Important Information on Legal Cancellation of Timeshare Contract.
Basically, a timeshare is a way of buying a piece or a share of a resort for vacation at least once a year. Timeshare has different products, for instance, it could be point-based, week-based, or even a combination that allows flexibility. For individuals who like to go on vacation each year, timeshares are often a good investment.
Timeshare contracts are, however, legally binding. However, many people have mistakenly thought that timeshare contracts cannot be terminated or canceled . Most timeshare companies maintains that you cannot cancel the timeshare contract. But under the law, it is possible to cancel a contract because of certain reasons that may include mistakes or frauds. In timeshare contracts, buyers can also provide timeshare cancellation letters when they feel they don’t need the timeshare anymore.
Why cancel a timeshare.
After signing the timeshare agreements, that is when many timeshare investors realize it is not what they expected. As a result, such investors may change their mind. When buying a timeshare, a buyer might not know some of the obligations like taxes, fees and assessments. Upon signing the timeshare contracts, that is when they realize such obligations. After adding up such financial costs, they realize the deal is not good for them, and they may change their mind as a result. By submitting their timeshare cancellation letters, this indicates that the buyers are not satisfied.
How to terminate timeshare contracts.
Because of the nature of timeshare sale, some states have laws that make it possible for buyer to cancel their contracts when they act 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. Perform the cancellation within the allowed period.
The timeshare contract need to clearly show the time period allowed to do a cancellation. However, if it doesn’t, you should check the law on timeshare in your state or whether the contract is wrong. 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 if cancellation letters are not needed, it is often recommended to write a cancellation letter. Even in cases where a letter is not needed, it is advisable to do so. At the same time, there is information you should include in the timeshare cancellation letter. You need to include your name as it is in the contract, address, and contacts, the timeshare company, the date of purchase and a timeshare description.
Usually, it becomes difficult to cancel a timeshare after rescission. A lawyer can, however, help you terminate your timeshare contract.
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