Do you know your rights as a timeshare buyer? Do you know what you agreed to when you signed your timeshare contract? If the answer to both of these questions is no, and you’re finding yourself considering timeshare cancellation, it’s time to start looking over your contract and determining if this is an option.
When you purchase a timeshare, it’s extremely important to read through your entire contract to assure you know your rights as a timeshare buyer. Specifically, you must make sure to thoroughly review the section discussing your time window for canceling your timeshare purchase. Though timeshare companies are required to list all information regarding Timeshare cancelation within their contracts, many contracts are so long and wordy that it’s almost impossible to find the actual information.
Have you found yourself in a situation where you are unsatisfied with your timeshare? You’ve had enough of your deceptive timeshare company’s scams but are worried that it may be too late to cancel your contract. If so, it’s time to evaluate your situation, learn your rights as a timeshare owner, educate yourself on your timeshare rescission period, and if necessary, seek legal help for getting out of a fraudulent timeshare contract.
When to Consider Timeshare Cancellation
timeshare cancellation: stressed woman reading a contract
Considering why you want to cancel your timeshare can help you determine whether buying it was your mistake or was a result of misleading and disingenuous business practices on behalf of your timeshare company. If any of the following factors led to an unwanted timeshare purchase, you may want to start planning your timeshare cancellation plan.
Timeshare salespeople are trained to incite a sense of urgency to purchase. They’ll insist that they’re offering you incredible deals on gorgeous timeshares that won’t be around for long. In reality, they just want to get you on the road to timeshare ownership by the time they finish their presentation. If you walk away saying “I’m going to think on it,” that can mean no sales for them.
Companies employing a high-pressure timeshare sales tactic often spin or omit information in order to get you to sign a contract. Because of this, many timeshare buyers are not fully aware of what they’re signing up for. And before they know it, these buyers are agreeing to make a huge financial investment on a property they may not have even wanted.
Contemplate how you would go about buying a real estate property. Before settling on a place, you would do your research, hire a real estate professional to represent you, look at hundreds of different options and areas, compare prices, and check out the property yourself. Investing in a timeshare property should be no different.
However, many unwanted timeshare purchases are due to a lack of information and a pressure to act now. In reality, there is no reason to purchase a timeshare at the end of a presentation, a week later, or even a year later. There’s always going to be deals on timeshares and just because you missed one doesn’t mean hundreds of others won’t pop up in a matter of days.
Timeshare developers want you to make a decision right away with no hesitation whatsoever. Doing so, however, often leads to buyers’ remorse over making such a big, expensive decision. If you made a timeshare purchase as a result of high-pressure sales that neglected to give you an adequate explanation of your timeshare, and you’re finding that they left out significant information about the timeshare itself, canceling may be your best bet.
Timeshares are expensive, long-term investments that many people are not prepared to uphold. But when a timeshare salesperson insists on what a great deal you’re getting, it can be easy to justify the purchase. This shouldn’t be the case.
Timeshare purchases should not be made impulsively. When you are pondering whether to purchase one, you should be given adequate time to evaluate your finances and see if buying a timeshare is responsible or will become a financial burden that you won’t be able to handle in the future.
Matters can be made worse when a timeshare company neglects to discuss financing at length. They should be willing to show you a range of prices and options and discuss all the expenses and annual maintenance fees you’ll have to pay. The bottom line is, you should see your timeshare contract before agreeing to it. And your timeshare company should be more than willing to provide it for you. If your company has made no effort to show you your contract or even attempted to shield it from you, you’re definitely in a situation that warrants cancellation.
What Is a Rescission Period?
Person discussing a contract with another person
State laws are aware that many timeshare companies train their salespeople to put extra pressure on people to make unwanted timeshare purchases. Because of this, there is a California law in place allowing timeshare buyers a seven-day rescission period after they’ve signed their contract to cancel the purchase. By law, no timeshare company can decrease this rescission period or force someone to forfeit their termination rights.
Though the rescission period ranges from state to state, any timeshare contract must give a notice of your right of rescission and the procedure for exercising these rights must be included in the fine print. This procedure explains how to write your cancellation letter and where to address or deliver it.
Legally, your timeshare agreement must have a money-back guarantee for the upfront fees you’ve already paid if your cancellation letter is received within the rescission period. They also cannot require a reason for canceling or impose any cancellation fees regardless of what their contracts say. If they do request any money from you, you have no legal obligation to pay it.
What If I Want to Cancel Timeshare After the Rescission Period?
In order to make a responsible exit, canceling your contract within the provided rescission period is the best way to go. But if you’re wishing to rescind your contract outside of this time period, state laws will often allow timeshare buyers to be released from their contacts if they’ve been a victim of fraud or deception. If your seller didn’t properly explain timeshare resales or the investment’s financial returns, you may be eligible to file a lawsuit to get out of your timeshare contract.
Why Should I Work With Centerstone Group?
If your timeshare company has concealed information from you, provided misleading knowledge about your timeshare, intentionally hidden fees, or practiced fraudulent and deceptive sales techniques, you may want to seek the help of Centerstone Group.
We are a full-service advocacy group that specializes in resolving timeshare contracts. Our team of timeshare exit experts have a deep knowledge of the timeshare industry and are informed on how to navigate timeshare cancellations. At Centerstone Group, we work with our clients to analyze their specific situations and contracts in order to determine whether they’re eligible for a timeshare cancellation.
If you were a victim of fraud, high-pressure sales tactics, or misrepresentation during the timeshare sales process, Centerstone Group may be able to release you from your timeshare contract even after your rescission period has ended. Centerstone Group’s price-competitive services assure that whatever the cost of getting out of your timeshare, it will be pennies compared to staying in your timeshare another year. Contact us today for a free consultation to get started.