Have you researched how to cancel a timeshare contract? The law provides an out for people who purchased a timeshare under false pretenses, regardless of when the timeshare was purchased. Sometimes, canceling the timeshare contract can prove difficult, as developers do not want to cancel timeshare contracts. Yet as described in the Timeshare Compliance Manual, the law is on the side of consumers whenever fraud or misrepresentation played a role in the transaction.
People who act quickly may exercise legal rights to cancel a timeshare contract. According to the NOLO website, state laws provide timeshare owners with the right to rescind (cancel) the contract within a certain time period. The Timeshare Compliance Manual indicates those laws in each state. In most states, people who act to cancel the timeshare contract within five to ten days can cancel the contract if they adhere to the procedures. If the purchaser acts in accordance with the law, the developer doesn’t have any choice but to cancel the timeshare contract.
The steps are quite simple for those who act quickly to cancel the timeshare contract. The buyer simply must notify the seller in writing. If the buyer writes a letter to the seller indicating that he or she wants to cancel a timeshare contract, the and the buyer acts within the state law’s timeline, the developer must cancel the contract. Further, the developer must return every penny back to the timeshare owner.
When writing a letter to cancel a timeshare contract, buyers should make sure the letter includes the following:
Purchaser’s name as it is written on the contract
Purchaser’s address, phone number, and email address as it is written on the contract
The name of the timeshare company
The timeshare description, and
The date that the buyer signed the agreement to purchase the timeshare
Make sure the letter states that the purpose of the letter is to cancel the timeshare contract. For example: “I am contacting you within the rescission period in order to cancel this timeshare contract.”
Send the letter by registered or certified mail, with a signature. The Timeshare Compliance Manual offers other suggestions.
If the time period has passed to cancel a timeshare contract, call 1-800-705-6856 to speak with a specialist who will schedule you for a free consultation to discuss other options that may lead to the cancelation of your timeshare contract.