What You Need to Know about Cancelling 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. Timeshare has different products, for instance, it could be point-based, week-based, or even a combination that allows flexibility. For individuals who like to go on vacation each year, timeshares are often a good investment.
Timeshare contracts are, however, legally binding. Some people have, however, mistakenly believed that these contracts are non-cancellable. 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. In timeshare contracts, buyers can also provide timeshare cancellation letters when they feel they don’t need the timeshare anymore.
Why cancel a timeshare.
Sometimes, timeshare buyers realize that the contract is not what they thought after signing the timeshare agreement. As a result, such investors may 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. However, they realize they will have to meet such obligation after signing 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. By submitting their timeshare cancellation letters, this indicates that the buyers are not satisfied.
Cancelling a timeshare contract.
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. Therefore, when a buyer changes his or her mind after agreeing to a timeshare contract, it becomes possible to cancel the timeshare contract. 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. If there is no such a cancellation period, you need to check with the state timeshare law or whether the law could be wrong. However, if the contract allows you to cancel the contract within a certain period, you need to submit your timeshare cancellation letters within the allowed period.
2. Write a cancellation letter.
It is usually required that timeshare cancellation is done in writing. Even when timeshare cancellation letters are not required, it is highly recommended. At the same time, there is information you should include in the timeshare cancellation letter. You need to include your name as it is in the contract, address, and contacts, the timeshare company, the date of purchase and a timeshare description.
After rescission period, cancellation of timeshare contract can be quite difficult. However, you can hire a lawyer to help you in the cancellation of a timeshare contract.
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