When purchasing a timeshare, you are buying an interest in a piece of real estate, most often than not, a resort condominium. Timeshare sellers are quite infamous for putting the hard sell on potential buyers. It is actually not that uncommon to hear of a vacationer to attend a sales presentation just to get a round of golf or a free bottle of wine, and then walk out as a timeshare owner. Some people sign timeshare contracts only to realize that the deal is not as good as it initially seemed later on, but by then it’s too late.
For instance, several timeshare buyers are oblivious of their obligation to pay fees, assessments and taxes. While adding up the total financial cost, people often change their minds. Due to the aggressive nature of timeshare selling, many states have enacted laws that allow timeshare buyers to cancel their contracts if they act fast enough. What this means is that if you entered a timeshare contract and realized later that it isn’t worth it or are having second thoughts, you can cancel the contract.
Act Within The Cancellation Period
The timeshare contract should state the exact number of days you have to cancel or rescind the contract. If the contract does not, or if the contract seems to be wrong, contact the state consumer protection office or check the state’s law on timeshare contracts.
Cancel in Writing
Generally, you need to cancel the timeshare contract in writing. Even though a written document or letter is not required, it is highly recommended. Include the following information in the cancellation letter:
● Name of the timeshare owner, as it appears on the contract
● The name of the timeshare association or company
● The address, phone number, and email address of the timeshare owner
● Description of the timeshare
● The date on which the timeshare was purchased
● A clear statement that you are rescinding the contract
In most cases, there is no need to list a reason for cancelling the timeshare contract.
Delivery of the Cancellation Letter
The contract must specify the way in which you need to deliver the cancellation letter. In some cases, you can provide the cancellation notice in person, and at other times you need to deliver the letter by registered or certified mail.
Make sure to do the following:
● Follow the instructions strictly as provided
● Deliver the letter in the cancellation time.
If you do not provide the correct information or deliver the letter in the way specified by the contract, the cancellation might not be considered valid.
Cancelling A Timeshare After the Cancellation Period Is Over
In some states and in certain peculiar circumstances, you may be able to cancel the timeshare contract after the rescission period is over. Generally, however, this is done by bringing a lawsuit against the timeshare company. Get in touch with a real estate lawyer for advice.