Important Facts to Be Known About Timeshare Cancellation

Important Facts to Be Known About Timeshare Cancellation

When a person is unhappy with his/her purchased timeshare, he/she may think of canceling the contract and get relief from it. All resorts offer a rescission period to their clients, during which they can cancel their contracts without any legal problem. After that period, owners need to send legal notices or letters to resort authorities for canceling their timeshares. However, the timeshare cancellation can be easier if owners are aware of certain useful matters in this field.

Only a few licensed timeshare exit companies exist – People may often fall prey to fraud companies that claim to be experts in canceling timeshares. So they need to cautious and check the legitimacy of a timeshare exit company. They should check its relevant documents, like the validity of its license and its records of reselling timeshares. Since resale of a timeshare always involves a certain amount of financial loss, owners should not be lured by claims of regaining 100% of the purchase amount.

Original owner is liable for certain payments even after selling – A person can sell his/her timeshare via any online selling site or timeshare canceling company. However, he/she remains responsible for paying the maintenance fees and other payments related to that timeshare if the new owner fails to make those essential payments.  Thus, it is important to choose the new buyer carefully and make sure that he/she is capable of paying all bills concerning that timeshare in time.

Legal cancellation is the only way of getting out of a timeshare – It is best to hire an experienced lawyer to get rid of a timeshare forever. The attorney will know all the legal steps needed to be taken for canceling a timeshare contract. A licensed timeshare exit company will also be able to help with legal assistance in canceling such contracts. However, it is essential to check the competence of the lawyer or timeshare exit company before hiring the service. Only the legal cancellation of a timeshare is the safest way to getting rid of it.

Information to be included in a cancellation letter – The owner needs to send a cancellation letter to the resort authority. This letter should contain the date, owner’s name as written in full in the contract, his/her contact details, name of the seller of the timeshare, date of its purchase, and the nature of the contract. Lastly, it should be clearly mentioned in the letter that the owner wants to cancel this timeshare contract.

Proper delivery of the cancellation letter – The owner should make sure to deliver the cancellation letter according to the norms set by the seller. Nowadays, most sellers prefer the delivery of cancellation letters via email, for which they maintain a definite cancellation email id. However, some resorts may still want postal or hand-delivery of cancellation letters. So timeshare owners need to follow the rules set by the sellers in this matter.

Buyers should be aware of the local laws regarding timeshare cancellation and they should read the timeshare contract paper carefully before signing it. In this way, they can safeguard themselves from financial losses and legal hassles if they want to cancel their purchased timeshares.

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