If you have invested in a timeshare but do not want to continue it anymore, you have the option of canceling the contract. Cancellation of a timeshare is very much possible. However, you need to act quickly and do everything before the time runs out.
A majority of timeshare purchasers have the right to cancel the timeshare contract within a specified amount of time. Many states entertain their own laws wherein they give timeshare buyers few days to rescind the agreement. This period may extend from 3 days to 15 days.
Some state laws also confirm that you must include the information about the right to cancel your timeshare in the contract. Such a right is non-waivable. It means that the seller cannot ask you to give up on this right. The whole process works in your favor.
How to cancel a timeshare contract?
You need to request the cancellation of the timeshare contract in writing. A timeshare letter of cancellation makes it easier for you to process the further steps quickly. Here is everything you need to mention in your letter of cancellation of the contract:
- The current date
- The name of the purchaser written in the contract
- The address of the purchaser written in the contract along with other details such as email address and contact number
- The name of the timeshare company. For instance, if you want to cancel diamond timeshare with Diamond Resorts, you are expected to mention the same.
- The description of the timeshare
- The date on which you purchased the timeshare
- A straightforward statement that you are canceling the contract.
It is not obligatory to provide the reason for the cancellation of the timeshare contract. However, you can state explicitly that the purpose of your letter is to cancel the contract. This step is followed by delivering the cancellation notice.
How to deliver the cancellation notice?
The law of the state/country states the mode by which you have to deliver the cancellation notice. In many cases, the timeshare contract itself provides for the instructions. Some companies also permit hand-delivery of the cancellation notice. Others accept the notice only using certified or registered mail. It is, therefore, advised to read your contract thoroughly, and then know how the concerned company would like to receive the cancellation notice. Always make sure that the notice is delivered within the applicable period.
Can I cancel the timeshare after the expiry of the rescission period?
If you have exceeded the rescission period and want to unload the timeshare, you will have to sell it to a new owner. In this situation, you might not get a refund. It is only under limited circumstances that the law of the state allows you to cancel the timeshare contract when your rescission period has come to an end.
Some things to remember:
During the entire process of canceling your timeshare contract with any company, there are a few things you need to remember:
- Firstly, it is imperative to understand all your rights when you purchase a timeshare from any company. If you are signing a timeshare contract early during your vacation, your rescission period will expire even before you get home. To avoid facing such a situation, make sure to read all the terms and conditions listed in the contract.
- Apart from revising the terms and conditions, you must also educate yourself about the existing laws of the state/country before you sign the contract. You can seek professional assistance to understand how everything works. A timeshare attorney or consumer protection attorney may be able to advise you well on the topic. Having a word with a professional always helps.
The abovementioned information applies to the timeshare introduced by almost all the companies. Although the terms and conditions regarding the cancellation may be subjective, the essentials of cancellation remain the same.