Canceling a Timeshare Contract in New Jersey
Canceling a Timeshare Contract in New Jersey is allowable under state law. New Jersey timeshare legislation protects timeshare buyers by providing a means of canceling a timeshare contract in New Jersey. Timeshare laws in New Jersey provide new timeshare owners with a few key defenses, such as the right to terminate the agreement if they buy a timeshare and subsequently decide it was a poor decision.
New Jersey timeshare developers have to offer many disclosures to you, delivered as a public offering statement. Even though New Jersey law does include protections for timeshare purchasers, you should beware if you’re thinking of signing a timeshare contract. On top of that, you ought to recognize that if you don’t keep paying your timeshare mortgage loan or assessment payments, you might end up losing your timeshare via repossession due to foreclosure.
New Jersey Timeshare Public Offering Statement
The timeshare public offering statement has general information regarding the timeshare development and concerns that you must consider before buying into a timeshare. New Jersey timeshare developers should give you this public offering declaration at the time of investment (N.J. Stat. Ann. § 45:15 -16.59).
The general public offering statement should make known certain details concerning the timeshare to you, such as the name as well as address of the developer, a description of the timeshare strategy, a description of the method by which a buyer’s use of the lodgings is arranged, and details concerning ways to terminate the contract (N.J. Stat. Ann. § 45:15 -16.59).
Together with the public offering statement, the developer must make sure the timeshare buyer gets copies of the timeshare file, association short articles of incorporation, bylaws of the organization, association rules, as well as any kind of lease or contract (omitting the investment agreement) that you have to sign. (N.J. Stat. Ann. § 45:15 -16.59).
If you feel you were not provided with the legally required information, including the public offering statement, within the time period noted above give us a call at 1-888-743-9051. It is our mission to educate you regarding your legal rights and then help you take the necessary steps to achieve timeshare freedom.
Right to Cancel a Timeshare Contract in New Jersey
There is a 7-day rescission period allowed for canceling a timeshare contract in New Jersey. New Jersey legislation permits timeshare purchasers to cancel the agreement, without fine, within seven (7) days after:
a) receiving the general public offering statement, or
b) signing the acquisition agreement, whichever occurs later (N.J. Stat. Ann. § 45:15 -16.67).
Canceling a timeshare contract in New Jersey during the 7- day rescission period requires you take some specific steps. To cancel a New Jersey timeshare contract, you need to notify the seller in writing of your intent to terminate either by:
- Hand supplying the notice of termination to the timeshare developer
- Sending by mail the notice of termination to the timeshare developer by registered mail, return receipt requested (N.J. Stat. Ann. § 45:15 -16.67)
The notice of termination is effective the day it was sent out and also is taken into consideration quickly, as long as it’s mailed prior to midnight on the 7th day (N.J. Stat. Ann. § 45:15 -16.67).
If you need help canceling a timeshare in New Jersey, writing the notice of timeshare cancellation letter or if you have any questions, please give us a call at 1-888-743-9051. We will be more than happy to assist you. You can also contact us using our Online Contact Form for a Free Consultation!
Timeshare Refunds in New Jersey
In the event that you you cancel a timeshare in New Jersey, the timeshare developer must return any money that you paid within 30 days after getting your notice of termination, or upon receipt of funds as your check clears, whichever occurs later (N.J. Stat. Ann. § 45:15 -16.67).
Canceling a Timeshare Contract in New Jersey that is Unconscionable
If your 7-day rescission period has expired, you may still be able to cancel your timeshare contract. New Jersey Timeshare Law makes it so you can void your contract if the court finds that the timeshare contract, or a clause in the agreement, was unconscionable at the time the contract was made.
Canceling a Timeshare Contract in New Jersey after the Cancellation Period
Have you passed your 7-day rescission window? Think your timeshare contract was unconscionable? Still need help canceling a timeshare contract in New Jersey? Our Senior Advisors at Redemption and Release, LLC are dedicated to helping you become timeshare free. Call us at 1-888-743-9051 or use our Online Contact Form to receive a No-Obligation, Free Consultation. Let us help you cancel a timeshare contract in New Jersey and become free from all of your timeshare obligations!