Timeshare contracts are becoming less desirable by the day. As more people come to discover that they are going to pay more for the same property for a long time, the initial appeal is lost on them. Thankfully, there is a way to cancel timeshare legally. The process has long been stigmatized and misunderstood, but it is quite simple.
Here are a few things to know:
- The cooling-off period: The cooling-off period is important information to have because any effort you make towards canceling your timeshare contract must be within that period. The cooling-off period is the period during which you may legally cancel your contract without facing litigation. Request for this information on your contract so you can make further decisions.
- The cancelation process: The main process itself is simple. To cancel a timeshare legally, you only have to write a letter stating that you are no longer interested and want to cancel. This letter is called a rescission letter and should be sent to the timeshare company who will then respond accordingly.
- The cancelation process is regulated: Yes, States have laws regulating the entire process. You only have to make sure your contract is valid and that you understand the terms for cancelation. Everything is done according to the stipulations of the law and clears up any misconceptions, and provides a clear path for both parties involved in timeshare contracts.
- Getting an official representative: One reason why many people think the process to cancel timeshare legally is complicated is because they do it alone without having the experience to go through with it. This is why it is best to hire professionals whose job it is to smoothen the process for a small fee.
- Alternatives to canceling timeshares: Although it is rare, timeshare contracts may be canceled after the expiration of the cooling-off period. If both parties can reach an agreement, the contract may be mutually ended. If not, there are other legal alternatives, for example, selling the timeshare to another interested party. The timeshare can also be transferred to the company in goodwill, or an agreement may be reached for them to sell it and keep a commission.
Canceling a timeshare contract should not be stigmatized as a difficult and largely unsuccessful process. Once the right steps are followed, canceling your timeshare contract is as easy as opening it.