If you are looking to cancel a timeshare, there are several steps that you need to take. These steps include determining the state’s rescission period, writing a cancellation letter, and delivering your notice in a way that meets your state’s laws.
Choosing Your State’s Recesssion Period
A majority of states have timeshare rescission periods that are legally mandated within a certain amount of days after the purchase. These rescission periods, also known as cooling off periods or withdrawal periods, allow you to rescind the agreement without any penalties.
It is essential that you read the timeshare contract carefully and understand your state’s rescission periods. This will ensure that you are not missing out on any of the benefits offered by your state’s laws.
Upon purchasing your timeshare, you will enter into a “cooling off period.” This cooling off period is typically only seven days and is intended to give you ample time to decide whether or not to buy. During this time, you can still cancel your contract and receive a refund of any deposits paid.
But once that period is over, you may be stuck with your timeshare for good! That’s why it’s important to know your state’s rescission period and act quickly.
Your State’s Cancellation Laws
Most states have laws that protect timeshare buyers from being ripped off or deceived by the seller. Most of these laws require the sale contract to be in writing, and the seller is required to clearly indicate your right to rescind the agreement.
This right can be written in a clause that says you have the right to rescind the agreement, or it can be included in the contract itself. In either case, the seller must provide you with a form to sign and return.
Once you have written a cancellation letter, you must send it to the resort and developer in a timely manner. It is highly recommended that you mail it through certified mail so that you can be sure they received your request.
You should write a clear and specific request to cancel the contract, including all key information like your name, address, date of purchase, and payment details. Including these details will help the recipient keep your request moving, and they are critical in preventing a negative response from your resort or developer.
Remember that most resorts and developers have a number of reasons why they will not release you from your timeshare. One of the most common is that they don’t want to lose money from you or to have to pay out your maintenance fees every year. Having the right exit strategy and working with an experienced timeshare attorney or exit team can be your best bet in getting out of your timeshare.
Depending on your state, you may also be able to pursue legal action against your seller and get back some of the money you spent. This is particularly useful if the seller misrepresented your ability to sell your timeshare interval or that you would have financial returns from selling your timeshare.