Timeshare Cancellation And Other Ways To Rid Yourself Of Vacation Real Estate
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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.
Most contracts have clauses that describe how to rescind the contract. If you do not find it, even in tiny print, you should go immediately to your state's government website and find what the law is regarding cancelling timeshares. Almost every state allows purchasers anywhere from 3 to 7 days to rescind. Mexican timeshares aren't subject to American rescission laws. Buyers of Mexican timeshares do get 5 days to cancel contracts though.
You must cancel your contract in writing. Do not attempt cancelling over the phone or by email. You have to send the company a certified letter containing all the contract information that is pertinent.
The letter has to include your legal name, or the one that is on the contract, your contact info, the seller's name and address, a detailed description of the condo share you purchased, and the date it was purchased. You do not need to get into a lengthy explanation of the reasoning behind the decision to cancel.
You have to make sure the company receives the letter before the rescission time has expired. That's why it is so important to send it by registered or certified mail. If you are in a position to hand deliver the letter, so much the better.
The seller can deny your cancellation if it does not get the letter within the allotted time period. Unless you have proof the seller did, in fact, receive the letter, you may not be able to do much about it. Not exactly following the contract instructions, or the guidelines of the state, will also put you in jeopardy.
If you find you can't cancel your contract, you have other options. You can try to sell your share on your own or through the developer. Don't pay any advance fees though. You could consider donating the share, though that may be difficult. You could also try to transfer your ownership. You might also contact an attorney who specializes in getting owners out of timeshares by charging that the selling company made fraudulent and deceptive claims at the time of the purchase.
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.
Most contracts have clauses that describe how to rescind the contract. If you do not find it, even in tiny print, you should go immediately to your state's government website and find what the law is regarding cancelling timeshares. Almost every state allows purchasers anywhere from 3 to 7 days to rescind. Mexican timeshares aren't subject to American rescission laws. Buyers of Mexican timeshares do get 5 days to cancel contracts though.
You must cancel your contract in writing. Do not attempt cancelling over the phone or by email. You have to send the company a certified letter containing all the contract information that is pertinent.
The letter has to include your legal name, or the one that is on the contract, your contact info, the seller's name and address, a detailed description of the condo share you purchased, and the date it was purchased. You do not need to get into a lengthy explanation of the reasoning behind the decision to cancel.
You have to make sure the company receives the letter before the rescission time has expired. That's why it is so important to send it by registered or certified mail. If you are in a position to hand deliver the letter, so much the better.
The seller can deny your cancellation if it does not get the letter within the allotted time period. Unless you have proof the seller did, in fact, receive the letter, you may not be able to do much about it. Not exactly following the contract instructions, or the guidelines of the state, will also put you in jeopardy.
If you find you can't cancel your contract, you have other options. You can try to sell your share on your own or through the developer. Don't pay any advance fees though. You could consider donating the share, though that may be difficult. You could also try to transfer your ownership. You might also contact an attorney who specializes in getting owners out of timeshares by charging that the selling company made fraudulent and deceptive claims at the time of the purchase.
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