You may have heard that you can cancel a timeshare contract in Florida without any penalties. This is true. However, you only have 10 days to do it.
Below is what you need to know.
How to Cancel a Timeshare Contract in Florida
According to Florida law, you have 10 days to cancel a timeshare contract after signing. During this period, you must notify the seller in writing that you are rescinding the contract. If you do not rescind the contract within the 10-day period, it becomes legally binding.
To rescind a timeshare contract in Florida within the 10-day period, you must follow these steps:
- Write a letter to the seller stating that you are canceling the contract. Include:
- Your name,
- Your address,
- Your phone number,
- Your email,
- The date of purchase, and
- A clear statement that you are rescinding the contract.
- Deliver the letter to the seller by hand, by certified mail, by registered mail, or by any other method that provides proof of delivery. Make sure to keep a copy of the letter and the receipt for your records.
- Return any documents that you received from the seller as part of the timeshare purchase. You do not have to pay any fees or penalties for canceling the contract.
- Wait for the seller to refund your money. The seller must refund all payments that you made within 20 days after receiving your cancellation letter, or within 5 days after receiving the funds from your cleared check, whichever is later. The seller cannot deduct any commissions, fees, or taxes from your refund.
What Happens After the 10-Day Period?
If you do not cancel your timeshare contract within the 10-day period, you are bound by the terms and conditions of the contract. This means that you have to pay the maintenance fees, taxes, and other charges that are associated with the timeshare.
If you want to get out of your timeshare contract after the 10-day period, you have a few options, such as:
- Selling your timeshare to another buyer. You can try to sell your timeshare on the resale market, either by yourself or through a broker. However, you may have to sell your timeshare at a loss, since the resale value of timeshares is usually much lower than the original purchase price.
- Renting your timeshare to another user. You can try to rent your timeshare to someone who wants to use it for a certain period of time. However, you may have to deal with the hassle of finding a reliable renter, collecting the payment, and ensuring the proper use of the property.
- Donating your timeshare to a charity. You can try to donate your timeshare to a charitable organization that accepts timeshare donations. However, you may have to verify the legitimacy and reputation of the charity and ensure that they will use the timeshare for a good cause.
- Negotiating with the owner. You can try to negotiate with the owner of the timeshare to cancel the contract, modify the terms, or reduce the fees. However, the owner may simply refuse to negotiate.
Why You Need an Attorney
Although canceling a timeshare contract can seem easy, as all you need to do is send a letter to the seller and wait for your refund, disputes sometimes arise. For example, the seller can simply ignore your cancellation letter and refuse to refund your money. That is why you should work with a lawyer who can:
- Review your timeshare contract and explain your rights and obligations
- Advise you on the best course of action to cancel or exit your timeshare contract
- Represent you in negotiations or disputes with the seller, developer, or owner of the timeshare
- Protect you from scams, frauds, or harassment by timeshare companies or third parties
- Save you time, money, and stress by handling all the legal aspects of your timeshare case
At Jurado & Associates, P.A., we have the knowledge, skills, and resources to handle any issue related to timeshare contracts, no matter how complex or challenging.
If you want to cancel a timeshare contract in Florida, or if you have any questions or concerns about your timeshare, do not hesitate to contact us today.