Thinking of Rescinding a Timeshare Contract? Here’s What You Should Know



When you have a timeshare, you may want to sell it someday. This is a common occurrence, and there are multiple ways that you can find buyers. You may also want to look into reputable timeshare lawyers to see whether there are any other actions to take. Often, available timeshares are listed for sale by real estate agents who specialize in timeshares. You can ask them to advertise my timeshare in order to get your timeshare in front of buyers. Often, these are beach timeshare rentals that people have decided against keeping any longer.

If you are in the market for a timeshare, you can look into affordable timeshare rentals that are available all over the world. There are also chain timeshares that can offer you time in an of their many timeshare buildings. These often use points to determine which building you can stay in when it’s your time to book a trip. The money that you pay in and how often you go to your timeshare influences how many points you have and where you can stay. Many people like to do this because they don’t want to get away all that often but want a place available to them.

Although a timeshare contract is a binding legal document, it has provisions for termination just like any other legal contract. However, most timeshare companies continue to imply that their contracts are non-rescindable. This has led to many uncertainties in the timeshare sector as more and more people are feeling entrapped. In fact, 85% of timeshare subscribers deprecate their purchase, mentioning money, fear, coercion, confusion and distrust as their main reasons.

Under the law, you can easily terminate a timeshare contract provided there are substantial reasons such as mistakes, breach of contract, fraud among others. Also, if you can terminate a contract if you are too overwhelmed with its obligations. During such a situation, it’s important to seek timeshare legal advice to understand your options and the best way of approach.

Timeshare contract cancellation often occurs when one of the parties decide to pull out of the contract due to a breach by the other party. However, cancellation of this contract is only viable if it’s done within a timeshare rescission period. Otherwise, it’s may be very difficult and nearly impossible to rescind the contract if the period expires. The agreement should clearly state the window period you have to cancel the contract. In case it doesn’t, timeshare legal advice from an attorney can point you in the right direction. What does your state’s law say in such a situation?

Although a document may not be that necessary, ensure your cancellation is done in writing all the same as it’s the most recommended way. Make sure you include your proper names and contact details as well as the name of the timeshare company. In addition, clearly define the timeshare with all its details including inception date, the name of the association or company and a statement for rescinding the contract, although this is optional. Cancellation aside, a timeshare contract may also be terminated for other reasons than breach but in this case, the canceling party gets to walk out with some remedy or any underperformed balance.

Cancellation and termination are the most popular solutions when you want to get out of a timeshare contract. However, there is one more option that not many people know about and this is transferring timeshare ownership or donation. There are few organizations that can accept deeded timeshare donations and by doing that you’ll be freeing up yourself of that contract obligations. The only downside to this option is that most timeshare companies will try to block the transfer or impose hefty transfer fees making the transfer nearly impossible.

So, when seeking timeshare legal advice, you want to be sure that whatever information you get isn’t against your position. What some of the timeshare costs and risks you are likely to face? And what are your chances of winning the dispute? These are just some questions you ought to brainstorm with the assistance of timeshare attorneys.

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