Timeshare cancellation can be a daunting task. There are many laws and regulations affecting timeshare recission and the legal process of cancellation. These are based on the country you purchased the timeshare in, and the state of the property you are leaving. Depending on the laws in your state, you may be able to cancel your timeshare within as little as a few days, or you may be limited to a few weeks or even months. It is always a good idea to consult with an attorney. They can advise you on what to do and what not to do.
The American Resort Development Association (ARDA), a trade association for the industry, provides free resources on the timeshare cancellation process. This includes guides and information about more than 50 timeshare exit companies. A reputable timeshare cancellation service can provide guidance on the process, and will work to help you get out of your timeshare.
Although there are many advantages to hiring a timeshare cancellation company, it is important to be cautious. There are a few red flags to look out for. For example, most of these companies are not members of the ARDA. You will also want to be wary of those that advertise a full refund if their services are unable to be delivered.
The best way to protect yourself from unscrupulous timeshare companies is to use an escrow account. A bonded, insured, and licensed escrow account will ensure that you have financial security if you are unable to get your timeshare cancelled. In addition, the escrow account is the easiest way to stay on top of maintenance fees, property taxes, and repair bills.
A timeshare is a complicated deal, and if you are unsure of how to proceed, seek out an attorney. Many of these attorneys specialize in contract law and will be able to advise you on the best course of action for your particular situation. Some of these lawyers can even get you out of your timeshare in as little as a few weeks.
The ARDA has also created a website, TEC, which contains reviews of timeshare exit companies and offers advice on the timeshare cancellation process. Whether you are a timeshare owner or a potential buyer, it is important to learn as much as you can about the law and the steps you can take to cancel your timeshare.
The most important part of the timeshare cancellation process is getting help from an expert. There are several options available to you, including selling your timeshare, avoiding the maintenance fees, and transferring it to someone else. But it is vital that you act promptly, as the sooner you act the better your chances of avoiding the financial and emotional fallout of a failed timeshare.
The best way to determine the timeshare cancellation process is to read the contract. Oftentimes the rescission period is in the paragraph 38 of the document. Be sure to reference this language in your letter. If your rescission period is more than three days, you will need to send a letter to the resort developer to formally inform them of your intent to cancel.