When a person purchases a timeshare, it’s not uncommon for them to realize they’ve made the wrong decision and wish to cancel the contract. Thankfully, there are ways to do so legally. Most states have laws allowing timeshare buyers to exercise their right of rescission, which is a legal way to cancel the purchase and get all of their money back. However, this is not always easy to do since the timeshare company may try to delay or derail the process.
State law generally sets out a specific procedure that must be followed to exercise the right of rescission, and timeshare companies often hide these instructions or make them difficult to find. In many cases, it is necessary to write and deliver a letter requesting rescission within the allotted period of time. The letter should contain a clear statement that the purchaser wishes to rescind the timeshare contract and request a full refund. The buyer should also provide all contact details, a description of the timeshare, and the date of the purchase. The final step is to deliver the letter, either in-person or via certified mail. The method of delivery will depend on the timeshare company, and it is important that the delivery is completed before the cooling-off period expires.
Because most timeshare presentations and sales are conducted while a purchaser is on vacation, it can be challenging to fully read the paperwork, decide whether to rescind and follow a list of cancellation instructions in the limited amount of time remaining. Because of this, some people do not use their right to rescind.
To help avoid these problems, many states have consumer protection laws allowing a “cooling off” period to be imposed on most timeshare purchases. This period is a brief window of time mandated by law that allows purchasers to cancel their purchase and get all of their money back. This period of time varies by state, and it is important to act quickly to exercise this option before the rescission deadline passes.
It’s important to note that timeshare companies will not necessarily cooperate in exercising this right, and there is a risk of being liable for any fees or taxes associated with the sale. This is why it is often best to work with a professional third-party timeshare termination service. Such experts understand all aspects of the laws governing these contracts and can help a buyer navigate how to cancel a timeshare contract successfully and efficiently.
A timeshare cancellation letter is an excellent start, but if you’re struggling to get your company to relent, consider reaching out to a trusted team of professionals who specialize in taking on slimy timeshare companies and winning. With their years of experience, they know all the tricks that these companies will use to try and discourage you from getting out of your timeshare. Get connected today to find out more about how they can help you get rid of your timeshare.