A timeshare contract is a legal agreement that allows multiple owners to use and maintain a shared vacation property. The properties may be located in different cities, countries, or resorts and can be owned by either private individuals or corporations. Timeshare ownership is common in the United States and around the world. However, some people are not happy with their timeshares and want to get out of the contracts. The process of cancelling a timeshare contract varies by state and country. In some cases, a person can try to sell their timeshare on the resale market. However, this can be a difficult and lengthy process.
Getting out of a timeshare contract requires careful review of the specific legal requirements. Each state has its own laws that govern timeshare contracts, and most states require that a contract have an express cancellation clause. The law also usually stipulates how much time a person has to back out of the contract, or rescission period. This will vary by state, but it is generally no more than a few days.
Timeshare companies often try to prevent owners from taking advantage of rescission laws by misrepresenting the amount of time they have to do so. Unscrupulous sales representatives will say that a person can cancel with a phone call, or they will not mention the rescission period at all. If a person is still within the rescission period when they cancel, it is important that they put their request in writing. They can ask their resort to provide a letter of cancellation or find a public library or cafe with a computer they can use to write the letter.
Another issue with timeshares is that they often include a perpetuity clause. This means that the timeshare can be inherited by a family member, which is often undesirable. This can make it difficult for a person to sell their timeshare on the resale marketplace.
Timeshares can be very expensive, especially when you consider the yearly maintenance fees. This can add up to hundreds or even thousands of dollars over the years, which is why many people end up trying to get out of their contracts. Fortunately, there are ways to do this that can be successful, including working with a company like EZ Exit Now that has a team of experts in the field. The company can help you determine if your contract has a rescission period and then work with you to find a way out of your contract. If your timeshare provider does not agree to cancel the contract, you can file a lawsuit against them for breach of contract. This can be very expensive, but can be the most effective method for cancelling a timeshare contract.