How to Legally Cancel a Timeshare Contract
Lots of people regret buying a timeshare. The vacation properties cost owners so much money every year. Moreover, if you fail to make payments, the investment could fall into foreclosure. For these reasons, many individuals try to cancel their timeshare agreements. Yet, this process is more challenging than one may think. You should follow this guide on how to legally cancel a timeshare contract if you want to be free of this burden for good.
A Grace Period
Some states offer new timeshare owners a grace period to cancel their agreements. Please take note of these dates before you sign anything. Canceling a contract during this time is the easiest way to get out of the situation. You’ll have to write a rescission letter within the timeframe to remove yourself from the situation. The note should include your personal information as well as the name of the resort. Writers should also acknowledge the grace period and state their reason for canceling. Finally, make sure that the letter is certified before you send it off. You’ll have to contact a notary to do this for you. As long as the note is dated within the period, the resort should honor the letter and cancel your agreement.
If You’re Outside the Grace Period
Matters become a little more complicated if you decide to cancel your timeshare outside the appropriate grace period. The remainder of this article will discuss how to legally cancel a timeshare contract for those who missed their window of opportunity. Even so, not all hope is lost if you’re diligent in your efforts.
Selling Your Timeshare
One option for people who want to get out of their indentures is selling the property. Yet, this market is not as lucrative as you may think. People thinking about selling their timeshares should know that the pool is incredibly tiny. One reason for this is that there are many other ways people can vacation. Airbnb is growing in popularity, and lots of families are buying RVs. Since there are endless options, and timeshares tend to drain their owners dry, people try to stay away from them. Developers also don’t want to see any customers go, as they like getting as much profit as possible. So, property managers do everything in their power to prevent people from selling. Some resorts make owners work with approved selling companies that require a substantial fee to get started.
Get a Lawyer
You should consider hiring an attorney if selling your timeshare falls through. A lawyer will help you navigate the legalities of the process, and it’s a wise idea to have an ally by your side. First, a legal professional will determine if the timeshare company is in breach of your contract. Your lawyer will look through documents meticulously to find any wrongdoings on the party of the resort. You’ll have a much simpler time getting out of the agreement if your representatives find out the company violated your agreement at any time.
Things get a little trickier if your lawyers don’t find any discrepancies. Yet, exiting a contract isn’t impossible when you have an attorney to represent you. Legal professionals have a higher chance of negotiating with these companies than you would on your own. Developers may be more likely to compromise if they’re worried about a potential lawsuit. Another advantage of hiring a lawyer is that under FDCPA regulations, debt collectors can no longer reach out to you while you have legal representation. Instead, these collectors must contact your attorney instead of hounding you for money.
What About an Inheritance?
Lots of people wonder what happens to a timeshare upon the owner’s death. Sadly, developers try their hardest to get the property passed on to a grieving loved one. This means that person will be responsible for future payments and upkeep of the property. However, not all hope is lost if you want to refuse your timeshare inheritance. If you receive a vacation property from someone that’s passed on, you should act swiftly. Much like the original grace period, new owners only have a small window of time to get out of the agreement.
It’s also vital that inheritors not use the timeshare after they receive it. Using the property will make it harder to show that you don’t want it in a court of law. You should also write a letter of disinterest to prove that you don’t want the timeshare. This note will become a critical piece of evidence in the decision process. Another important step in the journey is providing a copy of the death certificate to the developer. The property manager may be more likely to negotiate if they have proof of the owner’s passing. Finally, you should notify your other loved ones of the inheritance. The property will move on to another person in your circle if you get out of the contract. Please, try giving them a heads up so they can think about their options before the timeshare is thrust upon them unexpectedly.
Timeshare Exit Companies
You should contact a timeshare exit company the minute you think about leaving your contract. Preferred Cancellation Services is a trusted timeshare exit corporation that’s dedicated to customer satisfaction. We know how stressful it is to own a timeshare. That’s why we’ll work tirelessly to free you of the problem. We specialize in timeshare cancel services. We’ll negotiate with resorts and try our best to point out their manipulative tactics. With our assistance, you’ll be out of the agreement and ready to move on with your life.
Buying a timeshare is never a smart idea. Between the insane loan interest rates and staggering maintenance fees, owners consistently pour money into these properties. Since owners are drained dry, and the scheduling is confusing, people try to get of their agreements. Yet, as this article has shown, this isn’t always an easy feat. In fact, you should contact a lawyer and use a timeshare exit company to legally cancel a timeshare contract. Please, call Preferred Cancellation Services to help you through this process. We’ll work on your behalf to help you move on with your life.
