29 Apr Understanding Timeshare Cancellations: How to Cancel a Timeshare Contract
Learn how to Cancel a Timeshare Contract.
If you recently purchased a timeshare, are you able to cancel the contract? It is possible, however, you will need to take immediate action.
If you recently made a purchase of a timeshare and now find yourself regretting that decision, there may be a way for you to cancel the contract. However, it is crucial that you act promptly. The timeframe in which you are allowed to cancel the purchase, also known as the “rescission period,” is determined by state law and is usually limited to just a few days.
State laws dictate the duration in which you can cancel, or rescind, a timeshare Contract
In most states and some international jurisdictions, laws exist to protect timeshare buyers by granting them a specified period within which they can cancel the agreement, typically ranging from 3 to 15 days. It is important to keep in mind that statutes may change, so it is advisable to verify the current state laws.
Timeshare Cancellation in California
Timeshare Cancellation in Florida
Timeshare Cancellation in Texas
Timeshare Cancellation in South Carolina
Timeshare Cancellation in New York
Timeshare Cancellation in Hawaii
Furthermore, state laws often mandate that details about the right to cancel be outlined in the contract. This right is typically non-negotiable, meaning the seller cannot request or force you to waive this right.
Canceling Your Timeshare
When it comes to terminating your timeshare agreement, it is common practice to submit your cancellation in writing. Even if the law permits oral cancellation, it is advisable to draft and send a timeshare cancellation letter to the seller. A well-crafted cancellation letter typically includes the following details: the current date, the purchaser’s name as stated in the contract, the purchaser’s address, phone number, and email address, the name of the timeshare company, a description of the timeshare (referencing the details in the paperwork), the date of the timeshare purchase, and a straightforward declaration of the buyer’s intention to cancel the contract.
While providing a reason for canceling is not always necessary, it is essential to explicitly mention that the purpose of the letter is to retract the contract. A concise statement such as “I am notifying you within the rescission period to terminate this timeshare agreement” should suffice. It is important to note that state regulations may dictate specific requirements for your cancellation notification.
How to Cancel a Timeshare After the Rescission Period Expires
If you’re looking to get out of your timeshare after the rescission period has passed, there are a few steps you can take to try and cancel your contract. Should the rescission period have expired and you are looking to divest yourself of your timeshare, your best option may be to sell it to another individual, as opposed to seeking a refund. It is important to be cautious of potential resale scams. In some cases, according to state law, there may be exceptions that could allow you to cancel a timeshare contract after the rescission period has ended. Alternatively you can explore hiring an attorney or a experience exit company like Timeshare Compliance.
How can I get out of a timeshare contract?
Contact Your Developer Directly
Some timeshare developers have exit programs and some may even allow you to exit if you pursue it and present justifiable proof of specific misrepresentations or possible fraudulent activity. With enough persistence and patients you may very well be able to exit your timeshare on your own.
List Your Timeshare for Sale
Listing your timeshare FOR SALE on one of the many online resale platforms is most certainly an option. However, the internet is flooded with timeshare resales and a quick glimpse of that online can be seen on eBay where some timeshares are being sold for cents on the dollar.
Attorney or Timeshare Exit Company
Using an attorney to help get rid of your timeshare has no guarantee of success, and it could potentially cost you “an arm and a leg”. With a seasoned exit company like Timeshare Compliance we have an 11-year proven track record of success in helping owners exit their timeshare contracts.
