Timeshare Cancellation is the process of cancelling a timeshare and receiving your deposit back. This can be a great exit strategy if you are not satisfied with your purchase. However, there are some important considerations when it comes to this process.
Before canceling your timeshare, you should review the contract that you signed to ensure that you have a legal right to do so. Most timeshare contracts include a cancellation provision or “right of rescission” which allows you to cancel the purchase within a specific period of time after purchasing your timeshare. This period, called a “cooling off” period, varies from state to state but is typically between three days and two weeks.
During this time, you should also consider contacting a reliable timeshare cancellation company to help guide you through the entire process of canceling your timeshare. These companies can work with you to determine what steps are necessary to get your deposit back and prevent any potential legal ramifications from happening in the future.
Some of these companies are legitimate, while others can be dangerous and are geared towards scams or taking advantage of timeshare owners. These companies may not offer a money-back guarantee and may ask you to stop paying your maintenance fees, which can be a big red flag.
If you are concerned about the reputation of a particular company, you can always call the Better Business Bureau to check for customer complaints and reviews. It is also a good idea to consult with a consumer protection attorney before making any final decisions, especially if you are not sure of your legal rights.
Some timeshare purchase contracts contain a rescission clause, giving buyers the option to cancel their purchase for any reason. These letters are not legal in every state, but they must be spelled out clearly in the contract and include the name of the seller. Some also attach a preprinted rescission form for the buyer to fill out, which they must send with their purchase notice.
You should also make a copy of your cancellation letter to keep for future reference, as well as all other related documents that you have gathered. It is also recommended that you take copies of your rescission letter to the courthouse or the consumer protection agency in the state where your timeshare was purchased.
Timeshare Rescission Laws
Each state has different rescission laws and they vary widely. Some states have a cooling-off period of five days, while others have seven. You should also be aware that some states have no rescission laws at all.
The best way to know which rescission laws apply to your situation is to consult a real estate lawyer or an experienced real estate agent, as well as a consumer protection agency in your state. Generally, the courts will release you from your timeshare contract if the contract is found to be deceptive or fraudulent.
In the end, most people find it more practical to simply contact a trustworthy timeshare cancellation company and have them walk them through the process of canceling their timeshare for them. These companies have years of experience in this industry and can save you both time and money while ensuring that your exit process is as stress-free as possible.