A timeshare contract is a holiday property agreement that allows you to share a property’s costs with others to ensure time at the premises. Unfortunately, the agreement doesn’t mention yearly maintenance fees and other expenses that make it unbearable to own one. There are different kinds of contracts, such as and not limited to, fixed week timeshare purchases, floating week timeshare purchases, right to use, fractional ownership, and vacation clubs. Some people cancel their contracts because there is little or no investment, they can’t afford the increasing fees, or the contract has been disappointing. Following are four ways to cancel the contract seamlessly.
Write A Letter
The contract indicates how many days you have to cancel the contract. In case it does not, check with the timeshare contract federation law or contact your Freedom Customer Protection office. If your timeshare contract is new, you are covered to void the contract. It is important to write a letter to cancel the contract. The timeshare contract cancellation letter includes; your name as per contract, your physical and email address, phone number, name of the timeshare company, description of the timeshare, date of purchase, and a statement canceling the contract. Do not indicate reasons for canceling.
Sell To The Company
Some companies might buy the timeshare contract, although it will not refund the full amount. The contract indicates payback terms and conditions. If your contract does not have this information, the company will not buyback. Contact your company to know their buyback terms if the contract mentions it.
Give It For Free
A company may not repurchase it but will take it for free, although this is a loss. However, you want to stop paying annual fees since it is costly. It is better to lose the money invested; give it for free than to keep it and keep paying annual fees for a contract you don’t want.
Sell Your Timeshare
Sell the timeshare contract to another person through a specialized realtor. The price will be lower than the purchase cost. Some websites allow you to advertise your contract. Remember, the site charges a small fee. It is essential to know all charges before listing the timeshare on a website. Although, some sites allow advertising for free.
These are some of the ways of backing out from a contract. Timeshare contracts can be tricky, and you have to understand all the terms and conditions fully. It is vital to know all the other annual charges and remember they will increase annually.