Legal Question in Real Estate Law in California
Timeshare Escrow Options
In September 2005, I went to a timeshare presentation and bought into a small share. I chose the option at that time to close escrow in January and make monthly payments for my downpayment until then. My last payment will be December 5th. Now that I've come to my senses, I don't want this timeshare. If I call the escrow company and tell them that I don't want the timeshare, don't they have to just cancel the agreement? Will putting a stop-payment on that last check help me to get out of this? The timeshare company seems to be very ''shady'' and is ''connected'' with the escrow company. I know if I call them, they are going to do everything to keep me trapped in this agreement.
2 Answers from Attorneys
Re: Timeshare Escrow Options
Maybe, I would need to see the contracts. You can call or email. My rates are reasonable.
Re: Timeshare Escrow Options
The thing you need to come to grips with is that you signed a contract. You can't walk away from your contracts without the possibility that the other party will take you to task for the breach.
This can result in a suit to enforce the contract (unlikely), a suit for damages (more likely), or your forfeiture of monies already paid (read your contract to see what it says about liquidated damages for breach).
Escrow companies are licensed and regulated. As a general rule, escow holders do not have any discretion to alter the terms of the contract between the buyer and seller, so whatever the links between the timeshare seller and the escrow company (admittedly, there could be a conflic of interest), you're barking up the wrong tree to try to get the escrow folks to change the deal.
"Trapped" in the agreement? Isn't that what contracts usually do to the parties, i.e., commot them to carry out its terms?
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