A timeshare contract is a purchase agreement for the right to use an accommodation or resort property over a set period of time, usually one or two weeks. It can be either deeded or non-deeded, but a deeded timeshare is typically the most common type.
If you are a timeshare owner and are looking to get out of the contract, it is important to understand the cancellation process so that you can take advantage of your rights as a consumer. This can include a cooling off period that allows you to rescind the agreement within a short period of time, as well as a rescission letter that needs to be sent to your timeshare company in order to cancel the contract.
In addition, you may need to cancel any financing agreements that you have entered into in order to rescind the contract. If you are unable to do this on your own, it is a good idea to consult a professional who specializes in negotiating the cancellation of timeshare contracts.
The EU protects consumers when they sign a timeshare contract under the Timeshare Directive (Directive 2008/122). The directive establishes certain conditions that must be met before a trader can sell a timeshare product to a consumer.
For example, the timeshare vendor must provide disclosure information before a person can buy a timeshare. This includes an explanation of how timeshare works and how the contract is different from a conventional lease agreement. The vendor must also provide an estimate of how much money you will need to pay for the property, the costs of any maintenance fees, and any other expenses associated with owning the timeshare.
Another major requirement is that the timeshare vendor must offer a written cooling off period that enables the consumer to withdraw from the timeshare contract without any fees or penalties. This is done by sending a written letter to the trader that explains your reasons for wishing to rescind the contract.
The right of withdrawal is a significant protection tool that is designed to help consumers avoid being ripped off by timeshare sales representatives. The new Timeshare Directive aims to increase confidence in the industry and put an end to pressure selling by providing more protection to buyers and by reinforcing the duties of information and fair trading.
Despite the strict rules, some timeshare traders are not always able to comply with these requirements. For this reason, it is a good idea to seek legal advice before you sign a timeshare contract.
There is a timeshare contract rescission period that many people fail to take advantage of. This rescission period is usually very short, and it is important to act quickly if you want to cancel your timeshare contract.
Rescission laws vary from state to state, so it is a good idea to check the local law before signing a timeshare contract. If you have any questions or concerns, it is a good idea to consult with an attorney who specializes in resale agreements.