Why People are Legally Cancelling Their Timeshare

A Beautiful Vacation HomeTimeshare vacations started in the 1960s in the United Kingdom and France and became a trend in the 1980s. Until now, timeshare is growing year after year. It is built on the promise of convenience.

However, what a lot of timeshare buyers have found out is that they are tied up with their purchase with almost no recourse for cancelling. But there is a way for those who wish to cancel their timeshare legally.

25-Year License

One of the selling points of timeshares is that these are not fully-owned or partially owned units. Instead, the buyer has a license to use the unit for one week in a year, for 25 years. In some instances, the stipulation is a license in perpetuity.

That means that while the buyer holds the license, he has rights to a one-week stay in the resort every year, and he can do with the rights as he wishes. The license comes with “maintenance fees,” made up of the cost of a week’s stay, the maintenance fee for the upkeep of the timeshare, and a homeowner’s association fee.

The problem is that the property is not owned by those who bought the timeshare. They only buy the right to use the timeshare for one week per year. Additionally, at any time the buyers want to sell their timeshare rights, the price is much lower than the amount they paid for. Even though the market is booming with new properties and buyers, nobody is willing to buy a timeshare at a discount. Worse, there are resellers who run a scam victimizing timeshare owners who want to sell.

Rescission

Cancellations, also called rescission, remain the timeshare industry’s biggest problem. For owners, they are usually not informed that timeshare resale values are 20% to 50% almost immediately after a share is originally bought. They may have been enticed into buying with free vacations, cruises and rebates, but afterwards, they feel compelled to use the timeshare because they pay for it whether they use it or not.

It is possible to rescind the contract on a timeshare. What is needed is a good lawyer who specializes in legally canceling timeshares. For those who no longer see any value in timeshares, they can legally cancel their subscription and no longer be burdened by the costs of “ownership” which is usually not availed.