You have an amazing property, where you could stay forever. Nevertheless, the financial implications have started to sink in. The timeshare industry has been around for more than 55 years and thousands of people find them expensive. It’s been the new normal for timeshare owners to quickly rethink their purchase decision. They think about what it would be like if they were solely responsible for paying off a mortgage on something that isn’t really theirs because experiences are not passed down from generation to generation.
Though many hope that it will be as simple as dialing a call and telling the resort you’re no longer interested in the time-share, canceling one does not come easy. Here are some ways you can begin the timeshare cancellation process.
Act Within the Timeshare Contract Cancellation Period
Timeshare contracts usually clearly indicate the timeline for contract cancellation, known as the rescission period. The rescission period depends on state law, but it is usually 3 to 7 days. Additionally, review the cancellation terms of the contract and use them as a guide. If it doesn’t, check with your state’s law. To fully understand the terms and conditions, get a timeshare exit expert to assist you.
Know the Possible Liabilities When Canceling
Some contracts require you to pay maintenance and improvement assessment fees. Before you start the cancellation process, understand the possible costs you may incur. Ask the timeshare exit expert for all the possible liabilities.
Understand Your State Laws On Timeshare Cancellation
Each state has different laws with regard to a timeshare cancellation. Visit the site of the Department of Consumer Affairs or contact timeshare experts for assistance.
Write a Formal Cancellation Letter
Even if the contract indicates that you can do this verbally, get all the details on paper. In the letter make sure you state clearly your name as it is written on the contract, your address, phone number, and email address. In addition, include the name of your timeshare company, the contract number, and the date of purchase. Give a clear concise statement of cancellation. Don’t forget to state the amount you paid.
With these helpful tips, you can successfully get yourself on the right track to cancel your timeshare. It is vital to know the basics of the timeshare contract for a smooth cancellation process. Before starting the process, get a timeshare exit expert to help you understand the rules and the procedures. If you are interested in learning more about timeshare cancellation, contact us today.