The purchase of a timeshare contract is an emotional and impulsive decision for many people. This is especially true if the timeshare is purchased while they are on vacation, which often makes them more vulnerable to a high pressure sales presentation. Many states have laws in place that allow timeshare buyers to back out of their contracts within a certain amount of time after signing them. This is known as the rescission period.
However, these laws vary by state, so you must be aware of your specific timeshare’s rescission policy. The rescission period may be found in the fine print of your timeshare contract or in the governing documents. You must read these documents carefully and understand the terms before making any decisions.
Aside from timeshare rescission periods, the laws of your state and country will play an important role in getting out of your timeshare contract. If your state has a law that allows you to cancel your timeshare contract, then it is important to take advantage of it. The longer you wait to cancel your timeshare, the more difficult it will be for you to find a buyer.
In most cases, you can cancel your timeshare contract by writing a letter to the resort and the company that manages it. This is important, because you want to make sure that your letter is dated within the rescission period. If you are currently on vacation, you can try to find a business center at the hotel or use a public computer for this purpose.
If your state has a rescission period, it is important to know that it is usually very short. This is because most of the timeshares are sold while potential buyers are on vacation, and they are relaxed and carefree. They may be convinced by a 90-minute timeshare presentation in exchange for show tickets or a meal, and the rescission clock can run out before they even get home.
Another reason to avoid a timeshare is the maintenance fees. These are expensive and often go up each year. These fees help the resort pay taxes, staff, and maintenance costs. It is also important to consider the fact that timeshares are non-transferable, which means that you cannot pass it on to your family or sell it to someone else.
Some states have laws that require a mortgage or other long-term financial commitment to provide transparent, easy to read disclosures. This is an important consumer protection measure, and it should be extended to timeshares. This would help put consumers on notice that they are committing to paying an undetermined amount of money each year for the rest of their lives, and that the costs could increase each year. It would also help to end the practice of resale companies and other unregulated holiday clubs. Until this is done, it is best not to purchase a timeshare.