Learn How to Legally Cancel Your Timeshare Contract.
Timeshare is when you purchase a portion or part of a resort to enjoy a vacation for a limited time each year. There are, however, different timeshare products such as week-based, point-based, as well as a combination that gives more flexibility. Timeshare is usually a great investment especially for people who enjoy taking time away every year.
It is important to note that timeshare contracts are legally binding. Nevertheless, some people have been made to believe that it is not possible to cancel or terminate timeshare contracts. Also, most timeshare companies often maintain their timeshare contracts are non-cancellable. But under the law, it is possible to cancel a contract because of certain reasons that may include mistakes or frauds. Therefore, investors in timeshare can as well submit timeshare cancellation letters because of certain reasons.
Reasons for cancellation of a timeshare.
Sometimes, timeshare buyers realize that the contract is not what they thought after signing the timeshare agreement. This makes some timeshare buyers change their mind. For instance, a timeshare buyer might not be aware of some obligations such as fees, taxes, as well as assessment when buying the timeshare. They might only realize such obligation after agreeing to the timeshare contract. After adding up such financial costs, they realize the deal is not good for them, and they may change their mind as a result. When they submit timeshare cancellation letters, it is a sign they are not satisfied.
How to terminate timeshare contracts.
Because of the nature of timeshare sale, some states have laws that make it possible for buyer to cancel their contracts when they act fast. This makes it possible to cancel the contract when a buyer changes his mind. Here are some of the ways you can make a timeshare cancellation.
1. Do it during rescission period.
The timeshare contract need to clearly show the time period allowed to do a cancellation. When there is no cancellation period in the contract, check whether the contract is wrong or with the state law on timeshare. If cancellation is allowed, then submit the timeshare cancellation letter during the allowed period.
2. Submit the cancellation in writing.
Ensure you do the timeshare cancellation in writing. Even if cancellation letters are not needed, it is often recommended to write a cancellation letter. Even in cases where a letter is not needed, it is advisable to do so. There are, however, some information you need to include in a timeshare cancellation letter. Such information includes your name as in the timeshare contract, contacts, and address, timeshare company, purchase date, and description of timeshare.
Normally, canceling a timeshare contract can be difficult especially after rescission period. However, you can hire a lawyer to help you in the cancellation of a timeshare contract.
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