Timeshare contracts are a type of legal transaction whereby one party buys rights to use a property for a specific period. These rights can be transferred to another person as part of the contract, or they may be held in perpetuity – that is, without any end date.
Dealing with a Perpetuity Timeshare
If you have a timeshare contract that has no end date, it can be one of the most difficult types of timeshare to get rid of. These contracts are incredibly complex and require a lot of paperwork, which makes them difficult to understand and take the necessary steps to cancel them.
The most common way to get out of a timeshare contract is to simply write a letter to the developer or resort, explaining that you no longer want to own the timeshare and asking them to cancel it for you. However, this can be tricky to do without some knowledge of your state’s rescission laws or the company’s resale cancellation policies.
Most states have a timeshare rescind law that allows people to cancel their timeshare within a specific amount of time after signing the contract. This is called a “cooling off” period, and it varies from state to state.
These rescind periods are important because they allow you to get out of the contract without having to pay any fees or penalties for early termination. Unfortunately, unscrupulous sales representatives often misstate the rescind periods, making it difficult for people to back out of their contracts.
Generally, these rescind periods vary from 3 to 15 days, but it is worth checking with your state’s regulatory agency or law enforcement department to find out what the rescind period is in your area.
When you do decide to write a letter, make sure you include the full name and address of the company you are writing to, as well as their phone number. It is also important to let them know that you are in the process of cancelling the contract, so that they do not continue taking your payments out of your credit card or account.
Many timeshare developers do not accept these letters and will try to tell you that they can help you get out of your contract with a phone call instead. It is best to read through your contract and see if there are any time-out options that might be available.
Whether you choose to go through the rescind process yourself or hire a third-party negotiator, you will need to ensure that all of the terms and conditions in your timeshare contract are met. In addition, you will need to find out what penalties are associated with early termination and if they are prorated over time.
If you do find that you are unable to break free of your timeshare contract, it is always best to seek the assistance of an experienced attorney or consumer protection lawyer. This is because they have access to resources that you may not, such as the right legal documents and a network of contacts in the legal community. They will be able to help you navigate the complicated laws and regulations in your state that are involved in cancelling your timeshare contract.