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.
You might be surprised at how easy it is to get caught up in the thrill of the moment and find yourself the partial owner of a vacation condo. People get invited to luxury resorts, are shown through perfectly appointed condos, play rounds of golf for free, and wine and dine at the company's expense. After an intense sales pitch, they sign the paperwork. It is only after that that buyer's remorse sets in, and they want to cancel.
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 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 this way doesn't work, there are other options. You might try selling your unit shares on your own or list with the developer. No advance fees should be paid however. You might try donating your share, but that can be difficult. You may find someone to transfer ownership to. You could also get in touch with a lawyer specializing in cases where owners want out of their timeshare contracts. These cases are won when it can be proved the sellers acted in a fraudulent or deceptive way when making claims about the value of their timeshares.
You might be surprised at how easy it is to get caught up in the thrill of the moment and find yourself the partial owner of a vacation condo. People get invited to luxury resorts, are shown through perfectly appointed condos, play rounds of golf for free, and wine and dine at the company's expense. After an intense sales pitch, they sign the paperwork. It is only after that that buyer's remorse sets in, and they want to cancel.
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 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 this way doesn't work, there are other options. You might try selling your unit shares on your own or list with the developer. No advance fees should be paid however. You might try donating your share, but that can be difficult. You may find someone to transfer ownership to. You could also get in touch with a lawyer specializing in cases where owners want out of their timeshare contracts. These cases are won when it can be proved the sellers acted in a fraudulent or deceptive way when making claims about the value of their timeshares.
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