Timeshare Cancellation is a complicated process that can be extremely stressful for some people. This is particularly true for those who have recently purchased a timeshare, as they may not have had an opportunity to get out of their contract within the appropriate rescission period.
It’s important to understand the basics of timeshare cancellation before you start the process. It’s also essential to be well informed of your rescission rights and to take the necessary steps to protect yourself.
The first step in canceling your timeshare is to write a letter to the developer or resort that you own your timeshare at. This can be done by mail, email or fax.
Your letter should be a detailed document that includes your reasons for wanting to cancel your timeshare and any other relevant information. You should also include your contact details and address so that they can contact you directly.
Once you’ve written your letter, send it by certified mail so that it can be tracked and ensured that they received it. It’s also a good idea to make multiple copies of the letter and keep them for your records.
If you are going to use a third party to help you with your cancellation, make sure that the company has an excellent reputation for getting results and is backed by an established agency such as the Better Business Bureau. This will go a long way in protecting you from shady companies that charge thousands upfront but do not deliver on their promises.
A reputable timeshare cancellation service should have an initial assessment of your situation, which includes meeting with you personally to review the property details and your options for exiting. They should then provide you with a customized cancellation plan and work to expedite your process until the final solution is reached.
During this assessment, they will also discuss any additional exit measures that need to be implemented to ensure that your final resolution is complete and in your best interests. These might include involving a title company or attorney, and they should work to make sure that your property is transferred properly and all monies are returned.
They should also offer to assist you with preparing your cancellation letter and other related correspondence and to be a liaison between you and the developer or resort. This will help to speed up the whole process and minimize delays.
The timeshare industry is one of the most regulated industries in the world. There are strict guidelines that must be followed by all companies, including those who sell timeshares.
Most companies have a Right of Cancellation in their contracts, which allows the buyer to change their mind about the purchase within a certain period of time. This rescission window varies from state to state but averages 5-7 days.
Some companies may even allow you to cancel your timeshare without a penalty. If this is the case, it is advisable to consult a consumer protection lawyer or a timeshare attorney before you act on your decision.