Many timeshare owners come out of a filing shell shocked and feeling tired. They are not sure what just happened or how they ended up buying a timeshare. At some point in the three-hour long song and dance, they stopped and ended up signing on the dotted line.
Pretty quick after that buyer’s remorse kicks in. They want to know how to get rid of their timeshare, and fast!
Fortunately, there are options for timeshare owners and they CAN cancel their timeshare.
The steps to cancel a timeshare purchase will depend on how long ago it was purchased. Most timeshare purchases come with a “cooling off” period. This is known as a rescission period, and depending on the status of your purchase, it can be anywhere from 3 to 15 days after purchase.
Generally, it is not legal to waive a consumer’s right to cancel. It is guaranteed if it is written in the contract. However, homeowners must take appropriate steps to take advantage of it.
Please review the contract to determine what the termination period is. Make sure you are still within the specified time frame for cancellation. Check the contract to find out which delivery method the cancellation statement requires (hand delivery, certified mail, fax) make sure it is fully complied with or the cancellation will not be considered valid.
Make copies of all timeshare documents to show proof of purchase and write a short cancellation letter. It is not necessary to explain why you are canceling the contract. Make a copy of this too. Include all documents along with the cancellation statement with the delivery to the timeshare agency.
If the purchase has passed the rescission period, there are still options available to cancel the timeshare contract. A timeshare attorney is well versed in timeshare law and can review your purchase and contract experience for errors, potential loopholes, or deceptive practices. If the company misrepresented the terms of your agreement or used misleading statements to close the sale, you may have the right to cancel on the basis of fraud.
Additionally, contracts are often missing pages or appendices that can unknowingly translate into a huge financial burden for the consumer. This is not only unethical, but also illegal. Timeshare attorneys can handle contract disputes that will ultimately end in the cancellation of your timeshare contract, cancel your mortgage, eliminate maintenance fees, and leave you with a release letter from the timeshare company. Your deed cancellation will be complete and your timeshare purchase will be history.
