A timeshare is an agreement to share the costs and use of a condo or cabin with other parties. Timeshare facilities afford you more than a place to sleep, they come completely furnished with full kitchens, indoor or outdoor pools, and resort amenities like restaurants and night clubs. If you bought a timeshare but feel like you were pressured into it and want to cancel the contract, you need to consult a lawyer and act quickly within the guidelines of your state’s laws. Here are some of the basics on ending a timeshare contract.
Find Out The Timeshare Rescission Period
Timeshare purchasers are entitled to cancel the contract within a given period of time according to state law. While the cancellation period will vary from one state to the other, most states provide a minimum of 3-15 days as the rescission period, and require that a right to end the purchase be included in the agreement. The first step you need to take before ending a timeshare is to find out the rescission period. One of the ways of learning about the rescission period and your options for getting out of a timeshare contract is by consulting American Settlement Solutions.
Draft a Cancellation Letter
Typically, timeshare contracts are cancelled in writing. The following information should be included in the cancellation letter:
Your full names as they are indicated in the contract
· Your personal details- home address and phone number
· The name of the timeshare firm or organization
· Descriptive details of the timeshare
· The date when you bought the timeshare
· A statement indicating that you have rescinded the agreement
In most cases, you may not be required to state your reasons for ending the contract. However, your contract will indicate the mode you are supposed to use to deliver a cancellation letter. The two main options are hand delivery or delivery by certified or registered mail.
Cancelling a Timeshare After The Rescission Period Expires
After the rescission period passes, you may or may not be able to end your contract, all depending on the laws in your state. In some jurisdictions, you have no option but to sell your timeshare to recover your money. In a few states, you are allowed to file a lawsuit against the timeshare company after the rescission period is over. For example in Arkansas, the rescission period of a timeshare contract expires after five days. However, a buyer may be allowed to file a lawsuit within four years to end the contract where there are issues with disclosure and the validity of the contract is questionable.
Timeshare contracts are in most cases entered into without sufficient information. Many people who seek to terminate these contracts are surprised by the hidden costs and disappointed when their expectations are not met. If you are one of these people, talk to American Settlement Solutions to get out of a devastating timeshare contract.