If you are tired of dealing with a timeshare or have just changed your mind, there are several options available to you. You can rescind your contract, list your property on the resale market or hire a company that specializes in helping timeshare owners to exit their contracts.
Rescission laws vary by state, so you will need to check with your specific jurisdictions to see how the cancellation process works in your area. In most cases, you will be able to cancel your timeshare contract without any fees or costs within a set period of time after you sign the agreement.
Most rescission laws allow you to send a letter to the developer or management company that tells them that you are canceling your contract. This should be done before the rescission period ends, which is usually around five days after you sign the agreement. Some states have specific requirements for delivering the letters, so make sure to review this carefully and follow them precisely.
Some sales reps are known for misleading their clients or giving them misinformation about the quality of a unit, the ownership information they left out or even the overall cost. It’s not uncommon for these misrepresentations to cause people to regret their purchase.
A good way to get the ball rolling is to talk to a timeshare cancellation expert who can explain your legal rights and assist you in getting out of your timeshare. This can be a hugely emotional experience for most timeshare owners, so it’s crucial to find an experienced and trusted advisor who will make the process as painless and stress-free as possible.
Buying a Timeshare Cancellation isn’t Always Easy
A lot of people who purchase timeshares do so because they’re looking for an affordable way to enjoy a vacation without the hassle of owning a home. These are typically first-time buyers, who aren’t familiar with the buying process. Often, they don’t have a lot of money to spare, or have trouble finding financing on their own.
Many sales reps are paid on commission, so they will work to maximize their profit. They are often tempted to bait and switch their clients or tell them false information in hopes of making a quick sale.
If you are a first-time buyer, it’s vital that you do your research to understand your legal rights and know what you’re signing up for. You should see the contract before you sign it and be able to ask questions about any important details, such as the rescission period or other details.
Almost every state has a law that allows you to cancel your timeshare within a certain amount of time after you sign the agreement. This is called a rescission period, and it gives you time to rethink your decision and consider whether you want to move forward with the purchase.
It’s important to understand your rescission period before you decide to cancel your timeshare, so that you can avoid any costly mistakes. In most cases, you won’t have to pay any fees or costs to cancel your contract, so long as the cancellation letter is sent to the developer within the rescission period.