If you want to cancel a timeshare agreement before the contract ends, here are some tips
Review the Cancellation Terms of the Contract
Reviewing the terms of cancellation of a timeshare contract or any kind of agreement is vital before entering a deal. When planning to cancel a timeshare contract, it is best to review the terms of cancellation in the agreement signed. Knowing the cancellation conditions is crucial because these serve as a guide about the rules that must be abided by and the possible violations that can be avoided. Moreover, reviewing the contract cancellation can help the buyer choose the right way to terminate your timeshare contract.
Assess the Possible Liabilities While Cancelling
Most contracts, which includes timeshare agreements, have clauses that will require the buyer to pay timeshare maintenance fees and improvement assessments. Therefore, before cancelling, understand the possible sanctions that you might incur. Some contracts, on the other hand, do not include such a clause. Some contracts might even have a rescission period, which is the time that you can cancel the contract after you have signed such an agreement, varying on the days stated on the deal. When deciding to cancel the timeshare contract after a rescission period, you might have to pay some liabilities. To stop the maintenance fees, it is possible to sell the timeshare.
Even when your timeshare contract has been cancelled, you are not entirely free from paying the maintenance fees. Therefore, instead of earning from the timeshare investment, chances are you might spend more money. As an alternative, you can have different assets to prevent you from losing all your money. Selling timeshares on a timeshare resale market is another way to stop paying for related liabilities. List the timeshare agreement on resale industries, or hire brokers to do the sales negotiation on your behalf.
Know Your State Laws on Contract Cancellation
Every state has different laws when it comes to contracts, especially for cancellation. For example, a rescission period might be seven days for one state law, while others might only last five days. In a contract, state laws require timeshare contracts to have the customer’s right of rescission be written.
Additionally, there should be a guide on how the customer can exercise such a right. By state law, arrangements also need to indicate the penalties and fees that a person might incur on cancelling the contract after the cooling-off period. However, according to state law, it also needs to be written that no cancellation fee is to be remitted when a cancellation is within the cooling-off period.
Since state laws might have specifics on such contract cancellation, visit the site of the Department of Consumer Affairs, or contact an attorney in the state for assistance.