The Process of Cancelling a Timeshare Contract
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As you might have already heard from the news or on the Internet, timeshare contract cancellation can be a major pain. Do not fret if you have ever felt stupid after getting a timeshare. A lot of people have already become a victim of impulsively getting into a timeshare contract. Some of them realized that they do not really need a vacation property, while others were just pressured into buying one. Whatever the reason, you will have to undergo a cancellation nightmare just to get rid of it.
Cancellation During Rescission Period
How to get rid of your timeshare? If you just recently purchased the timeshare property or signed the contract, know that you can rescind it immediately. According to the law, you can cancel timeshare contracts within the first five or ten days. Be aware that the duration of the time period may vary from state to state.
Timeshare cancellation is your right as a buyer, and the seller cannot refuse it. If the seller tries to win you back, do not listen. If you want to get away scot-free, then just proceed with cancellation.
Rescinding the contract within this period will allow you to retake all the monies you paid for the contract. Of course, for it to take effect, you must notify the seller regarding your cancellation. When sending the letter of cancellation, be sure to include these pieces of information:
- Your name or the name indicated in the contract
- Your contact information such as address, email address, and phone number
- The name of the seller or timeshare company
- The description of the timeshare, contract, and property
- The date you purchased the timeshare property and signed the contract
You do not need to state your reason for cancelling the timeshare contract to get rid of timeshare contract. It is your discretion whether or not to share that information. However, you should clearly state that you are cancelling the timeshare. It is recommended that you deliver the timeshare cancellation letter through post. You can also hand carry it to the timeshare company, however some do not allow that. Check with the timeshare company about their cancellation processes just to make sure that your cancellation is valid.
How to Get Rid of My Timeshare Legally After Rescission Period
If you’re wondering How to get rid of a timeshare after the rescission period, or if you’re just curious how to get rid of a timeshare legally, the best way is to sell it. Unfortunately, a refund will be for naught at this point. On the other hand, countries and states have different processes if you are going to cancel after the timeshare rescission period. Some countries do not even have a rescission period.
Try to get more information regarding the laws of timeshare cancellation in your state. Also, be sure to reexamine your contract. There might be clauses in there that might complicate things if you haphazardly try to cancel.
Another thing that you should do is to get a timeshare lawyer who is familiar with timeshares to help you with the cancellation. A lawyer can help you process the cancellation, and offer you legal advice on what to do next.
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