Buyer’s remorse is quite a common phenomenon with people who choose to invest in a timeshare. You attended the sales presentation on a whim and ended up buying an interest in a piece of real estate in, say, Hawaii. And now, the costs are piling up – taxes, maintenance fees and what not- and you are ruing the day you even thought of buying a timeshare. So what are your options? How can you get yourself out of this sticky situation? This blog will tell you about the best solutions available at your disposal to cancel a timeshare contract.
Considering the notorious nature of this industry, most states in the US have enacted laws that allow buyers to cancel timeshare contracts if they act quickly. You need to:
Act within the indicated time period for cancelling your timeshare contract
Your contract will mention a designated cancellation period within which you can rescind the agreement and get out of your obligations. This cancellation has to take place in writing wherein your notice to cancel the timeshare will clearly indicate your name, contact details (as it appears on the contract), details of the timeshare, date of purchase and a statement that you are cancelling it. You will not have to provide a reason to cancel a timeshare contract in most cases.
However, in case your contract doesn’t provide a cancellation clause or you have exceeded the designated time limit, you need to:
Get in touch with an expert who can refer you to an attorney for cancelling a timeshare contract
In certain states and in limited circumstances, you can go forth to cancel a timeshare contract by bringing a lawsuit against the timeshare company. The success of your case in court however, will depend on the knowledge, experience and prowess of the attorney you hire to handle the issue.
All the best with your endeavors!