A timeshare contract may be a legally binding document, but that doesn’t mean that cancelling one is impossible. Most timeshare companies inform new owners that contracts cannot be cancelled, but this is simply not true. Timeshare companies maintain this misconception at the urging of those that fund them. The fact of the matter is that under law, contracts can be cancelled or voided for a number of reasons. A person who has signed a timeshare contract may terminate it and no longer be bound by the it for many reasons.
Cancelling a Contract
With most contracts, either party can cancel it due to breach by the other, but the difference between cancellation and termination is that with cancellation, the cancelling party retains any remedy for breach of the contract or any unperformed balance. (Uniform Commercial Code 2106(4); see 13 Corbin (Rev. ed.), §73.2; 13 Am.Jur.2d (2000 ed.))
Terminating a Contract
Termination occurs when either party, pursuant to a power created by agreement or by law, puts an end to the contract otherwise than for its breach. Since it is law that a breach of contract by a party to the contract may result in the other party being released from their obligations under the contract. This means that nobody is forever bound by a timeshare contract. The purpose of this blog is to provide a ray of hope to those timeshare owners who are hoping to be freed from their contract and its obligations. (Uniform Commercial Code sec. 2106 (3))
After you sign a timeshare contract, most states have a rescission period during which the buyers may cancel their contracts and have their deposit refunded. This is known as the “right of rescission.” Unfortunately, timeshare sellers would have people believe that once that period has passed, the only legal way to end the contract is to transfer ownership of the property through selling, donating, or giving it away.
This is where the team at Wesley Financial Group have emerged as the leading timeshare cancellation experts. Our techniques give you peace of mind that we will successfully get you out of your timeshare by proving misconduct. Such misconduct includes the following representations, typically made at the time of the sale:
- The timeshare interest would appreciate and the property’s resale price and value would increase over time.
- The timeshare could be freely exchanged, transferred and sold.
- The timeshare was a sound financial investment.
- The timeshare interest purchased would result in the owner receiving priority over other vacationers who wished to stay at the property or properties owned and/or maintained by the defendant.
Consumers are too often pressured into unnecessarily purchasing an expensive timeshare contract. We assist those who have ended up in seemingly hopeless situations by standing by our clients, ensuring the timeshare and all of its attached debt is eliminated, and fighting for every penny spent on the timeshare to be returned to you. If you need relief, call us today for your free consultation.