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.
Getting caught up in the excitement of timeshares isn't as hard as many people think. You were probably invited to a luxury resort, shown through beautifully decorated condos, offered free rounds of golf, and all the wine you could drink. Later on you wished you had thought more before signing the paperwork. Cancelling the contract is possible, but you have to act fast and within the prescribed guidelines.
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.
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 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.
Getting caught up in the excitement of timeshares isn't as hard as many people think. You were probably invited to a luxury resort, shown through beautifully decorated condos, offered free rounds of golf, and all the wine you could drink. Later on you wished you had thought more before signing the paperwork. Cancelling the contract is possible, but you have to act fast and within the prescribed guidelines.
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.
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 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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