New York Timeshare Laws Regarding Cancellation
If you are a New York resident and own a timeshare that you need cancelled, then our team is standing by to help you. We assist timeshare owners find reputable timeshare exit solution providers who work towards helping people cancel their unwanted timeshares.
New York Timeshare Laws
Timeshare laws for the state of New York can be found within the New York Codes, Rules and Regulations starting at Title 13, Part 24. This section governs all timeshares located within the state and may also govern your out of state timeshare in certain circumstances. The laws related to Timeshare offering and registration can be found at Title 13, Part 24.1, and the laws related to the procedure for a timeshare submission can be found at Title 13, Part 24.2. The laws that exist within this section of New York Rules and Regulations list the requirements that timeshare developers are expected to follow. If timeshare developers don’t follow these rules, then their illegal conduct can result in potential legal liability.
In the state of New York, timeshare developers are required to make specific minimal disclosures to prospective timeshare purchasers. The disclosures that developers are required to make under New York law include:
- The name and address of the sponsor and selling agent
- Special risk factors
- A description of the property and improvements
- Your rights of cancellation
The laws that explain all of the mandatory disclosures that timeshare developers are required to make can be found at Title 13, Part 24.3 of the New York Codes, Rules and Regulations.
Rescission Period
In the state of New York, you have seven days to rescind a timeshare purchase from the execution of the purchase contract. You can mail your cancellation and as long as it is postmarked by the seventh day, then you are within the time period. This New York timeshare law can be found in the New York Codes, Rules and Regulations at Title 13, Part 24.3. If you have any questions about New York timeshare law, then you should seek the advice of an experienced timeshare attorney. We can help you find that attorney. Give us a call at 833-416-8796 or fill out a form on the right side of the page.
Frequently Asked Questions from New York Timeshare Owners
1. Are there laws in New York that protect consumers like me from misrepresentation and high-pressure sales tactics that can occur during timeshare sales?
Answer: Not specifically, New York timeshare law mainly governs advertisements and requires a declaration that the advertisement is being made for “the purpose of soliciting timeshare sales. New York timeshare property purchasers are protected under the advertising section of the New York Codes, Rules and Regulations at Title 13, Part 24.6. There are not many specific protections for New York timeshare buyers relating to misrepresentation, but there may be other sections of law that might help you. If you feel you have been the victim of misrepresentation or unethical sales tactics, then you should speak to an attorney who can best assess your situation.
2. What types of financial harm can I face as a timeshare owner if I simply stopped paying my timeshare maintenance fees?
Answer: Multiple types, while it might be possible that the ownership of a timeshare can just revert to the timeshare company if you stop paying your maintenance fees, most timeshare agreements allow timeshare companies to foreclose the timeshare in court which would likely result in a money judgement against you. Not paying fees or other money owed can damage your credit and can result in garnishment. New York timeshare foreclosure law and procedure operates under regular state law and can be found starting at Article 13 of the Real Property Actions and Proceedings titled “Action to Foreclose a Mortgage.” This section of the New York Laws describes the procedures for a foreclosure sale.
3. Will my heirs be responsible for my timeshare when I die?
Answer: Yes, heirs will most likely be fully responsible for any timeshare that is inherited. Under New York law, however, you may able to give up ownership of a timeshare by filing for a renunciation of a property interest. The law on renunciation in New York can be found at the ‘renunciation of property interests’ section within the New York Laws starting at Article 2, Part 1 of the Estates, Powers, and Trusts Chapter. It is best to speak to an experienced and qualified attorney to find out if you are eligible to file for a renunciation of property. We can help you find that attorney, call 833-416-8796 or fill out a form on the right side of the page.
4. Are there any laws pending in the New York legislature that can help timeshare owners in the future?
Answer: No, not at the current time.
About Us
Our team of professionals is standing by to help you start the process of getting rid of your New York timeshare. In New York, our team’s network of timeshare exit solution providers have helped countless timeshare owners cancel their timeshare contracts legally and permanently without harming the timeshare owner’s credit. At Timeshare Exit Companies, we lean on our past experience to help you achieve future success. We help you discover the best timeshare exit companies that can help you get rid of your timeshare once and for all.
Call us today at 833-416-8796 or contact us online so we can help connect you with a New York timeshare exit solution provider who may be able to help you legally cancel your timeshare.
Disclaimer: This page is for informational purposes only. Timeshare Exit Companies does not provide legal services, and none of the information provided in this article should be considered legal advice.