Timeshare agreements are notoriously rigid but, thankfully for you, cancelling your timeshare in New York is possible. Keep reading for practical information on how to cancel a timeshare in New York.
Under Section 24.3 of New York timeshare laws, you have the right to cancel a timeshare contract within 7 business days of the date your contract was executed. This 7-day window is referred to as a “cooling off period.” This right to canceling your timeshare in New York cannot be waived.
You can submit your notice to cancel by mail to the timeshare seller. In which case the seller must refund all payments within 30 days. If you live in New York and buy a timeshare in an area outside of the state that happens to have a cooling-off-period lasting longer than 7 days then the longer period will apply. Regardless, all cooling off periods must be at least 7 days.
How To Protect Yourself When Canceling a NY Timeshare During the Cooling Off Period
If you decide to cancel your timeshare agreement during the cooling off period (i.e. within 7 days of signing the contract) make sure that you put your cancellation notice in writing and mail it via a certified letter. You should also request a return receipt. If you’ve done all the timeshare company has not promptly refunded your investment give in touch with us at Primo Management Group ASAP!
The problem is that many timeshares that may have looked great during the cooling off period often end up being complete wasters of your money. Lifestyle changes (like moving) and rising management fees can leave you stuck, paying for something you don’t want for years. Canceling a timeshare contract after the 7-day “cooling off” period has passed can be very, very difficult.
What If The Cooling Off Period Has Expired?
Canceling a timeshare contract after the cooling off period after the cooling off period is not easy. Both the buyer and seller, however, do have the option to terminate their timeshare agreement if and whenever they feel the other part is in breach of contract. This may happen in cases where, for example, the timeshare owner fails to pay the agreed upon management fees. If either the buyer or seller fails to meet the requirements of their timeshare agreement, the other side may legally try and recoup their financial losses via collections and other avenues.
Timeshare owners are sometimes able to legally get out of their timeshare contracts if they can prove that they were sold their timeshare under false pretenses, or if they can show that they were initially attracted to buying said timeshare via advertising and or marketing materials which did not explicitly identify itself as timeshare-focused promotional material. Timeshare buyers may also be able to get out of their contracts if and whenever they weren’t provided with what’s called a “Timeshare Public Offering Plan” by the seller. If this sounds like you, give us a call!