The idea of purchasing a timeshare or having a piece of vacation property that you can use once a year (usually for a week) sounds appealing and exciting. Unfortunately, many buyers soon realize that they’ve made an impulsive decision. Some even feel that they were emotionally manipulated into signing the contract although they don’t intend to buy a timeshare in the first place.
Regrets after Buying
Timeshare cancellation lawyers note that remorse is usually common after the purchase has been made. If you happen to buy a timeshare and regret your decision later on, you’re not alone. Many buyers also feel the same way and want to cancel the contract, realizing that the investment doesn’t work for them. Common reasons for cancellation include:
- Financial strain or can’t afford the timeshare anymore,
- Extremely easy to buy but very hard to sell,
- Hidden fees to maintain,
- Lack of control over annual increases,
- Almost no return profits,
- Boring to visit the same place every year, and
- Special challenges for timeshares bought in a foreign country.
Canceling the Contract
If you’re thinking of canceling your timeshare, the first thing you should do is determine the cooling off or rescission period for doing so. The typical period is between 3 and 15 days, but this varies from state to state. In Florida, for instance, you have 10 days to cancel, while in other states like Alabama, the rescission period is 5 days.
You’ll also need to need to send a cancellation letter, with the contract specifying the manner you need to send the letter. If you properly follow the procedure and cancel within the said period, the timeshare company will return your money.
Canceling after the rescission period is hard, but still possible. It’s best to talk to a real estate or timeshare cancellation attorney when doing so. This is because this usually involves filing a lawsuit against the timeshare company. You need a legal expert to guide you throughout the process.