For sure, timeshares tend to bring owners a range of recreational benefits with an ability to visit luxurious hotels and resorts annually. However, timeshare companies typically require individuals to pay high annual maintenance fees, which is why owners decide to get out of their ownership. If an owner is willing to cancel timeshare, there are a few choices to perform this task. Today, we will represent to you how much time you have to cancel a timeshare in Florida.
What is a rescission period?
Every timeshare purchase is a contract, so adhering to specific contract laws is vital. Contract laws determined the cancellation of a contract as a contract rescission. Every timeshare contract provides a right of cancellation that allows individuals to cancel their ownership within a given time. Timeshare owners primarily receive a guarantee of the right of cancellation.
This right of cancellation can be used within a determined time window, known as a rescission period. This is usually a week or two after the timeshare purchase. Different state laws ensure the different length of a rescission period. For instance, it lasts seven days in Hawaii. However, longer rescission periods might be provided for some individual agreements. If an owner is still in a rescission period, they can write a request to the resort about a legal timeshare cancellation. On the other hand, the penalties can be charged if an individual decides to cancel a timeshare after a determined time window for cancellation passed.
How many days to cancel a timeshare contract in Florida?
Florida remains one of the most popular states for timesharing. The state laws outline a cooling-off period for timeshares (Florida rescission of contract) for ten days after an agreement signature. Within this time, owners can cancel a timeshare contract and get their money back.
At the same time, individuals can still terminate a contract with a timeshare company if they experience pressure or were misled during the selling process. For instance, you could probably hear from a salesperson that you will be able to get a property back to a resort, or you can change a timeshare for another one without additional commissions. Check up on your timeshare contract with a lawyer or attorney to reveal any contraventions.
Other solutions of getting out of a timeshare
If you miss a rescission period but still want to get rid of your timeshare, there are some other ways. You can list a property on the online resale market, but don’t expect to get all the timeshare costs back. You should also make sure you don’t have any debts in terms of maintenance fees before selling it. Additionally, you can hire a professional timeshare exit company that will be engaged in the termination of your contract with a timeshare company. You will need to spend some money, but it is worth keeping your mind calm.