Timeshare Cancellation – How to Rescind a Timeshare Contract
Timeshare cancellation is a process that is often difficult and arduous, especially when you are dealing with an unscrupulous developer. Many times, these companies train their sales people to mislead prospective buyers by showcasing the perfect resort for your next vacation and omitting important details about ownership.
Despite this, there is a way to successfully cancel a timeshare contract. You may need to hire an exit company, but if you find a reputable one, you can get help quickly and effectively.
A rescission is a legal document that allows you to terminate a contract without paying the full cost of the property or any other fees. It is often used as a last resort when a buyer realizes that they do not want to keep the timeshare they have purchased, or they realize that they can no longer afford the payments.
Rescissions vary from state to state, but in most cases you have a certain amount of time after signing your contract to rescind it. You may be able to write a rescission letter within the time limit, or you can ask for a rescinding notice by email or mail, depending on your specific state’s laws and the details of your agreement.
Before writing your rescission letter, it is crucial that you read the fine print of your timeshare agreement. The contract will contain specific instructions on how to write your letter and where to send it. Some states require that it be sent by mail, others by in-person delivery. If you are not sure of the procedure, ask the resort or development about it before sending your rescission letter.
It is best to write your rescission letter in writing, and to keep a written record of the entire process. This will give you a better chance of getting your money back in the event that the resort does not accept your request or that your case falls through.
When choosing a timeshare cancellation company, be sure to check their reputation online and on review sites like Best Company and Google. You should also be sure to meet with a representative before agreeing to work with them.
A good exit company should have strict eligibility requirements, an in-house process, financial security and positive reviews. They should be experienced and have a track record of helping their clients successfully get out of their timeshares.
If you are looking for a timeshare cancellation company, check their reviews and testimonials online to see what other owners have to say about them. You can also find a list of companies on the website of the National Timeshare Owners Association.
Some companies will ask you to pay a fee upfront to get started with the cancellation process. This is a sign that they are not legitimate, and it could be an attempt to scam you out of your money.
Be wary of any timeshare cancellation companies that ask you to pay them up front. This is a huge red flag because it means that they are likely to take your money and disappear, leaving you with nothing.
