If you get signed to a timeshare contract and have the remorse of the buyers, you have an increased capability to cancel the timeshare contract if you act fast. Because time is of great value when withdrawing a timeshare purchase, be sure to follow the procedures to have it canceled.
Reasons for Cancelling the Timeshare Contract
When you buy a timeshare, you are typically purchasing an interest in a property. In most cases, this property is a resort consortium. Timeshare vendors are often fond of inflicting the hard sell on their prospective clients. It has not yet been heard for the vacationer to attend a vending representation to get a free round of golf or a bottle of wine and walk out as a timeshare proprietor. For others, they sign the timeshare contracts only to realize that the deal wasn’t as sweet as it was. For instance, many timeshares are often put behind the obligation to pay fees, taxes, and other assessments. Many people make a new decision when looking at the added cost.
How to Cancel a Timeshare Contract
Because of the timeshare selling nature, many states have now enacted various laws and regulations that allow their buyers to cancel the contracts if they are fast enough. This means that you can cancel the contract if you have second thoughts after entering a timeshare contract.
Act within the Annulment Period
Your timeshare contract has to state the days you have left to have the contract canceled. If it does not have, check the timeshare state laws and regulations if you also think the contract is wrongly drafted. You can also contact the state consumer office if you want to decline the contract.
Cancel in Writing
In most cases, the contract can only be canceled in writing. Even if you don’t require a written letter, it is recommended to do it in writing. You should also include the information below in your cancellation letter.
- A description of the timeshare
- The company or association of the timeshare name
- Your phone number, address, and email address
- Your name as it is written in the contract
- The date of purchase
- A statement that says you are getting out of the contract.
In many occasions, you are not required to state the reason for cancellation.
The Cancellation Letter Delivery
Your contract must state the manner for delivering the letter. You can choose to deliver it by hand or through the post office. Be sure to:
- Follow the instructions to the latter
- Deliver the cancellation letter within the period stated for cancellation
If you don’t provide the letter as stated or don’t include correct information, you may have the cancellation invalidated.
In limited circumstances and certain states, you can cancel the timeshare after the cancellation period expires. However, this can be done by the help of litigation. Contact American Settlement Services (http://www.americansettlement.services/) for further advice and help you explore timeshare termination.