Many timeshare owners come out of a presentation shell shocked and feeling weary. They aren’t sure what just happened or how it is they ended up purchasing a timeshare at all. Somewhere in the three hour long song and dance they got pulled in and ended up signing on the dotted line.
Pretty quickly after that buyer’s remorse kicks in. They want to know how to get rid of their timeshare – and fast!
Luckily, there are options out there for timeshare owners and they CAN cancel their timeshare.
The steps to canceling a timeshare purchase will depend on how long ago it was purchased. Most timeshare purchases come with a “cooling off” period. This is known as a rescission period and depending on the state of purchase can be anywhere from 3-15 days following the purchase.
It’s usually not legal to waive a consumer’s Right of Cancellation. It is guaranteed if it is written in the contract. Owners do however need to take the proper steps in order to take advantage of it.
Review the contract to determine what the rescission period is. Be sure that it is still within the specified time period for cancellation. Check the contract for what method of delivery the cancellation statement requires – hand delivery, certified mail, fax – be sure to it is followed completely or the cancellation may not be considered valid.
Make copies of all the timeshare documents to show proof of purchase and draft a succinct letter of cancellation. There is no need to explain why you are cancelling the contract. Make a copy of this as well. Include all the documents along with the cancellation statement with the delivery to the timeshare agency.
If the purchase is past the rescission period there are still options available to cancel the timeshare contract. A timeshare attorney is well versed in timeshare law and can review your purchase experience and contract for errors, potential loopholes or deceptive practices. If the company misrepresented the terms of your agreement or used misleading statements to close the sale, you may have a right to cancel on the grounds of fraud.
Additionally, many times contracts are missing pages or addendum’s that can unknowingly translate to a huge financial burden for the consumer. This is not only unethical but also illegal. Timeshare attorneys can handle contract disputes that will ultimately end in the cancellation of your timeshare contract, cancel your mortgage, get rid of maintenance fees and leave you with a letter of release from time timeshare company. Your deed cancellation will be complete and your timeshare purchase will be history.