Canceling a Timeshare Contract in New York
Canceling a timeshare contract in New York on your own is possible if you’re lucky enough to be able to act within the legally declared timeframe.
If you signed a timeshare contract or you are considering buying a timeshare in New York, you may be curious about the following:
Exactly how do I cancel a timeshare in New York?
How much time do I have to get out of a timeshare contract in New York State?
What disclosures are mandatory to be presented in a timeshare investment?
Just what are the laws about timeshares advertising tactics?
Should I stop making payments on my timeshare, are foreclosure proceedings typically judicial or non-judicial in New York State?
Below you will find the most crucial attributes of New York timeshare foreclosure and agreement law. If you are facing a lifetime of timeshare payments and are wisely having second thoughts, read up on what you can do to get out of your timeshare contract in New York State and what protections you have been given under the law with regards to timeshare ownership.
How to Cancel a Timeshare in New York
If you acquire a timeshare and decide you are interested in canceling a timeshare contract in New York, you actually have the right to cancel it within 7 business days of having signed the contract. No timeshare developer, salesperson or buyer has the right to waive this rescission period. (13 CRR-NY Â§ 24.3.).
Canceling Timeshares That Are Not Located Within New York State
New York legislation applies to any timeshare deal that happens in New York, also if the timeshare is physically located out state. In the case that the laws of the territory in which the timeshare residential property is situated calls for that the timeshare business offer you with a termination rescission period longer than seven company days from the day of the agreement finalizing, the longer period will apply (13 CRR-NY Â§ 24.3).
Learn How to Cancel a New York Timeshare Contract
If you really want to cancel the timeshare purchase agreement, you are required to forward a written notice of cancellation via U.S. Postal Mail, postmarked within 7 business days (or other suitable period as noted above, i.e. “Canceling Timeshares That Are Not Located Within New York State”) of the date on which the deal was signed, to the sponsor or selling representative at the address indicated on the cover of the timeshare plan offering. Once you have completed the submission of your formal Notice of Cancellation, the timeshare seller should return all funds you originally paid within the required 30-day refund period after the timeshare company initially received your cancellation notice. (13 CRR-NY Â§ 24.3.).
New York State Requires an Official “Timeshare Public Offering Plan”
The timeshare seller is required by NYS law to provide the timeshare customer with a contract inclusive of detailed and specific information of the purchase, known as a public offering plan. This Public Offering Plan must be officially registered with the State of New York, and is required to include a very in-depth history of the timeshare project and has to contain crucial details that should be considered by anyone who is thinking of acquiring a timeshare, including (to name a few points):
- The timeshare developer’s identity.
- Timeshare contract cancellation procedure.
- A descriptive and complete portrayal of the timeshare property.
- Timeshare Unit Floor Plans.
- A precise explanation of the allocation plan for shares and/or interests in the common facilities and elements of the timeshare property.
- An explicit presentation of timeshare bylaws.
- Declaration of restrictions and covenants associated with timeshare ownership.
New York State Timeshare Advertising Laws
New York State timeshare laws require that timeshare advertisements have to include these statements to alert the public of their true intentions: “This advertisement is being used for the purpose of soliciting timeshare sales.” They must also include: “The complete offering terms are in an offering plan from sponsor.”
These declarations are required in timeshare sales materials including:
- Sales letters
- Advertising pamphlets
- Timeshare sales brochures
- Radio and television commercials (13 CRR-NY Â§ 24.6)
New York State Timeshare Foreclosure Procedures
New York State provides for judicial foreclosure procedures, meaning that the the plaintiff (i.e. Lender) is required to file a law suit in state court.
Too Late to Cancel a Timeshare in New York?
If canceling a timeshare contract in New York State is no longer an option for you as defined by the Timeshare Laws of New York, call us now for a Free Consultation. Redemption and Release, LLC will cancel your New York timeshare 100% legally and permanently…so that you are never responsible to pay another timeshare fee EVER. Call us today at 1-888-743-9051 or use our Online Contact Form to request free, no-obligation information about how to cancel a timeshare contract in New York.