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.
It is easier than people think to get caught up in the possibilities of timeshares. You get invited to luxury resorts, tour gorgeously furnished condominiums, play eighteen rounds of golf for free, and sip great wine at the company's expense. After the sales pitch, you wonder why you signed the paperwork so quickly. It's possible to cancel your contract, but you need to act quickly and follow all the rules and regulations.
Most contracts have clauses that describe how to rescind the contract. If you do not find it, even in tiny print, you should go immediately to your state's government website and find what the law is regarding cancelling timeshares. Almost every state allows purchasers anywhere from 3 to 7 days to rescind. Mexican timeshares aren't subject to American rescission laws. Buyers of Mexican timeshares do get 5 days to cancel contracts though.
You have to cancel in writing. Never try to do something like this over the phone or through email. You need to send a certified letter to the company with all the pertinent information included in it.
The letter has to include your name, the way it appears in the contract, your contact information, the name and address of the timeshare company, a full description of the unit you bought and when you bought it. You are not required to give the company any explanation for the cancellation. You just have to include a clear statement that you are cancelling and that you have complied with the time requirement in which to do it.
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 company may try to deny your cancellation by saying it did not receive the letter within the prescribed time period. You'll be out of luck unless you can prove that they did receive your letter by the deadline. It will also be a problem if you didn't exactly follow the instructions on cancelling outlined in your contract or as required by the state.
If cancelling isn't an option you have other choices. You might try to sell your shares in the condo online or by listing it with the developer. You should not pay advance fees however. You might try to donate the share, but this is increasingly difficult. You can try transferring ownership. You also have the option of contacting an attorney specializing in timeshare contract rescission cases where a company selling shares has made deceptive and fraudulent claims to purchasers.
It is easier than people think to get caught up in the possibilities of timeshares. You get invited to luxury resorts, tour gorgeously furnished condominiums, play eighteen rounds of golf for free, and sip great wine at the company's expense. After the sales pitch, you wonder why you signed the paperwork so quickly. It's possible to cancel your contract, but you need to act quickly and follow all the rules and regulations.
Most contracts have clauses that describe how to rescind the contract. If you do not find it, even in tiny print, you should go immediately to your state's government website and find what the law is regarding cancelling timeshares. Almost every state allows purchasers anywhere from 3 to 7 days to rescind. Mexican timeshares aren't subject to American rescission laws. Buyers of Mexican timeshares do get 5 days to cancel contracts though.
You have to cancel in writing. Never try to do something like this over the phone or through email. You need to send a certified letter to the company with all the pertinent information included in it.
The letter has to include your name, the way it appears in the contract, your contact information, the name and address of the timeshare company, a full description of the unit you bought and when you bought it. You are not required to give the company any explanation for the cancellation. You just have to include a clear statement that you are cancelling and that you have complied with the time requirement in which to do it.
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 company may try to deny your cancellation by saying it did not receive the letter within the prescribed time period. You'll be out of luck unless you can prove that they did receive your letter by the deadline. It will also be a problem if you didn't exactly follow the instructions on cancelling outlined in your contract or as required by the state.
If cancelling isn't an option you have other choices. You might try to sell your shares in the condo online or by listing it with the developer. You should not pay advance fees however. You might try to donate the share, but this is increasingly difficult. You can try transferring ownership. You also have the option of contacting an attorney specializing in timeshare contract rescission cases where a company selling shares has made deceptive and fraudulent claims to purchasers.
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