People enter into timeshare agreements with great hopes and expectations. Some of them are even fooled into thinking they have made an investment. They soon realize however that as soon as the purchase is completed, the value of their timeshare plummets as well as their resale capability. It is only after purchasing the timeshare at possibly exorbitant rates that they realize that they could have got it for almost next to nothing prices if they had done a proper research. Your calculations could go awry when the maintenance fees build up along with other special fees such as membership fees, taxes, and special assessments. This is when you start thinking of timeshare cancellation.
Financial Constraints Leading To Cancellations
Timeshare cancellation also becomes necessary when young couples who signed the agreement with stars in their eyes come down to earth and realize that they cannot afford the payments. Moreover, even if the stay is free, they still have to make the money to make the payments for traveling to and fro and other expenses. Very often they are unable to understand and the salesmen of course do not explain, that vacation flexibility is not as easy as it looks on paper. There is a lot of advanced planning and trading costs that they can incur. The terms and conditions of the agreement are quite complicated and difficult to understand.
Timeshare Rescission Period Mandatory By Law
Most of the states in the United States of America have compulsory timeshare rescission periods which cannot be waived even if the waiver has been signed. The rescission period of time varies from state to state and so buyers have to take cognizance of that. The cancellation letter must be sent in writing to the developer. It should contain all pertinent information as given in the agreement and the seller has to return all payments made without any deductions whatsoever. If the rescission period is over, then the only way to get out of a timeshare is through the legal route.
Importance Of The Timeshare Rescission Period
The timeshare rescission period is important because timeshare salesmen use high pressure sales tactics and therefore all the people who succumb to it need a cooling off period to reassess their decision. Those people with regrets can opt out of their contract without losing any money at all. The rescission letter should clearly state the circumstances in which the contract was signed. It is important that you exit the timeshare ethically and correctly.