If you have recently bought a timeshare, you may be surprised to learn that you do have a legal right to cancel it. However, it can be a complicated process that requires the help of a professional. It is a good idea to seek help as soon as possible. Once you have a clear idea of what you are up against, you can start working on the right course of action to get your timeshare back.
The first thing you need to do is to find out how long your state will allow you to cancel your timeshare. Some states offer as little as three days to rescind the contract, while others provide more than a week. A timeshare cancellation letter is usually the quickest and easiest way to do this. This letter should be mailed and delivered as close to the timeshare’s rescission period as possible. In addition, it should contain all the necessary information. For example, it should include the name and address of the timeshare provider and include a proof of mailing date.
You can also hire an attorney to assist you. They will take the time to go over the details of your situation and structure a plan that will work for you. Most of these attorneys will take several months or even years to get your case resolved. While this may sound expensive, the costs are usually worth the effort.
In addition, you should make sure that your cancellation letter reflects the language of your contract. You can find out the details of the rescission period by reading your agreement. Also, you should use certified mail to ensure that your timeshare company receives the notice.
To successfully cancel your timeshare, you will need to follow all the laws and instructions that apply to your area. Many times, this involves contacting the developer and giving them a formal notice of cancellation within a specific period of time. Other times, you can use a deed-back program. These are legal ways to return the property to the resort.
Your state’s rescission period will vary, and you should check with your local law department before you begin to pursue your rescission. If your state allows for a post-rescission cancellation, you should take advantage of it. However, you should also understand that the money you paid the resort will be returned. Since the timeshare maintenance fees are legally binding, you do not want to risk losing your investment by trying to rescind your purchase on your own.
Whether you choose a timeshare resale company or a real estate attorney, you should seek their advice and counsel as early as possible. Several companies are not legitimate. There are also a number of timeshare resorts that are in violation of the laws. Those who do not understand the law can be ripped off, and they can cause you to lose your investment. By taking the right steps, you can avoid the complications that often come with timeshare contracts.