Cancel Timeshare Deed with Rescission procedure

Posted by USConsumer Attorneys on January 10th, 2018

The term ‘timeshare’ was coined in the United Kingdom and popularly came to be known as vacation property after World War II. The thought of vacation home appears to be very appealing. The idea of a vacation home was to jointly invest in an exclusive property and use it by the owners in the rotated seasons each year. This concept was mostly used by related families because joint ownership requires no property manager to look after but the only trust. Timeshare vacation home is a perfect place where one can spend perfect time with near and dear ones and enjoy their vacation. To many people, timeshare ownership comes as an opportunity but actually, it is an unforeseen cost. Timeshare contract is a binding legal document.

If someone has come under the influence of seller and made an impulsive decision, now is the time that they can retrieve their decision. The ownership of the property or the contract purchased can be cancelled during the recession period without being penalized for breaking the contract. Recession period is an opportunity to change your mind and get rid of timeshare deed. The period differs from 5 days to 10 days. Each and every contract of a timeshare includes some crucial steps that are taken to nullify the contract during a specific time period. Although the length of time may vary by state or country, it will be always included in the contract.

If your rescission request does fall within the rescission period, you can send a letter to the seller and request for cancellation of the timeshare contract. The following are some of the most critical components of this letter:

• Personal Information

The rescission letter must include your name, address, and date of purchase must appear at the top of the letter. This is the only way that the timeshare company can identify you and get assured that you wish to cancel the request during the rescission period.

• Purpose

While writing a letter, it is very important for the owner to be direct while stating the purpose of their cancellation of the contract. It is also important to avoid fluffy language while writing the letter, it is a legal document and must use legal language.

• Factual Reasons

It is always suggested to seek the help of timeshare cancellation lawyer to formulate recession letter. If the company violate any laws or regulations, it is advised to state reasons and outline every thought in relation to timeshare contract.

• Refund Request

The letter must also contain a clear request for refund of the timeshare purchase. At the end, make sure to sign document along with the present date.

Therefore, it is of utmost importance to read all the instructions before signing the contract and should never sign without knowing the exact time frame. In addition, if anyone is stuck in such type of problem. Timeshare attorneys are always ready for help. With the right legal help on your side, you can cross check your letter and boost your chances of cancellation.