Nowadays, it’s no wonder anymore why many owners try to get out from their timeshares. The maintenance and other fees can really drain financially the owner especially at this economic climate. However, for those who had just bought a timeshare and had just realized their regrets, there is still hope to cancel their purchase within the rescission period. In this article, we will talk about some rules on cancelling a timeshare.
When you purchase a timeshare, you have a rescission period. This is the specific time frame during which you may cancel your purchase. The deadlines can vary between three to fifteen days depending on your locale but Federal law require this period to last at least three days.
Once you have signed a legal contract, you must follow a correct legal procedure or you lose your legal right to rescind. The rules and procedures of this vary from resort to resort and on the location that has its jurisdiction. Note that whether Saturday or Sunday counts towards the deadline and whether the date on which you signed the contract counts as a full day.
Also, you should write a letter notifying the timeshare company that you are exercising your legal rights of rescission. Moreover, include a copy of the main page of your contract, not original documents, and be sure to keep copies of everything.
Timeshares are closely associated with a lot of disadvantages especially with regards to fees involved. These days, we usually hear about owners trying to get rid of their timeshares while some of them even hire a timeshare transfer company such as the Transfer Smart. But for those who had just bought such property and want to get rid of it, they can legally cancel it by following those points above about using the privilege of the rescission period.