What You Need to Know about Cancelling Your Timeshare Contract.
Timeshare is when you purchase a portion or part of a resort to enjoy a vacation for a limited time each year. There are, however, different timeshare products such as week-based, point-based, as well as a combination that gives more flexibility. For individuals who like to go on vacation each year, timeshares are often a good investment.
On the other hand, timeshare contracts are usually legally binding. Some people have, however, mistakenly believed that these contracts are non-cancellable. Also, most timeshare companies often maintain their timeshare contracts are non-cancellable. However, under the law, a contract can be canceled for various reasons such as mistakes and frauds among others. Therefore, investors in timeshare can as well submit timeshare cancellation letters because of certain reasons.
Reasons for cancellation of a timeshare.
Sometimes, timeshare buyers realize that the contract is not what they thought after signing the timeshare agreement. Because of that, some buyers change their mind. When buying a timeshare, a buyer might not know some of the obligations like taxes, fees and assessments. They might only realize such obligation after agreeing to the timeshare contract. When they realize that is not what they wanted, they could change their mind. When they submit timeshare cancellation letters, it is a sign they are not satisfied.
Terminating a timeshare contract.
Due to the nature of selling timeshare, many states have put laws in place to allow timeshare buyers to terminate their contracts if they move fast. This makes it possible to cancel the contract when a buyer changes his mind. The following are some of the ways to cancel a timeshare.
1. Do it during rescission period.
The timeshare contract need to clearly show the time period allowed to do a cancellation. When there is no cancellation period in the contract, check whether the contract is wrong or with the state law on timeshare. However, if the contract allows you to cancel the contract within a certain period, you need to submit your timeshare cancellation letters within the allowed period.
2. Write a cancellation letter.
Ensure you do the timeshare cancellation in writing. Even when timeshare cancellation letters are not required, it is highly recommended. At the same time, there is information you should include in the timeshare cancellation letter. The information included is such as contacts and address, your name, date of purchase, the company, and the kind of timeshare.
Usually, it becomes difficult to cancel a timeshare after rescission. You can, however, seek legal services to help you terminate your timeshare.