Timeshare is a form of arrangement where several owners of a vacation property assert their right to use the joint, vacation property under a time-sharing agreement. Timeshare started in Europe in the early 20th century when families would group together to purchase a holiday home where they each had a share and contributed toward the cost of upkeep and that each family agreed that an equal amount of time each year, about 3 months for each family, will be used to spend their vacation there.
Because of some drawbacks which timeshare owners have experienced, they are contemplating on selling their share, and these are: scheduling problems to use the vacation resort and limited schedules which are not favorable to the owner; increasing maintenance fees. Other options are being looked into by timeshare owners, like looking for the right timeshare exit solution, since it is a difficult endeavor, at this time, to even think of reselling one’s timeshare because the timeshare resale market now is over saturated with owners who desperately want to recoup their investment.
The nature of timeshare selling is, indeed, a difficult undertaking, such that there are now states that have enacted laws that allow timeshare buyers to cancel contracts; therefore, a timeshare buyer who is in desperate move to cancel the contract must act quickly within the cancellation period. First thing is to look at your timeshare contract if it is stipulated in it the number of days you are allowed to rescind the contract; however, if there is no stipulation, do the following: check on your state’s law on timeshare contracts or contact your state consumer protection office or contact your lawyer. Should there be a provision in the contract for cancellation, communicate to the timeshare company of your intention to cancel the contract through a written letter and in it, include the following: your name as it appears in the contract, your address, phone number, and email address, the name of the timeshare company, a description of the timeshare, the date you purchased the timeshare, and a simple statement that you are cancelling the contract, but not necessarily mentioning a list of reason for the cancellation. Also, keep in mind that delivery of the cancellation letter must be sent within the time period, following exactly the instructions on cancellation as specified in the timeshare contract, because not being able to fully comply with the instructions may invalidate your cancellation. If you can afford it, you may hire either a lawyer or a timeshare exit solution company to handle your cancellation intention, but you have to decide fast on which of this option to follow. There may be a circumstance that a state may allow cancellation even if it has been beyond the cancellation period; but, this will entail a lawsuit against the timeshare company, therefore, it’s best to consult a real estate attorney.3 Homes Tips from Someone With Experience