichever is later. This New Jersey timeshare law can be found in the New Jersey Revised Statutes at Title 45, Section 45:15-16.67. If you have any questions about New Jersey timeshare law, then you should seek the advice of an experienced timeshare attorney. We can help you find that attorney. Give us a call at 833-416-8796 or fill out a form on the right side of the page.
Frequently Asked Questions from New Jersey Timeshare Owners
1. Are there laws in New Jersey that protect consumers like me from misrepresentation and high-pressure sales tactics that can occur during timeshare sales?
Answer: Yes, New Jersey timeshare law prohibits timeshare sellers from making any value increase predictions or misrepresent the length of time amenities are available regarding a timeshare. The law also forbids a developer from misrepresenting or failing to disclose any material fact regarding a timeshare. New Jersey timeshare property purchasers are protected under the prohibitions relative to developers of timeshares section of the New Jersey Revised Statutes at Title 45, Section 45:15-16.70. Timeshare salespeople can also be held liable under the additional penalties section at Title 45, Section 45:15-16.79.
2. What types of financial harm can I face as a timeshare owner if I simply stopped paying my timeshare maintenance fees?
Answer: Multiple types, while it might be possible that the ownership of a timeshare can just revert to the timeshare company if you stop paying your maintenance fees, most timeshare agreements allow timeshare companies to foreclose the timeshare in court which would likely result in a money judgement against you. Not paying fees or other money owed can damage your credit and can result in garnishment. New Jersey timeshare foreclosure law and procedure operates under regular state law and can be found in and around Title 2A, Section 2A:50-64 of the New Jersey Revised Statutes which describes the procedures for foreclosure sale.
3. Will my heirs be responsible for my timeshare when I die?
Answer: Yes, heirs will most likely be fully responsible for any timeshare that is inherited. Under New Jersey law, however, you may able to give up ownership of a timeshare by filing for a disclaimer of property. The law on disclaimers in New Jersey can be found at the ‘disclaimer of an interested party’ section within the New Jersey Revised Statutes starting at Title 3B, Section 3B:9-2. It is best to speak to an experienced and qualified attorney to find out if you are eligible to file for a disclaimer of property. We can help you find that attorney, call 833-416-8796 or fill out a form on the right side of the page.
4. Are there any laws pending in the New Jersey legislature that can help timeshare owners in the future?
Answer: No, not at the current time.
About Us
Our team of professionals is standing by to help you start the process of getting rid of your New Jersey timeshare. In New Jersey, our team’s network of timeshare exit solution providers have helped countless timeshare owners cancel their timeshare contracts legally and permanently without harming the timeshare owner’s credit. At Timeshare Exit Companies, we lean on our past experience to help you achieve future success. We help you discover the best timeshare exit companies that can help you get rid of your timeshare once and for all.
Call us today at 833-416-8796 or contact us online so we can help connect you with a New Jersey timeshare exit solution provider who may be able to help you legally cancel your timeshare.
Disclaimer: This page is for informational purposes only. Timeshare Exit Companies does not provide legal services, and none of the information provided in this article should be considered legal advice.