The timeshare model of vacation ownership involves multiple buyers who own a share of the property. Each buyer is given certain times of the year when they can use the property, but they also have the option to rent it out or sell it. Some people buy timeshares as investments, while others do so because they are interested in having a vacation home and want to avoid the hassle of finding one. There are some companies that help individuals get out of their timeshare contracts, but this is often a lengthy process that can take several months. During this time, it is important to be patient and keep in mind that there are laws on your side, so the resort cannot try to charge you extra fees.
If you are able to contact a company before your rescission period expires, they will be able to assist you in getting out of your contract. They will usually begin with a letter to the brand that you purchased your timeshare from. In this letter, you will request to be released from the contract. You may also include a copy of your sales contract and any other documentation that you have regarding the purchase.
You should make sure that your letter clearly requests to be cancelled and that it complies with any applicable laws. You should always use certified mail when sending a letter like this so that you have proof that the resort received it. Some contracts have a specific cancellation section that will tell you exactly where and to whom your letter should be sent. You should follow these instructions exactly. If you don’t, the resort will be able to claim that they never received the letter and they are not required to refund your money.
Some states require a cooling off period for many types of purchases, including timeshares. If you are able to cancel your timeshare within this window, you will typically be able to get your money back. Some states allow for a longer rescission period, but on average, the timeshare rescission periods are only five days.
After the rescission period has passed, it will be more difficult to get out of your contract. Fortunately, state law might still allow you to cancel the timeshare, but it will be more difficult and expensive.
The quickest and best way to get out of your timeshare is to contact a company that specializes in cancelling these contracts. The right company will have a track record of success and a team of professionals that can work on your behalf. They will also be familiar with all of the laws in your state and can apply them to your case.
It is also essential that you understand your contract before signing it, especially if you are working with an outside company. The most common mistake is signing a timeshare without fully reading and understanding the entire contract, and this can be problematic in the future.