Buyer’s Remorse – How to Get Rid of Your Timeshare!
Many timeshare owners come away surprised and tired of a presentation. They’re not sure what just happened or how they ended up buying a timeshare. At some point in the three-hour song and dance, they got involved and ended up signing on the dotted line.
Pretty quickly after that buyer’s remorse kicks in. They want to know how to get rid of their timeshare, and fast!
Fortunately, there are options for timeshare owners and they CAN cancel their timeshare.
The steps to cancel a timeshare purchase will depend on how long ago it was purchased. Most timeshare purchases come with a “cooling off” period. This is known as the withdrawal period, and depending on the status of the purchase, it can be anywhere from 3 to 15 days after purchase.
Waiving a consumer’s right to cancel is generally not legal. It is guaranteed if it is written in the contract. However, owners need to take the right steps to take advantage of it.
Review the contract to determine what the rescission period is. Make sure you are still within the specified time period for cancellation. Check the contract for which delivery method the declaration of cancellation requires (hand delivery, certified mail, fax) and make sure it is fully followed or the cancellation will not be considered valid.
Make copies of all timeshare documents to show proof of purchase, and write a succinct cancellation letter. There is no need to explain why you are canceling the contract. Make a copy of this too. Include all documents along with the cancellation statement with delivery to the timeshare agency.
If the purchase has passed the rescission period, there are still options available to cancel the timeshare contract. A timeshare attorney is well-versed in timeshare law and can review your purchase experience and contract for errors, potential loopholes, or deceptive practices. If the company misrepresented the terms of your agreement or used misleading statements to close the sale, you may have the right to cancel for fraud.
In addition, contracts are often missing pages or addendums that can unknowingly result in a huge financial burden for the consumer. This is not only unethical but also illegal. Timeshare attorneys can handle contractual disputes that will ultimately end in your timeshare contract being cancelled, your mortgage cancelled, maintenance fees waived, and leaving you with a release letter from the timeshare company. Your deed cancellation will be complete and your timeshare purchase will be history.