Lower the Burden by Getting Out of a Timeshare Legally! Know How?
Did you recently buy a timeshare and then suddenly regret that decision? There is still time to get out of timeshare legally, but you need to act fast. Every timeshare contract will have a rescission period, which is also known as a ‘cooling-off period’ where you are allowed to cancel without a hitch. It will vary per state. For instance, if you purchased the timeshare in Florida, then you will have 10 days to do so. Here’s a step-by-step guide for getting out of your timeshare contract:
• Refer to your contract – It should indicate the number of days you have for rescission. If not, or you think that there is something wrong with it, look into your state’s local laws on timeshare contracts or get in touch with the consumer protection office.
• Cancel in writing – To get out of timeshare legally, you need to write a letter to the timeshare company. Even if you are not required to do that, it is still highly recommended. Just make sure it contains the right information, particularly your name as it is shown on your contract, your address and contact information, the timeshare company’s name, description of your timeshare, the date you bought it, and a statement declaring your cancellation. You may not indicate your reason for rescinding your contract.
• Deliver the letter correctly – Refer to your contract for the method of delivering the cancellation letter. Usually, a timeshare company would require customers to hand-carry the letter to their office, but there are times when you must send it by certified mail. Regardless of the delivery method, make sure it will arrive at the timeshare company’s office on time.
That is how you can get out of timeshare legally, but what happens once the cancellation period is over? That can depend on your circumstances and on the state. However, it usually involves bringing in legal expertise for assistance. In any case, do your research and determine the best way to cancel your timeshare as legally as possible to avoid any costly problems down the line.