What happens if I fail to pay the deposit on a timeshare?

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What happens if I fail to pay the deposit on a timeshare?

I was advised by an attorney that if I had not paid the deposit on my
timeshare, then the contract would become a ‘dead deal’ and that the
timeshare developer or company would not be able to do anything to ruin my
credit.

Asked on January 21, 2017 under Real Estate Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Your lawyer may be incorrect: it depends upon what the contract said. IF the contract said that it only became effective or you only became obligated to it after making the deposit, then he or she is correct. But if you signed a contract which then simply laid out payment terms, and one of those terms was that you'd pay a deposit, then you were obligated when you signed and if you don't pay, they could sue you at least for the amount of the deposit. (They might not bother to do so, but they'd have the right.) You need to look to what the contract says to know for sure.


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