You acted impulsively and purchased a timeshare property, but now that decision made you regret your purchase. Now you must be thinking about what you should do if you want to return or cancel the timeshare purchase or contract.
Today, we will discuss all can you change your mind after buying a timeshare property?
Can you change your mind after buying a timeshare property?
The answer to the question can you change your mind after buying a timeshare property? is in short, yes. However, it is not simple as it seems, and there are a lot of things involved. Let us look at those things.
Rescission period
As timeshare property is physical property, it resides in a state or a country and therefore complies with state law. You can cancel or return your timeshare purchase if your state law allows it. Most of the time, you, after your purchase, can return your timeshare property in a limited timeframe, known as the rescission period or cooling off period.
Every state has its recission period, which differs. Usually, it is somewhere between 10-15 days. However, it can also be less than 10. Now, as per standard state law, you are given every right to rescind your timeshare property. However, this point is not stated to you by the seller of the timeshare property. So be aware of it.
Now, there are some things you should consider when rescinding the timeshare property.
Things to consider when rescinding your timeshare property
Some things you should consider when returning your timeshare property or canceling the timeshare contract are specified below.
- Read the contract carefully
When considering rescinding timeshare, make sure to read the contract because according to most state laws your rescission right is defined in the timeshare deed. Reading the timeshare contract would allow you to know about your legal rights and avoid been getting scammed.
- No explanation is required
When rescinding your timeshare property, it is recommended to send the letter in writing to the salesperson. However, you do not need to explain the reason for foreclosing yourself out of the timeshare.
So, if the seller asks you any specific reasons for rescinding, he, or she is not obliged to do so. Although, you might want to state the purpose of your letter.
- Follow the company’s procedure for rescinding a contract
The way that you would send the letter to the seller is stated in the timeshare deed, so it is best to contact a timeshare company to comply with the stated laws and do things professionally.
For example, a timeshare contract might state that you can only fax or send the cancellation certified mail to confirm receipt.
- You cannot rescind your timeshare property after the expiry of your rescission period
You must act swiftly if you have changed your mind to rescind the timeshare contract because you are not allowed to do it after the expiration of the rescission period. It is another reason why you should always read the timeshare contract or contact a timeshare attorney.
However, if time has not been kind to you, i.e., the rescission period has expired, you can either sell your timeshare property or contact an attorney. Your timeshare attorney can review your contract to search for misleading statements to get the tables to turn.
Furthermore, due to some explicit reasons, state law might give you the chance to rescind even after the rescission period has been expired. But again, this varies from state to state.
Conclusion
The above-specified is all about you need to know about can you change your mind after buying a timeshare.