How to Cancel Timeshare Contracts
Getting out of a timeshare can be a stressful experience. Many owners are overwhelmed by the sales pitch and scramble to figure out what to do next.
A timeshare contract may contain a few small but important details. For instance, it might include a rescission or cooling off period. During this time, you can change your mind and opt to cancel the contract without incurring any penalties.
In addition, your state may require you to send a formal letter stating your intention to rescind the contract. Some timeshare companies may even offer hand delivery of the letter, but it’s important to check the fine print before hand.
One of the most important factors is your state’s timeshare cancellation laws. While some states require you to have a certain number of days before you can rescind your timeshare, other states may allow you to cancel your timeshare with as little as a day’s notice.
You may want to consult your state’s consumer protection office for more information on the timeshare contract. It may also be worthwhile to consider the laws of a foreign country if you own a timeshare in a different country.
You should also be aware of the timeshare industry’s efforts to make the contract airtight. If a resort is not upholding its end of the bargain, you may be able to sue the company. It’s also important to realize that the timeshare industry is not entirely free of fraud.
