Smart Steps to Cancel a Timeshare Contract

A timeshare is said to be a costly thing although it may give a great vacation experience to the owner. And with the economic climate that we are having today where almost everyone is cost-cutting, it may be wiser for the owner to get out from his/her timeshare contract. With this, he can opt for other cheaper forms of vacationing or use the money for other important matters. However, if the owner who had just bought a timeshare decides to get rid of such property, he may do so without forfeiting his/her initial payment by availing through a rescission period.

Right of Rescission

In US, almost all states have a rule of rescission. This is the time period in which the buyer can change his mind and cancel the sales contract without forfeiting any money. But be warned that the rescission period varies state by state.

Know Your Contract

First, check your contract for a clause that says something about a rescission period. Everything you need to know is in the contract. When you want to submit a rescission request, you can look for the specific details concerning the deadline in the contract. Then, it’s time to immediately make note of your rescission deadline and the instructions on how to cancel your contract successfully.

Write a Cancellation Letter

Once you have found the needed information from your contract, make a certified letter stipulating that you want to cancel your timeshare agreement. Make it short and take note that you don’t have to explain anything. The important thing is they know that you are exercising your right to rescind your contract by the terms of agreement. Include your name, address, contract number and date of purchase in your cancellation letter. Once the deposit was taken, you must request its return. In some cases, your company will have a form available to simplify the process and you can use that instead.

Send Your Rescission Letter before the Deadline

More importantly, you must send your rescission letter before the deadline to cancel your timeshare contract. With a certified letter, you can demand a signed receipt, which means that they have to respond. Also, make copies of all documentation. Moreover, make sure that it’s postmarked before the deadline so that you have proof you mailed it on time if ever there are conflicts later on.

Time to Follow-up

On the other hand, if you haven’t heard back from the company in 30 days, it’s time to follow up and inquire about the delay so that you’ll make sure that you can avail of the given rescission period.