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.
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