Things You Need To Know About Timeshare Cancellation In Florida

By Author: Susan Budowski
Total Articles: 12
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You have just invested in what you thought was a great vacation spot, and now it's turned out to be not such a great investment after all. Maybe you are still within the cancellation period, but it's almost over, or maybe you just don't want to deal with the timeshare company anymore. If either of these scenarios sounds familiar, this article will give you some helpful tips on timeshare cancellation in Florida, no matter where you bought it or what is the reason behind your decision to cancel it.

The Basics

What is a timeshare? It's basically a fancy term for vacation ownership. The keyword here is ownership since most timeshares are available for purchase and will eventually be sold if all else fails. When you purchase a timeshare, you receive certain rights; you become an owner and receive those rights, like any other type of real estate. But, there's a catch—you also sign a long-term contract that forces you to buy annual maintenance fees whether or not you use your vacation property.

Right to Cancel a Timeshare in Florida

As a timeshare owner, you have the right to cancel. Under federal law ...
... (the Federal Trade Commission and Real Estate Settlement Procedures Act), every owner must be given, upon initial purchase, clear and complete notice of cancellation provisions. If you are a timeshare owner considering canceling your ownership, be sure that you fully understand your cancellation rights prior to signing any agreement or submitting any paperwork.

Under Florida law, this right of cancellation can't be waived. You must notify the seller in writing to cancel the purchase contract. And you can cancel the timeshare contract until midnight of the 10th calendar day following the date you signed the contract.

Writing a Cancelation Letter

The first step is writing a cancellation letter. The letter must be sent to all of your timeshare's titleholders and registered owners. Most timeshare companies may ignore this letter, but it should still serve as formal notice that you are planning on ending your ownership agreement within the next two years. Registering with a timeshare exit company can help you write your cancellation letters and represent you during meetings with your titleholder or Management Company.

Getting Out of a Timeshare Contract in Florida After the Rescission Period

If you want out of your timeshare contract, you can request cancellation. However, it's important to note that you only have a limited amount of time to cancel. If you don't cancel within that timeframe—which varies from state to state—you may still be on the hook for your timeshare loan or maintenance fees. One of your best bets for getting out of a timeshare is to retain an attorney who handles these cases as part of their practice: a timeshare attorney in Florida. These attorneys will be specialized specifically in canceling and/or renegotiating contracts.

Hiring one of the best timeshare lawyers is the right move when it comes to the timeshare canceling procedure. Be sure to choose the right one, and get a stress-free procedure.