3 Tips to Consider When Preparing to Cancel a Timeshare Contract

Timeshare Inscription on Sand

Timeshare contracts refer to agreements between the actual owners of a real estate property and third parties regarding sharing ownership over a certain property, usually resort condominiums. Upon entering such a contract, a third party usually agrees to the sharing of the expenses of the property in exchange for the shared ownership. That means incurring expenses related to the maintenance of the property.

Hire an attorney

Soon after entering a timeshare contract, many parties experience buyer’s remorse. However, they do not know how to get themselves out of it. To be safe, hire a timeshare cancellation attorney near you. Your lawyer will go through the contract and use their expertise to determine the best way forward. They will then guide you through the entire cancellation process, ensuring that you do not miss any step that may be determined as a breach of contract.

Consider the provided cancellation period

Usually, contracts indicate the provided cancellation period when you can rescind your contract with no associated consequences. Upon experiencing buyers’ remorse, you need to act quickly and utilize the cancellation period to protect yourself against possible lawsuits. However, there are times when contracts do not have a cancellation clause. In such cases, you may need to check the state laws to determine the provided grace period under the law.

Cancellation and delivery

Timeshare cancellations should be done in writing. That is because it provides a record of your termination of the contract. The cancellation document should indicate your name and address, the name and address of the timeshare company, the date of cancellation, and the timeshare contract to be canceled. It is not compulsory for a buyer to indicate a decision for opting out of the contract.

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The biggest mistake done by many third parties is their failure to precisely follow the provided procedure for rescinding a timeshare contract. That puts them at risk of being sued for breach of contract. That may explain why hiring a lawyer is in their best interest.