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 put your cancellation in writing. Do not call the company or send them an email. It takes a certified letter sent directly to the company and containing all the pertinent information regarding the transaction.
That information should include your name as it appears on the contract, all your contact information, the timeshare company name and address, a description of what you purchased and the date you purchased it. It isn't necessary to give the company any explanation as to why you are cancelling, just a clear sentence that you are and that you're doing it within the the allocated time.
The company has to receive the letter prior to the rescission time. That's why it's imperative that you send the letter as certified or registered mail. If you can hand deliver the letter, that's even 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 put your cancellation in writing. Do not call the company or send them an email. It takes a certified letter sent directly to the company and containing all the pertinent information regarding the transaction.
That information should include your name as it appears on the contract, all your contact information, the timeshare company name and address, a description of what you purchased and the date you purchased it. It isn't necessary to give the company any explanation as to why you are cancelling, just a clear sentence that you are and that you're doing it within the the allocated time.
The company has to receive the letter prior to the rescission time. That's why it's imperative that you send the letter as certified or registered mail. If you can hand deliver the letter, that's even 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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