Know All About Timeshare Scams and Cancellation Rights

Perhaps one of the most questionable investments in the market today, timeshares may sound like a great opportunity to secure a place to go on holidays each year and a piece of property that you can always sell once you’ve gone tired of it. Timeshares are such great prospects that most people who find themselves caught between a high-pressure salesperson and an enticing contract end up signing an agreement without thinking much of what the investment truly entails—the result being year in and year out of added financial obligation for a place with very minimal square footage and a chance to visit for a week each year. The costs don’t even stop at annual fees as timeshare owners also have to pay extra for maintenance fees and other on-going costs, leading many to want to cancel a timeshare contract.

                                                 

Trying to get rid of a timeshare can also be a challenge, leaving many people stuck with an expensive and on-going headache they have no idea how to get out of. Fortunately, there are ways that you can cancel a timeshare contract even outside of the legally allowed rescission or cancellation period. Like any other contract, you have the right to cancel a timeshare within the allowed period (3 to 7 or 15 days in most states). Outside of this, you can explore other options to rid yourself of the headache of losing thousands of dollars from an investment that goes down in value faster than your newest car.

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Learn All About Timeshare Cancellation Rights

Most people believe that timeshare contracts cannot be cancelled or terminated. However, if you have recently purchased a timeshare property and you change your mind, you can still back out as long as the contract is still within the cancellation period. You can legally cancel timeshare contract within that given time. For instance, in Florida, you may do so within 10 days—and the company is obliged to give you a full refund. This means you need to act quickly.

                                                                         

There are many reasons to cancel a timeshare contract. Apart from having a change of heart, some people may want out if they realize that it will be expensive to maintain in the long run. Timeshares typically come with various costs, like maintenance fees that are subject to change and increase regardless of whether you use the property or not. You will have to pay for taxes, mortgage, and ownership fees, too. You may also cancel if you do not wish to pass the burden of owning and maintaining a timeshare to your family. Contracts are typically good for a lifetime so they can be passed down to future generations—whether your heirs or beneficiaries want the property or not.

To cancel a timeshare contract, you need to follow a proper procedure to make sure that the company will acknowledge your decision. Cancel in writing (this is highly recommended) and be sure to include your name as it shows in the contract, your contact details, name of the timeshare firm, description of the property, the date of purchase, and your statement that you are rescinding. You do not have to list your reason for canceling. When you are done, be sure to deliver it to the company by hand or by certified or registered mail, whichever is indicated in your contract. Just be sure that it will reach the company within the cancellation period.