Timeshare Contract Cancellation - Facts, Benefits, and Risks

1. Timeshare Contract Cancellation - Facts, Benefits, and Risks Buying a timeshare means buying an interest in a condo or any piece of real estate. Sellers are typically aggressive and known for their hard-selling strategies. In fact, you might have heard of some buyers walking into a sales presentation as they are promised a freebie (i.e. a round of golf, a free stay at a luxurious resort, or a bottle of wine), and walking out as timeshare owners. However, not all of them will be happy with their decision down the line. If you are experiencing any form of remorse after buying a timeshare, you need to act fast to cancel your contract. Time is important in successful timeshare contract cancellation, but there are things you must know about it before you proceed: Why you must cancel You may cancel your timeshare contract if you regret your decision to buy it. Sometimes, a timeshare owner may realize that the deal is too good to be true when they find out about their obligations, such as paying maintenance and homeowners’ fees, taxes, and other assessments. Adding that up, a lot of buyers can change their minds. You also have the right to cancel if you feel that you have been tricked into signing the contract and the fees were not revealed to you. Likewise, you may seek timeshare contract cancellation if you simply changed your mind. By cancelling your timeshare contract, you can stop wasting your time and money on property, which may not even make sense to your lifestyle and needs down the line. You can also free yourself from the obligations of a timeshare owner. Canceling your contract The process and your eligibility for timeshare contract cancellation will depend on the state where you purchased your share of the property. Rest assured, most states have already enacted laws that allow buyers to rescind their contracts, as long as they act quickly. This means cancelling within the cancellation or rescission period. You should be able to see the number of days for rescinding on your contract. Otherwise, check the state’s law. In Florida, you are allowed to cancel within 10 days of signing the contract or the day you got the last of all the necessary documents, whichever occurs later. Act fast! Timeshare contract cancellation must be done as soon as you change your mind. You would often have to cancel in writing and make sure your letter gets to the timeshare company fast. However, if you are rescinding your contract after the cancellation period, the process usually involves bringing a lawsuit against the company. Consider looking into an online educational platform that specializes in helping you find solutions on complex situations involving timeshare cancellations.