In a timeshare contract, you buy rights to use a property for a specific period of time. This is a great way to have vacations at some of the world’s most beautiful resorts without having to pay full price for them. There are a few different kinds of timeshare contracts, each with its own unique features. If you’re interested in buying one, here are some of the main types:
A deeded ownership timeshare gives current owners the right to use the property indefinitely, provided they make annual maintenance fees payments. These payments may be expensive, and if owners don’t renew their leases, they could lose their ownership rights.
Another popular kind of timeshare contract is the floating week system. This lets you select a particular week within a specified window of time, so you’ll need to reserve that week well in advance of your trip. This allows you to take advantage of the best time of year for a given resort, but it can also be a bit confusing if you’re not familiar with your contract.
A points-based timeshare is a popular type of timeshare because it allows you to redeem your points for other travel products, like airport transfers or flights. But these types of timeshares can be expensive, so it’s important to do your research and make sure you’re getting the right value for your money.
If you’re not sure about the complexities of timeshares, it’s a good idea to speak with a lawyer before signing any paperwork. They can help you determine which type of timeshare is right for your situation and can also guide you through the rescission process.
Almost every state in the United States has a law that requires timeshare companies to have an express cancellation provision in their contracts. This will tell you exactly how to end the contract, and many other countries have similar laws as well.
There are also rescission periods in place that allow owners to back out of their contracts without paying penalties or fees. However, many sales representatives aren’t clear on this issue, and they often try to misrepresent how long these periods last.
You Should Always Write a Letter
The first thing you should do is write down your decision to cancel. Even if the details of your timeshare contract say you can cancel orally, you should always put it in writing so that you have proof of your intentions.
Your letter should be sent to the company’s address, and it should include a description of why you want to cancel your contract. You should also include your contact information, including a phone number and e-mail address.
Once the company receives your letter, they should contact you within a reasonable amount of time. If they don’t, it’s a good idea to contact the Consumer Protection Agency.
They can provide you with information about timeshare reselling companies and the resale market. They can also help you find a reputable broker to sell your timeshare.