A lot of people mistakenly believe once they get into timeshares they can't get out of them. Companies that sell timeshares like to perpetuate this myth because it saves them time, money, and aggravation. In fact there are a number of ways to get rid of this kind of real estate obligation. Timeshare cancellation is just one of them.
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.
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.
The letter has to include your legal name, or the one that is on the contract, your contact info, the seller's name and address, a detailed description of the condo share you purchased, and the date it was purchased. You do not need to get into a lengthy explanation of the reasoning behind the decision to cancel.
You have to make sure the company receives the letter before the rescission time has expired. That's why it is so important to send it by registered or certified mail. If you are in a position to hand deliver the letter, so much the better.
If the company can say that it did not receive your rescission letter by the prescribed time, your cancellation can be denied. You won't be able to do much about it either unless you have written proof that they did receive the letter on time. You will also have a problem if you don't follow the instructions for cancelling that are outlined in the contract.
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.
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.
The letter has to include your legal name, or the one that is on the contract, your contact info, the seller's name and address, a detailed description of the condo share you purchased, and the date it was purchased. You do not need to get into a lengthy explanation of the reasoning behind the decision to cancel.
You have to make sure the company receives the letter before the rescission time has expired. That's why it is so important to send it by registered or certified mail. If you are in a position to hand deliver the letter, so much the better.
If the company can say that it did not receive your rescission letter by the prescribed time, your cancellation can be denied. You won't be able to do much about it either unless you have written proof that they did receive the letter on time. You will also have a problem if you don't follow the instructions for cancelling that are outlined in the contract.
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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