Timeshare is a form of holiday ownership that gives you the right to use an apartment or resort property for a fixed period every year. They are available in a variety of models, including deeded, right-to-use, and points.
When you purchase a timeshare, you will have to pay annual fees that cover maintenance, special assessment and taxes. These costs will vary depending on the type of timeshare you have and how long you own it, but they can range from $300 to $1,000 per year.
Buying a timeshare contract can be intimidating and confusing, especially if you don’t know your rights as a consumer. It’s best to read your timeshare contract carefully and be prepared to cancel it if necessary.
The EU has passed new regulations that will help protect consumers from timeshare sales practices that are known to be exploitative and harmful. This regulation is aimed at addressing issues such as pressure selling, unreliable and fraudulent resale companies, and in perpetuity clauses.
In the new legislation, it is now mandatory for exchange companies and resale companies to provide detailed information about their services. It also requires them to adhere to the 14 day cooling-off period and the right of withdrawal, as well as preventing the charging of advance payments until the sale has taken place or the contract has been terminated.
This should put a stop to the unregulated resale industry and restore customers’ confidence in the service provided by exchange and resale companies.
The resale industry is one of the most common problems with timeshares, so it’s important to take precautions before you sign up for an agreement. This includes researching the company and finding out what your options are.
Often, the only way to know your options is to speak to a professional who has experience with timeshare cancellations. These experts can work with you to find a solution that will help you get out of your timeshare and enjoy peace of mind.
It’s best to start the process by reviewing your state’s timeshare rescind period laws. These are generally between 3 and 15 days from the date you signed the contract, but they may vary slightly by state.
Once you’ve found the rescind period that suits you, write your letter of cancellation and send it to the developer. This can be done in-person or through certified mail.
You should write a letter that states your intentions to cancel your timeshare, along with any other pertinent information. Make sure to include your contact details and any other relevant documentation, such as your membership card or bank statement.
The letter should also explain why you’re seeking to rescind the agreement. It’s best to be honest and straightforward, as this will ensure the letter is received promptly.
The letter should also ask for any future payments to be returned in full and for the developer not to charge you on your accounts or credit cards. This should ensure that you have a clean exit.