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Letter Canceling Timeshare Contract

Ohio Letter Canceling Timeshare Contract

Category:

Letters - Legal - Timeshare

State:

Multi-State

Control #:

US-00783BG

Format:

Instant download

Description

Most states now regulate timesharing, either under existing state land sale laws or under laws that were specifically enacted for timesharing. The regulating authority is usually the real estate commission in the state where the timeshare property is located. Under the typical act, purchasers may cancel the timeshare contract within a certain number of calendar days after the date the contract is signed if the seller is notified of the cancellation in writing.

The following is a generic form of such a letter.

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FAQ

Canceling Your Timeshare Contract Most of the time, you must send your cancellation in writing. Even if the law allows you to cancel the contract orally, preparing and sending a timeshare cancellation letter to the seller is a good idea.

On the (add date) I purchased a Timeshare from you, for use between (week/period) at the (resort name and location). Please rescind my contract with immediate effect and provide a written confirmation. I would appreciate your prompt response but request a reply to be provided within 14 days of receipt of this letter.

The best way to find out the cost of the cancellation fee is to give the timeshare exit company a call to go through a free consultation during which you will be provided with an estimated cancellation service cost which on an average is about $4000.

Writers should also acknowledge the grace period and state their reason for canceling. Finally, make sure that the letter is certified before you send it off. You'll have to contact a notary to do this for you. As long as the note is dated within the period, the resort should honor the letter and cancel your agreement.

Your timeshare company might have a ?deed-back/surrender? option that allows you to surrender your timeshare after paying an upfront fee. The fee could be thousands of dollars, but it might be worth it in the long run.

Timeshares are difficult to cancel, and even when you can cancel, you may only be able to get out by paying a hefty fee. Timeshares are less lucrative than people hope. Timeshares often get sold under the impression that they'll make vacationing fun and affordable.

In general, it's very difficult to get out of a timeshare. Timeshare agreements are designed to be hard to break, to ensure that owners pay maintenance fees as long as possible. As a result, even if you are eventually able to dump your timeshare, you'll likely lose a good sum of money along the way.

Cancel the Timeshare Contract in Writing Usually, you must cancel a timeshare contract in writing. Even if a written letter or document is not required, it's highly recommended. Include the following information in your cancellation letter: your name as it appears on the contract.

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