If you enter into a timeshare and then suffer buyer’s remorse, it may be possible to cancel the contract, but you must move quickly and follow the proper procedures:
Follow the Terms of the Contract
Most states have passed laws that allow timeshare buyers to cancel contracts, and your contract should clearly state
the number of days you have to do so. If it doesn’t or you think the contract provisions may be incorrect, you should check state law as it applies to timeshare contracts.
Put it in Writing
Typically, a contract must be cancelled in writing, and even if a written letter or document is not required, it is a good idea to provide one, which includes the following information:
- Your name as it appears on the contract
- Your address, phone number, and email address
- Name of the timeshare company or association
- Timeshare description
- Date timeshare was purchased by you
- Statement that you are cancelling the timeshare contract
In most instances, it will be unnecessary to list your reasons for cancelling the timeshare contract.
Deliver Properly
You need to follow the terms of your contract regarding how your cancellation letter will be delivered, typically either by hand-delivery, or certified or registered mail. Make sure you follow the directions exactly and deliver your letter within the cancellation time period, or it may not be valid.
What if the Cancellation Period Has Passed?
In certain states and in limited circumstances, all might not be lost and you might be able to rescind your timeshare contract after the cancellation period has passed, but you’ll need to contact a real estate attorney for advice. Contact an experienced business lawyer at O’Keeffe O’Brien Lyson Attorneys online, or call 701-235-8000 or 877-235-8002 (toll-free) today.
Photo courtesy of paulbr75/Pixabay
