When people get into timeshares, most of them mistakenly believe they're stuck and can not get out from under them. The companies that sell these timeshares don't mind perpetuating the myth because it is a money, time and aggravation saver. There are, in fact, any number of ways to rid yourself of this type of real estate obligation. One of them is timeshare cancellation.
You might be surprised at how easy it is to get caught up in the thrill of the moment and find yourself the partial owner of a vacation condo. People get invited to luxury resorts, are shown through perfectly appointed condos, play rounds of golf for free, and wine and dine at the company's expense. After an intense sales pitch, they sign the paperwork. It is only after that that buyer's remorse sets in, and they want to cancel.
In the contract you signed there should be a clause describing how to rescind your contract. If there is no time frame in the contract, you need to go online as soon as possible and find out what the laws are in your state. Almost all states give buyers between three to seven days to cancel. Timeshares in Mexico are not subject to the rescission laws of the United States. Mexico does give buyers five days to decide to cancel a contract however.
You must cancel your contract in writing. Do not attempt cancelling over the phone or by email. You have to send the company a certified letter containing all the contract information that is pertinent.
That information should include your name as it appears on the contract, all your contact information, the timeshare company name and address, a description of what you purchased and the date you purchased it. It isn't necessary to give the company any explanation as to why you are cancelling, just a clear sentence that you are and that you're doing it within the the allocated time.
The seller must receive your letter prior to the rescission date. That is why it's critical that you mail the letter in some way that it can be tracked, either by certified or registered post. Hand delivering the letter is ideal, if possible.
The seller can deny your cancellation if it does not get the letter within the allotted time period. Unless you have proof the seller did, in fact, receive the letter, you may not be able to do much about it. Not exactly following the contract instructions, or the guidelines of the state, will also put you in jeopardy.
If you find you can't cancel your contract, you have other options. You can try to sell your share on your own or through the developer. Don't pay any advance fees though. You could consider donating the share, though that may be difficult. You could also try to transfer your ownership. You might also contact an attorney who specializes in getting owners out of timeshares by charging that the selling company made fraudulent and deceptive claims at the time of the purchase.
You might be surprised at how easy it is to get caught up in the thrill of the moment and find yourself the partial owner of a vacation condo. People get invited to luxury resorts, are shown through perfectly appointed condos, play rounds of golf for free, and wine and dine at the company's expense. After an intense sales pitch, they sign the paperwork. It is only after that that buyer's remorse sets in, and they want to cancel.
In the contract you signed there should be a clause describing how to rescind your contract. If there is no time frame in the contract, you need to go online as soon as possible and find out what the laws are in your state. Almost all states give buyers between three to seven days to cancel. Timeshares in Mexico are not subject to the rescission laws of the United States. Mexico does give buyers five days to decide to cancel a contract however.
You must cancel your contract in writing. Do not attempt cancelling over the phone or by email. You have to send the company a certified letter containing all the contract information that is pertinent.
That information should include your name as it appears on the contract, all your contact information, the timeshare company name and address, a description of what you purchased and the date you purchased it. It isn't necessary to give the company any explanation as to why you are cancelling, just a clear sentence that you are and that you're doing it within the the allocated time.
The seller must receive your letter prior to the rescission date. That is why it's critical that you mail the letter in some way that it can be tracked, either by certified or registered post. Hand delivering the letter is ideal, if possible.
The seller can deny your cancellation if it does not get the letter within the allotted time period. Unless you have proof the seller did, in fact, receive the letter, you may not be able to do much about it. Not exactly following the contract instructions, or the guidelines of the state, will also put you in jeopardy.
If you find you can't cancel your contract, you have other options. You can try to sell your share on your own or through the developer. Don't pay any advance fees though. You could consider donating the share, though that may be difficult. You could also try to transfer your ownership. You might also contact an attorney who specializes in getting owners out of timeshares by charging that the selling company made fraudulent and deceptive claims at the time of the purchase.
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