Timeshare Industry is worth $10.5 billion, with over 9 million homes having at least one type of its services. But even with this number of owners, canceling timeshare contracts is very common.
There are a lot of factors influencing people’s decision to cancel their timeshare. Regardless, it is your right to change your mind. Whatever is democracy for, right?
But as they say, freedom is not absolute. Going against timeshare companies can cost you lawsuits if not processed right. It’s important to note that buying timeshare comes with contracts protected by the law.
Timeshare cancellation calls for the sending of formal rescission letters. Do you want to know more about the process? This guide will help you understand more about a timeshare cancellation letter.
What Is a Cancellation Letter?
Letter of cancellation communicates withdrawal from particular arrangements. It can include a contract or event.
Business correspondence uses these formal kinds of letters. In your case, you can use this for canceling timeshare.
Why Write a Timeshare Cancellation Letter?
Buying a timeshare means buying a share in a piece of real estate, such as a resort condominium. Writing a cancellation letter is one way to cancel a timeshare.
Potential timeshare customers frown for being hard sold by timeshare vendors. It’s not new for a person to attend a sales presentation only for free goods and leave as a timeshare owner. Others sign timeshare agreements only to discover later that the deal is not quite as worthy.
Timeshare purchasers are often unaware of the obligation to pay taxes and other fees. Many people change their views after totaling up the economic burden.
Timeshare dealers’ marketing strategies did work, for that matter. But as a regretful impulsive buyer, terminating your timeshare is the way to go. So, learn the basics and start drafting the letter to cancel a timeshare.
When to Write a Timeshare Cancellation Letter
You must check with the timeshare dealer whether you qualify for rescission or not. If so, you must act within the identified rescission period.
Your agreement should state the amount of time you have to cancel your timeshare. If it doesn’t, or if you believe the contract is invalid, check your state’s timeshare contract laws. You can also opt to call your state’s consumer protection authority.
State legislation dictates how you should communicate the rescission. Sometimes, the timeshare contract may provide instructions. Some timeshare firms enable cancellation notices delivered by hand.
Others will only receive certified mail. Make sure you follow the instructions for the letter. Remember to return it within the rescission time.
If you went past the deadline, your chance to cancel the timeshare contract is invalid.
Draft Your Timeshare Cancellation Letter Now
There are ups and downs in the timeshare industry. Millions of homes in the United States have purchased a timeshare. However, many owners are considering various timeshare eradication solutions.
We hope we provided you with enough information about timeshare cancellation letters. Deal with it the right way if you want to stay within the confines of the law.
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