It was sometime around ‘60s that the timeshare concept was introduced. People who went on regular holidays were advised to purchase either rooms or suites in particular places so that they could utilize those rooms when they were on holiday rather than rent rooms in hotels. This made available to them their rooms at a certain point of time in the year while at other times someone else also shared the ownership of the rooms and could make use of them.
Many a times people were unhappy with this sort of arrangement and wished to withdraw from this contract. The timeshare company will necessarily have to refund the amount paid by the person after deducting a withdrawal fee. However it is not as simple as it is made out to be and will be a rather time consuming process. Remember that in the cancellation procedure, time is of great importance when you wish to cancel timeshare. It would be advisable to entrust this business to good and reputed timeshare cancellation attorney who have been doing this sort of thing regularly.
Here are some points to remember:
- When you wish to cancel timeshare ensure that you do so within the period of cancellation your attorney will advise you the last possible date based on the state you purchased the timeshare in.
- Make sure that you hire an experienced timeshare attorney who will send your formal rescission via certified mail to cancel the contract. Your attorney’s correspondence will go the the legal department assuring your cancellation. There have been clients that attempted to complete a rescission by themselves and somehow “got lost” in another department and they were forced to engage in full cancellation service with a law firm costing 5 to 6 times what it would have cost if they had hired an attorney in the first place.
- Your attorney will make sure your rescission is documented, filed and postmarked in compliance with the state statute and contract ensuring you of cancellation and refund of any monies paid or cancellation of any indebtedness, whether a down payment, credit card or financing.