Washington Timeshare Cancellation Laws
Investing in timeshares might be a good idea, but it is a total investment failure for some people. And by the time they realise it or want to cancel the timeshare agreement, it probably had passed its cool-off period.
Most people don’t know what to get into when signing a new timeshare contract. They are misled or sign up under pressure without understanding the terms and conditions. However, it should go without saying that cancelling a timeshare agreement is not an easy task.
In Washington, ending or terminating a timeshare agreement might be difficult but possible. Better to investigate your alternatives and familiarise yourself with the state’s timeshare cancellation laws and regulations if you want to legally and painlessly terminate your contract.
There are some ways to cancel your timeshare and have the freedom to choose the next stop for your vacation. They are as below:
- You can still contact the resort for cancellation if you are in your rescission period.
- Write a cancellation letter and mail the resort with the terms and conditions of the contract in mind.
- Study the laws and regulations of Washington before starting the cancellation process.
- Resell your timeshare on sites like eBay, Craigslist, etc., or transfer your timeshare to another.
- In Washington, you legally have a cooling-off period of 7 days, in which you can cancel your contract without paying any additional charges.
- Seek legal assistance to cancel the timeshare contract.
If you are searching for ways to cancel your timeshare contract in Washington, you have come to the right place, friend! Our expert team has penned some crucial information in this article for you. Let’s get started.
What is a Timeshare?
A timeshare is a form of shared ownership for vacation property in which several buyers hold rights to use the same property, usually in blocks of one week. The timeshare business model can be used for various assets, including hotels, flats, condos, and campgrounds.
Time-sharing is common in tourist areas where property owners might occasionally desire to have ownership of a property. Home, flat and resort properties all fall within the timeshare category. Sports cars and private aircraft can also use the timeshare model.
Timeshare Working Systems
With the purchase of a timeshare, a buyer receives the annual right to exclusive use of a vacation home for a specific period, usually measured in one-week stages. Timeshares usually use the following three types of platforms:
A Fixed Week
With a fixed-week timeshare, the purchaser is granted full property ownership for a particular week (or weeks) each year. While the main benefit of this framework is that the buyer can schedule a yearly vacation at the same time each year, the downside is that it is challenging to shift the fixed week to a different period if necessary.
A Floating Week
An owner of a floating week timeshare has year-round or limited-time access to the property for one or more weeks at a time. Although the “floating week” is more customisable than the fixed week system, it may not be possible during the year’s busiest seasons. It should be scheduled far ahead of time to ensure availability.
Points System
Based on variables including resort location, vacation home size, and availability period, the points system assigns points to indicate timeshare ownership. Timeshare exchanges can be facilitated by developers using points, either internally (internal exchange) or externally (external exchange), between resorts. Even though the points system gives people more vacation options, the points assigned to different resorts vary greatly because of the previous requirements.
Understanding Washington Timeshare Cancellation Laws
Timeshare laws protect consumers from exploitative, deceitful, and high-pressure sales practices. Additionally, they shield resorts from employing false or deceptive advertising and grant owners the ability to terminate their contracts promptly.
You’re not alone if you’re looking for advice on cancelling a timeshare because you feel trapped in it. Numerous timeshare owners experience similar issues, whether because of rising maintenance costs, rigid usage restrictions, or a change in their circumstances. But to be clear, every state has its own set of laws regarding timeshare cancellation, and it is crucial to understand them.
Washington State Timeshare Act
In Washington, both the marketing and the sale of timeshares are bound to the Washington State Timeshare Act. The Timeshare Act’s major objective is to defend consumers from deceptive or dishonest business practices by timeshare companies and sales associates.
The Washington State timeshare act comprises some crucial points, which will be discussed below:
Disclosure Statement
One of the Act’s most important rules requires developers and sellers to file applications with the state and provide specific information to potential customers.
It also included the submission of a written disclosure statement that contains crucial information about the bought timeshare, such as terms and conditions of purchase, the price of the timeshare, and any restrictions on the timeshare.
The Cooling-off Period
The Timeshare Act further requires that builders and salespeople provide prospective customers with a cooling-off period of a minimum of seven business days, within which the customer may cancel the timeshare deal without incurring any fees.
The purpose of the cooling-off period is to give potential buyers some time to review the disclosure statement and timeshare contract before deciding whether or not to proceed with the transaction. The buyer may exit the deal during this time by giving the company or sales associate a written notification.
The Right of Rescission
The buyer of any type of timeshare can cancel the agreement within seven days of signing the agreement or seven days after receiving the legally required information concerning the timeshare, whichever comes first, according to Washington’s Timeshare Regulation (RCW 64.36). Before you finalise the purchase agreement and change your mind about buying a timeshare, the promoter must return your deposit to you within 10 days (less any account costs).
Additionally, those companies or sellers who breach the Act are subject to civil fines. These penalties, which may be applied in addition to any other options available to the state or the customer, are meant to be a caution against fraud and other criminal practices.
How to Cancel a Timeshare in Washington: Step-by-Step
A timeshare becomes increasingly confusing the longer you wait to leave. If you have decided to exit the timeshare and get free from the hassle of maintenance fees etc., we build this step-by-step guide for you.
Understanding the Timeshare Agreement
Understanding your contract is the first step in cancelling a timeshare. There are many types of timeshare agreements, including deeded ownership, right-to-use, points-based network, and others. The alternatives you have for leaving your timeshare will depend on your contract. Review your contract and seek professional help.
