Basically, a timeshare is a way of buying a piece or a share of a resort for vacation at least once a year. There are, however, different timeshare products such as week-based, point-based, as well as a combination that gives more flexibility. For people who like taking some time away each year for vacation, timeshare would be a great investment.
On the other hand, timeshare contracts are usually legally binding. Nevertheless, some people have been made to believe that it is not possible to cancel or terminate timeshare contracts. At the same time, many timeshare companies usually maintain that their timeshare contracts cannot be canceled. There are, however, certain reasons under the law that would make a person to cancel a contract, for instance, frauds or mistakes. Therefore, investors in timeshare can as well submit timeshare cancellation letters because of certain reasons.
Reasons for cancellation of a timeshare.
Sometimes, timeshare buyers realize that the contract is not what they thought after signing the timeshare agreement. As a result, such investors may change their mind. When buying a timeshare, a buyer might not know some of the obligations like taxes, fees and assessments. Upon signing the timeshare contracts, that is when they realize such obligations. After adding up such financial costs, they realize the deal is not good for them, and they may change their mind as a result. By submitting their timeshare cancellation letters, this indicates that the buyers are not satisfied.
Terminating a timeshare contract.
Because of the nature of timeshare sale, some states have laws that make it possible for buyer to cancel their contracts when they act fast. This makes it possible to cancel the contract when a buyer changes his mind. Here are some of the ways you can make a timeshare cancellation.
1. Do it during rescission period.
The timeshare contract need to clearly show the time period allowed to do a cancellation. If there is no such a cancellation period, you need to check with the state timeshare law or whether the law could be wrong. You, however, need to surrender a timeshare cancellation latter within that allowed time.
2. Do it writing.
Ensure you do the timeshare cancellation in writing. Even when timeshare cancellation letters are not required, it is highly recommended. There are, however, some information you need to include in a timeshare cancellation letter. The information included is such as contacts and address, your name, date of purchase, the company, and the kind of timeshare.
Normally, canceling a timeshare contract can be difficult especially after rescission period. You can, however, seek legal services to help you terminate your timeshare.