If you own a timeshare and are thinking of canceling the contract, you might have heard or read that doing so is tricky. It is not as simple as calling them and saying, “Cancel my timeshare.”
It is also likely that you feel stupid or frustrated after entering a contract, especially if you know nothing about timeshare law or the cancellation process. Your frustration might then be heightened if you call the resort, and they tell you (or mislead you into thinking) that getting out is not possible.
If you just recently signed the contract or purchased a timeshare property, you should know that you can cancel it during the cool-off or rescission period. The law says you can cancel the timeshare within the first 5–10 days. Do note, however, that the duration of the time period varies from state to state.
Canceling During Cooling or Rescission Period
Take note that it is your right as a buyer to cancel the timeshare. The seller or the timeshare company cannot simply refuse. If they try to change your decision, you don’t have to follow them.
Canceling requires writing and sending a letter of cancellation before the cooling-off or the rescission period expires. Your letter has to have the following information:
- Your name indicated in the contract
- Your contact information (address, email address, and phone number)
- The description of your timeshare
- The name of the timeshare company or the seller
- The date you purchased the property
You may choose not to state all your reasons for canceling a timeshare contract. You should, however, clearly state in your letter that you are getting out the contracting.
Then, you need to deliver the letter through post. You may also send it in person, but take note that some timeshare companies do not allow this.
After the Cooling or Rescission Period Expires
If the cooling period has expired and you wish to get out of the contact, the process can be tricky. If you are going to do so, you need to bring a lawsuit against the resort or timeshare company. It is best to contact a timeshare cancellation attorney for advice.
Read about timeshare laws in your state, but it is best to get a lawyer who can help you with the process. Apart from assisting you in the cancellation, you could also get legal advice and protect your rights.