Timeshare contracts are the ones whereby, for a certain period of time (which is typically very long – at least a few years!), you acquire the right to use one or more accommodation facilities in holiday resorts.
However, you must be aware that the purchase price of a timeshare is not the only amount of money you get out of your pocket; there are different additional annual fees and maintenance costs added to the timeshare price. Most people are surprised by these expenses as they occur, though they should have known of their existence from the start. As such, the timeshare concept is surrounded by incertitude, information which is only half-correct and generates additional expenses and sometimes it is unfortunately related to real scams – sellers who want to obtain advantages on our own expenses.
If you want to cancel your timeshare, here is how to get started with the cancel my timeshare process.
The seller from whom you bought your timeshare must provide you with a standard form that you can use. You do have the right to withdraw from the contract within a certain cancellation period after you signed the contract. Check your state’s law for more information about it, or contact the local consumer protection office, but be quick, as the cancellation period expires sooner or later. Within the cancellation period, the seller is not allowed to request advance payments, guarantees, etc.
When you buy a timeshare, the biggest risk is not whether you are allowed to cancel your contract, but that you will never be able to recover your money.