It’s a good idea to learn the rescission laws in your state and get the help of a timeshare exit company if you want to avoid being stuck with a timeshare. Although a timeshare contract has some advantages, it can be a financial trap. Some owners plan to use their timeshares for the rest of their lives, and the fees can become very expensive. The timeshare company will want you to pay maintenance fees for years to come. Alternatively, you can sell or rent your timeshare. A timeshare exit company will work with you to make the sale or lease of your interest as easy and painless as possible.
There are many different types of timeshare contracts, but the most common are deeded and non-deeded. Deeded timeshares give you the right to own part of a specific unit, whereas non-deeded ones let you buy a home for a set number of years. Buying a timeshare can be tricky, so it’s important to know your rights before making a purchase.
If you’ve purchased a deeded property, you will receive a bill of sale and a permanent ownership certificate. These contracts are a little more complicated than buying a house, but they’re worth the extra effort. They provide you with a higher degree of legal assurance. You may have to make some payments or get approval to sell the unit.
Typically, there is a rescission period that is designed to allow timeshare owners to opt out of their contract. Although the rescission period is fairly short, you will still need to act quickly if you wish to have the opportunity to cancel your timeshare. Most rescission periods last from three to fifteen days, but the rules governing them vary from state to state.
While it may seem hard to do, it’s not impossible. As long as you act quickly, you can often find a way to get out of your timeshare.
A rescission letter is a formal document that requests the release of your timeshare contract. Often, you’ll need to write a detailed letter that includes the date of purchase, your name, the name of the timeshare company, the contract number, and any outstanding deposits. Ideally, you’ll want to send the letter by certified mail, and you’ll need to ensure that it’s postmarked before the deadline.
It’s not uncommon for a timeshare buyer to change his or her mind about a timeshare after a vacation. In fact, about 80% of timeshare members have no idea of the rules governing their timeshares. When you buy a timeshare, you are given a specific amount of points, or “points” to spend on your accommodations. Depending on the timeshare, you may be able to use your point for a week of vacation every year. However, in many cases, you’ll be required to pay monthly maintenance fees and mortgages. This can be a burden to anyone.
Taking the proper steps to cancel a timeshare can be a bit confusing, but it doesn’t have to be. With the assistance of a timeshare exit company, you’ll be able to negotiate the right to buy or sell your timeshare, or to get out of your contract altogether.