If you are considering selling or canceling your timeshare, you should consult with an experienced real estate attorney. These professionals know all the tricks timeshare companies play, and can guide you to the best course of action. Ultimately, you should be able to sell your timeshare or get a full refund. However, you will need to take certain steps before you can get your money back.
To start, you need to find out what the law says about your situation. This will vary by state. The best place to look is in your sales contract. Make sure you look for the right rescission or cancellation notice.
The most obvious way to cancel your timeshare is to give your developer the aforementioned notice. You must give a formal notice to your seller within a specified period of time, such as a day or two. Although the company may not respond immediately, if they don’t respond, you can file a lawsuit.
To be successful, you need a well-crafted letter that includes all the essential details. Ideally, the letter would be sent by certified mail. Other acceptable methods of delivery include registered mail and hand-delivery. Often, you will also need to make a few copies to send to the various parties involved in the process.
The timeshare industry is awash in jargon. As a result, it is sometimes hard to figure out what to do. Even when you have a clear picture of what you need to do, there are often more questions than answers.
Despite this, the timeshare industry is littered with scams. In fact, 85% of people who buy a timeshare end up regretting their purchase. It is often difficult to get out of a deal, especially if you were lured in by a smooth-talking salesperson who was unable to offer you the actual truth.
Some states allow you to rescind your timeshare within a few days. Others have a more lengthy rescission or cancellation window. For example, Hawaii lets you get out of your timeshare in seven days. On the other hand, North Dakota does not have a specific rescind or cancel timeshare law. Regardless of the state you are in, it is a good idea to find out what the law is before making a move.
While the timeshare industry tries to persuade you with a money-back guarantee, you are still responsible for maintaining your timeshare. Most resorts work with collection agencies to help you keep your maintenance fees. Nevertheless, if you are unable to meet your obligations, you will be reported to the credit bureau and your financial health will be ruined.
In addition, you should be aware that timeshare companies are adept at luring you in with a once in a lifetime deal. This is often accompanied by exorbitant fees, and often requires you to sign on the dotted line. A timeshare is a very complicated purchase, so it’s wise to seek professional guidance before taking any major financial decisions.
