The circumstances under which you can cancel your timeshare are limited and depend on how soon after your purchase you decide to cancel the contract. It has to be said that most people are extremely happy with their timeshares but there will always be cases where clients change there mind for whatever reason.
The most common cases of timeshare cancellations occur a short time after the initial purchase, once buyers have returned home and spoken to doomsayers amongst their friends and family. Usually, once owners have begun to make use of their timeshare, there is very little need to cancel. Nevertheless, cancellations are a reality, so what do you need to know if you want to cancel your timeshare?
Cancel Your Timeshare
To be able to successfully cancel your timeshare, you must do so within what the industry calls the “cooling off” period, which is between 7 and 14 days depending on the country and the timeshare developer with whom you have purchased. To make sure you can cancel your contract, you must send notification to the developer before the end of this period. Remember that day 1 is considered the day that you signed the contract.
If you are hoping to cancel your timeshare after the cooling off period you will find it much more difficult and even impossibly unless there is lawful reasons for claiming a refund, like the property not being built, gross misrepresentation or an invalid contract.
If your contract does not offer the option to cancel your timeshare, you are legally tied to the terms of the document. If you were to breach the terms and conditions of the contract or fail to pay your maintenance fees you would be liable to legal action. If there is a legitimate reason for canceling the contract, as mentioned above, you are advised to find a lawyer, collecting all the evidence to show that the timeshare was sold on false pretenses. This can often be a lengthy process. Avoid companies that advertise on the internet or in the local press to sell or cancel your timeshare as you are likely to lose money and possibly the timeshare itself.
Steps to cancel a timeshare within the cooling off period?
If you want to cancel your timeshare and you are still within the cooling off window you have to notify the timeshare developer in writing before the last day of this period. Legitimate companies will probably already have given you the pro forma to fill in. Send the written cancellation by recorded post.
What to do if you cannot cancel your timeshare?
If the reason for canceling your timeshare is because you cannot use it, then the best solution would be to either rent, sell, transfer or donate your timeshare. Otherwise the best advise is to take advantage of your investment and you will soon see the benefits of you purchase and see not being able to cancel as a blessing in disguise.