Timeshare Contract – Know How to Cancel or Get Out of One

1. Timeshare Contract – Know How to Cancel or Get Out of One In order to successfully cancel timeshare contracts and prevent further financial loss, you must be aware that it is important to follow the correct protocols and act quickly to avoid being stuck with a financial obligation which will end up costing you more in the long run. It is possible to cancel a timeshare if you act fast. Having buyer’s remorse after entering a timeshare isn’t uncommon but remember that time is of the essence when planning to rescind such a purchase. Timeshares are legally binding contracts. As such, you need to be careful in following the proper procedures when canceling or trying to get out of one. When purchasing a timeshare, you are typically purchasing interest in a piece of property or real estate. Timeshare sellers are great at hard-selling these contracts and they are skilled at capturing the interest and gaining the buy-in of potential investors. If you have prematurely signed a timeshare contract, only to realize after further consideration that the deal isn’t as good as it seemed at the time of your agreement, making the move to cancel timeshare contract is something you should consider. Perhaps you were unaware of tax obligations or additional fees and other costs that come with the timeshare—acting quickly as you realize these things is critical to a successful cancellation of your timeshare contract. If you are having second thoughts about a timeshare contract you have agreed to, you need to act quickly within the cancellation period of the agreement, otherwise you might be stuck with the bad deal for as long as the contract stands. A timeshare should clearly state the number of days or the period within which you can rescind the contract. If this information is missing from the contract or you think that the agreement is wrong, check the state rulings on timeshares or get in touch with the state’s consumer protection office. You may also work with firms that specialize in time share cancellations and similar types of settlements against potential deceptive sales practices. To cancel a timeshare, you must do so in writing and follow the correct procedures to ensure proper documentation of the cancellation. In many cases, you won’t be required to list your reason for canceling the contract. In cases when you have to cancel timeshare contracts after the cancellation period has already expired, the process requires filing a lawsuit against the partner timeshare company.