The timeshare is basically a vacation property that you are sharing with other individuals. These individuals could be family members, friends or anybody. They could be people who you may not know at all. Well, that I am sure is yours to use, on a weekly or monthly basis. You will be paying maintenance fees for it. A lot of people say that cancelling a timeshare is a very strenuous thing to do. Apparently, it is very hard. That is why, in this guide, I will be talking about what you can do if you want to cancel your timeshare.
Firstly, you will have to hire an attorney. I know Tony or a lawyer we know what to do. This is necessary if you are outside the rescission period. Let me tell you about the rescission period. When you purchase a timeshare, there will be a rescission period where you could possibly cancel it, where you will not be charged any extra fees for the cancellation. Most of the cases will be obvious that the recession period is done, because people want to sell it after using it for a couple of months or years.
The cooling-off period is the best time for you to cancel it. If you do, you will not require any legal help, in most cases. It is a pretty straightforward thing to do, if you want to cancel it in the cooling-off period. Well, if the period is done, you will have to consult with an attorney or a lawyer so that you completely understand what you are getting into. You may not even know if the phone is going to fight for you or against you. In a lot of cases, timeshare companies are against you, because they want to lock you in and trap you. When they do this, you will realise that you will be paying maintenance fees for a really long time and these fees can go up to thousands of dollars.
In the COVID-19 pandemic, a lot of these tried and true strategies will not exactly work. Attorneys will do their job, but it can get a little hard, because of the pandemic situation.
Because of the pandemic, not a lot of people will be interested in purchasing timeshares. There will be a lot of people who are willing to sell it. That is why, it is going to be hard for you to sell it in a pandemic. Some people have said that they had to issue a cancellation fee of more than $4000, just to get out of the deal. You need to keep in mind that the cancellation will end up costing you.