Purchasing a timeshare is usually something that should be done after careful thought and deliberation. As most timeshare sales are conducted on “Today Only” basis, this isn’t always possible.
If it turns out sometime later that you feel you did not have enough time to consider your purchase and would like to cancel, then you have a limited amount of time to do so.
Each state has laws which allow for you to get a refund on your purchase if you cancel or rescind within a certain window of time. This is known as the rescission period. Still, for your cancellation to go through, you may not simply be able to call up your timeshare company and cancel over the phone or by email. Here’s more on timeshare cancellations and what you could consider doing to get yours handled without delay.
Timeshare Cancellation vs. Exit
How you end your timeshare contract will depend on a few factors. Your state law will determine how many days you must act within the rescission period before you can cancel and receive a refund. Once that period has expired, you likely will not be able to receive a refund if you want out of your timeshare contract. Still, you should attempt to contact the developer first to sell your timeshare back to them. There may be limited circumstances that allow you to cancel your timeshare after the rescission period, but typically this will only be available in cases of fraud or misrepresentation.
How To Cancel Your Timeshare
Cancelling your timeshare is required in writing.
While email may technically count as written, it is recommended that you also send a copy of your cancellation letter through the mail. You will want to have proof that your letter was received, so you should consider sending the letter certified with delivery signature confirmation.
This method will provide you with a receipt that shows when your letter was received and who signed for it. It is worth noting that emails can also be sent with what is known as read receipt. This feature will send you a confirmation that your email was received and opened by the recipient.
What To Include In Your Cancellation Letter
It is important to understand that the law in your state may require certain information to be included in your cancellation letter. So, you will want to either go over your state’s timeshare cancellation laws or consult with a timeshare attorney before writing your letter.
It is commonly recommended that you include the following information in any cancellation letter:
- Your name and address
- The date of the letter
- Timeshare company name and address
- The date that you purchased the timeshare
- The details of the timeshare (contract number, description of purchase)
- Your contact information (email, phone number)
Because you are writing specifically to cancel your timeshare, you will also want to clearly state the purpose of your letter. You may also want to include a copy of your timeshare contract with your letter.
Pro Tip: Keep copies of all documentation even if you have to send the originals back to the developer.
Review Your Timeshare Contract Before Sending Your Timeshare Rescission Letter
While state law controls how and under what circumstances you can cancel your timeshare, there may also be a provision in your timeshare contract concerning how to cancel. Go over your contract with a timeshare attorney. You’ll receive guidance from them on how to make sure your cancellation goes through, and when you might receive a refund.
If you have yet to receive your contract, then you can request it from the timeshare company. Remember, you will need to act fast as the time you have to cancel may be running out.
Disclosure: This article is for information purposes only and is not intended as legal advice. Always seek professional legal assistance with contracts of any kind.
Timeshare Attorneys at Finn Law Group Can Help You
If you desire to exit your timeshare but are not sure about what to do next, know that you are not alone. Other timeshare owners are facing the same predicament. The Finn Law Group is focused on helping clients resolve their timeshare dilemmas. Our timeshare attorneys can help you better understand your options and the best path forward. Contact us today by calling (855) 346-6529 for a free consultation. Also, check out out social media page on Twitter.