Shareholders can cancel the purchase the shares, however, they must cancel it quickly. Purchasers must cancel the purchase within a specific time period. The majority of buyers have the option of rescinding the purchase within a specified period of time. Owners of timeshares have the option to cancel their contract within a certain time limit. The rights to cancel the contract cannot be revoked, meaning the seller can’t insist on or demand that buyers forego this option.
Of time, customers have to submit their cancellation of timeshare in written form. The preparation and delivery of a cancellation letter is critical even when law permits for oral contract cancellation. The cancellation notice should contain an updated date, the buyer’s name as it appears on the contract, the purchaser’s contact information, name of the timeshare firm as well as the date on which the buyer purchased the timeshare, the description and also a note of the buyer’s intentions to end the contract. The buyer is not required to state a reason behind cancelling timeshares. But buyers should specify the reason for cancellation in the notice.