You can find the finest options for your case by working with organisations like My Timeshare Exit Reviews to understand your contract.
Common Strategies for Cancelling the Timeshare
Many people practise many common strategies to exit the timeshare. As every person’s case is unique, we have mentioned some below according to the situation.
Rescission Period: If you just bought your timeshare, you can get out of the deal during the rescission period, which, depending on the state, may last anywhere from 3 to 15 days. For a successful cancellation, adhere to the processes indicated in your contract.
Resell Your Timeshare: Reselling your timeshare on the resale platforms like eBay and Craiglist might be a good option. Getting out of your timeshare might take some time, but it will be worth it.
Renting Your Timeshare: Some owners may rent out their timeshare to cover expenditures. But if you want to avoid being linked with the timeshare, it might not be a long-term option.
Call and Negotiate with the Company: You might be able to work out a timeshare buyout by contacting the resort in some circumstances. If your account credit is in excellent standing and you can prove a major change in circumstances, this technique is frequently more effective.
Hiring a Timeshare Exit Company: Working with a reputable timeshare exit service provider is one of the safest ways to leave a timeshare. These businesses can successfully handle all aspects of timeshare exit because they have the knowledge and resources required.
Steps to Cancel Timeshare Contract
Cancelling the timeshare might take a lot of patience, so before getting started, keep this thing in your mind. To start the cancellation process, you need to follow these simple steps.
Prepare the Cancellation Request in Writing
This step must be noticed. (In fact, purchase a folder to store all the paperwork for your timeshare cancellation. You will require it.) Your request to cancel is not an email. Your timeshare provider must receive a typed letter that has been printed out and delivered. And keep an extra copy for the safe side.
Be Clear About Your Decision to Cancel the Timeshare
It must be clear in your letter that you want to cancel the timeshare. You must be firm, but you don’t have to be rude. The subject should read something like “Request to Cancel Timeshare” or “Timeshare Cancellation Request” mentioned in the printed letter.
You should make your request as soon as feasible in the body of the letter, probably in the first sentence or two. Do yourself as many favours as possible because this procedure will take time. Avoid wasting time by getting right to the point. You can begin your letter by stating, “I am writing to request immediate cancellation of my timeshare contract,” or “This letter is an official request to terminate my timeshare contract immediately.”
Enlist the Details About the Timeshare
The recipient of the timeshare cancellation letter has the duty to stop you from terminating your timeshare in a nutshell. You are responsible for providing all the information they require to move your request further. Nothing will make them happier than if you overlook a crucial detail.
They will only have a second to ignore you or persuade you to stay if they do that. Don’t give them a chance because you only come this far for cancelling the timeshare and not going back.
Include the following information in your letter cancelling your timeshare:
- The timeshare’s name, as it appears on your contract,
- Timeshare contract holder’s name,
- Timeshare contract number,
- Timeshare purchase date,
- Timeshare holder’s member ID.
It’s Time to Send the Cancellation Letter
After you have done writing the cancellation letter and adding all the important details, it’s time to send the letter to the right person or company within the specified period. The details about where to send the cancellation letter must be present on your timeshare contract. Always send the cancellation letter by certified mail to ensure the company has the cancellation request.
Get Legal Assistance If Necessary
Although getting out of the timeshare contract in Washington might look simple, it is always recommended to get legal help to ensure that you follow all the laws and regulations regarding timeshare in Washington.
Speaking with a skilled attorney with experience in timeshare law throughout the cancellation process can be extremely helpful. A lawyer can examine your contract, counsel you on the most suitable action plan, and defend your interests if any issues occur.
Timeshare Scams to Be Aware of
The scammers see a financial opportunity to take benefit timeshare owners, particularly seniors when 850,000 people are trying to sell their timeshares. Sadly, figuring out who to trust when renting or selling your timeshare can be difficult. Therefore, believe in your instincts, and request everything in writing when dealing with a timeshare.
One of the most common timeshare reselling scams involves unsolicited calls from an organisation claiming to have a reliable buyer (or renter) to buy your timeshare. They may claim to have a waiting person but request money upfront. In this situation, they might then demand transfer fees, revenue taxes, foreign transaction costs, or other bogus justifications.
No legal timeshare firm will ever contact you suddenly and ask for the payment upfront; therefore, any unsolicited calls are a major red flag. It’s against the law to contact you without your consent. In other words, they can only contact you if you’ve given them permission to. As a seller, you typically shouldn’t be required to cover closing fees unless specifically agreed upon, particularly before any contracts are signed.
Final Thoughts
If you are tired of paying those hefty fees about this and that regarding your timeshare contract, it might be time for you to come out of it. You can feel secure knowing you’re in good hands by working with a skilled and recognised timeshare exit business like MyTimeshareExitReviews. Through individualised solutions and top-notch customer service, their knowledgeable team is committed to assisting you in successfully leaving your timeshare.
By choosing us, you may have peace of mind knowing that you’re dealing with a business that will provide you with complete satisfaction. At every step of the process, a representative will be by your side to make sure you get the support and direction you need to leave your timeshare and take back control of your holiday pleasures.
Let go of the weight of an undesired timeshare right away. Contact us to begin a successful timeshare cancellation journey. Thanks to their knowledge and commitment to customer satisfaction, you can release yourself from the restrictions of timeshare ownership and experience the vacation you deserve.
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