If you want to rescind your timeshare contract, then you must act quickly and follow the exact procedures. By purchasing a timeshare, you are buying an interest in a piece of real estate, most often a resort condominium. Almost every state has enacted laws that let the buyers cancel their timeshare contracts if they act quickly. If you need to cancel your timeshare contract, the main things you have to do are mentioned below.
- Act within the Cancellation Period
- Cancel in Writing
- Delivery of the Cancellation Letter
Act within the Cancellation Period
The timeshare contract should state the number of days within which you have to cancel your timeshare contract. If it doesn’t mention the exact period or if you think the contract is wrong, check your state’s law on timeshare contracts or contact your state consumer protection office.
Cancel in Writing
You should cancel the timeshare contract in writing. Include the following information in your timeshare cancellation letter:
- Your name as mentioned in the contract
- Your address, email address, and phone number
- The name of the timeshare company
- The date you purchased the timeshare
- Description of your timeshare, and
- A statement that you are cancelling the contract
In most cases, you don’t have to list the reason for canceling your timeshare contract.
Delivery of the Cancellation Letter
Your contract must specify the mode by which you should deliver the timeshare cancellation letter. At times you can hand-deliver your timeshare cancellation notice, but sometimes you must deliver the cancellation letter by registered or certified mail.
Be sure to:
- Follow the instructions correctly, and
- Deliver the letter within the cancellation period.
In case, if you don’t include the exact information or deliver the letter in a specified manner, your timeshare cancellation may not be valid.