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Understanding Timeshare Rescission Rights
Need a lawyer to help you understand timeshare rescission rights? Timeshare Defense Attorneys has the resources you need. Contact us today.
Navigating the Way to Cancel Your Timeshare
We have all experienced that feeling of buyer’s remorse, especially after buying an expensive item in a moment of spontaneity. Once the initial excitement fades away, you may second-guess your decision and want to cancel your purchase. The problem arises when you have signed a binding legal contract. This issue is commonly seen where buying a timeshare is concerned.
In a timeshare purchase, state regulations enforce a cooling-off period for a timeshare buyer. This allows you to cancel your purchase without penalty within a specified timeframe.
The length of the cooling-off period varies. It depends on the jurisdiction and the rules governing timeshare cancellations. It typically ranges from 5 to 10 days. However, it’s essential to refer to the specific jurisdictional laws where the timeshare was acquired to determine the exact duration of the cooling-off period.
What Is Rescission?
Rescission refers to the legal act of canceling or terminating a contract. It allows contracting parties to cancel an agreement and return to their pre-contractual state. It is a legal remedy that aims to provide relief and undo the legal effects of a contract. Rescission renders the contract null and void, as if it was never signed.
Rescission of a Timeshare Contract
In the context of a timeshare, a recession refers to a legal window of time during which timeshare owners (timeshare buyers) can cancel their purchase contract without penalties or obligations. It allows buyers to reconsider their decision and exit the timeshare agreement. Cancellation must be completed within a specified period known as the “cooling-off/cancellation period.”
Timeshare Rescission Period
The length of the rescission period for a timeshare property is based on the jurisdiction and the specific state law governing timeshare contracts. Nationwide, the cooling-off period typically ranges from 5 to 10 days but can differ significantly from state to state.
State-Specific Laws for Timeshare Rescission
The laws governing timeshare rescission periods vary by state. For example:
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Florida: The rescission period is 10 calendar days. There are specific requirements for delivering the cancellation notice to the developer.
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California: The rescission period is 7 calendar days. Cancellation notice must be sent via certified mail or by physical delivery of the notice to the timeshare companies.
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Nevada: Timeshare contracts can be canceled within 5 calendar days. The cancellation notice should be sent via certified mail or physically delivered.
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Hawaii: There is a 7-day rescission period for timeshare contracts. Cancellation notice should be sent via certified mail or physically delivered.
To determine the precise duration, refer to the laws and regulations of the jurisdiction where the timeshare was acquired. Our Timeshare Defense Lawyers can assist in this regard.
Timeshare Rescission Letter
When writing a timeshare rescission letter, include essential information. Ensure your intent to cancel the contract is clear and documented. Follow any specific cancellation instructions or criteria outlined in your timeshare contract. Generally, the following information is required to be included in a timeshare cancellation letter:
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Your details, such as name and contact information.
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Details of the developer/resort.
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An explicit declaration of your desire to terminate the timeshare contract.
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Effective date of cancellation.
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Supporting documents if necessary.
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Indicate the method of delivery of the letter.
Additionally, read your purchase agreement thoroughly, make copies of the letter and accompanying documentation, and request formal confirmation of cancellation or any additional instructions.
The requirements for such letters can differ based on the applicable law in each state. Remember to send the letter by certified mail with a return receipt requested for proof of delivery. Consider consulting a lawyer from Timeshare Defense Attorneys who can assist you in improving your chances of following the proper procedures and protecting your rights.
What Happens if the Timeshare Company Does Not Comply With the Right of Rescission?
If the timeshare company fails to comply with the right of rescission, consider taking the following actions:
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Review the contract to understand the terms and conditions.
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Document all communication with the timeshare company.
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Remind the company of your right to rescind the contract.
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Consider consulting a timeshare attorney for legal advice and file a complaint with a regulatory agency or consumer protection organization. If necessary, take legal action against the timeshare company.
Timeshare Cancellation After the Expiry of the Rescission Period
After the rescission period has expired, timeshare cancellation becomes more challenging. Rescission is no longer possible as it falls outside the window of the time when you have an automatic right to cancel without penalty. However, there are still options to explore:
- Contact the timeshare resort or management company and express your desire to cancel the contract. While they are not obligated to accept your request, some may be willing to work out a solution, such as a buyback or voluntary surrender program.
- Consider selling or transferring your timeshare ownership to another person. But remember, the resale market can be difficult and may have associated fees.
- Seek legal advice from a timeshare attorney who can evaluate your case and review your contract. A lawyer can advise you on legal cancellation options. Some options include alleging misrepresentation, fraud, or other contractual violations. Stay proactive, persistent, and vigilant throughout the cancellation process.
How Timeshare Defense Attorneys Can Assist You
Have you recently signed up for a timeshare vacation that you want to back out of? If that is you, consider urgently contacting our law firm. We have skilled timeshare attorneys in Florida, Nevada, Utah, and Arizona. Our team of experienced attorneys can help you withdraw your timeshare contract and offer legal advice and assistance for other associated matters.
We can assist you in a variety of ways. We can:
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Review your timeshare agreements.
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Provide advice on your cancellation rights.
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Draft your rescission letter.
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We can also file a lawsuit and manage all your timeshare paperwork and deadlines if necessary.
We understand how stressful a timeshare cancellation can be and strive to provide you with continuing help and counsel throughout the process. Whether you are considering a Westgate timeshare cancellation or that of another company, your rights need to be protected, and this is where we come in.
Choosing an experienced timeshare legal company can be critical for a successful contract cancellation. It is crucial that you act immediately. Once your rescission period is over, your chances of cancellation are significantly reduced. Contact us to schedule a free consultation to create an action plan for rescinding your timeshare purchases today!
