How to Cancel a Timeshare Legally and Within the Rescission Period
If you are struggling with a timeshare, you may want to consider canceling it. This will help you regain your financial freedom and get rid of maintenance fees. It can also be an effective way to save money on travel costs and avoid the high pressure sales presentations that you might encounter when you visit a resort.
You can cancel a timeshare with ease, but you need to know how to do it legally and within the legal rescission period. The best thing you can do is to read your contract thoroughly and learn the laws in your state regarding rescission periods.
The first step in cancelling your timeshare is to write a letter notifying the seller/developer that you have chosen to rescind the purchase. The letter should include your name, address, contract number and date of purchase. The letter should also ask for a return of any deposit that was made.
Send your rescission letter via certified mail. You should also include a return receipt request to ensure that the developer/resort received your letter before the deadline. Make a copy of the letter for your records and keep it safe.
Depending on the state, you will have three days from when you notify the seller/developer that you are no longer interested in purchasing your timeshare. This can be extended to 15 days if you live in one of the states that has longer rescission periods.
If you follow the instructions in your timeshare contract, you can rescind your purchase easily and without any problems. You can do this by contacting the resort directly or by hiring a company that specializes in this type of transaction.
In most cases, the resort will give you a form that you can fill out to submit your cancellation letter. You will need to include your name, address, contract number and the dates you have purchased the timeshare.
Be sure to read your timeshare contract closely, as you will need to comply with all of the terms and conditions. Often, you will find that the contract is lengthy and if you fail to follow all of the instructions, your request for cancellation could be denied.
Do your research and find a reputable and experienced timeshare cancellation company that will guide you through the process. Look for a company that has a history of helping, strict eligibility requirements, an in-house process, and positive reviews.
The right timeshare cancellation company will also have a reputation for working on behalf of clients, with integrity and accountability. They should be able to assist you in finding out the true cost of exiting your timeshare, so you can see where you stand financially before you sign on the dotted line.
They should also have an in-house team of experts that can take care of all the legal aspects involved in a successful timeshare exit. This means they can do everything from reviewing your contract and helping you file an affidavit of cancellation to taking care of the escrow.
