A common misconception on cancelling a timeshare contract is it cannot be done. Many timeshare companies would make it seem that way, but the fact is, you can. There are ways that you can relieve yourself of the obligations associated with the timeshare, move on, and put your hard-earned money in other investments that can provide better, long-term returns to you. That said, knowing how to cancel a timeshare contract should be easy when you have the right information, and you should do it fast. Here are some interesting facts you must know about the matter:
• What cancellation does – Rescinding your contract occurs when you want to stop all your obligations and responsibilities to the timeshare property by ending its effectiveness or validity. Take note that timeshare contract cancellation is different from a termination, which occurs when you or the timeshare company would put an end to the contract for reasons other than its breach.
• There is a grace period for cancellation – When cancelling your timeshare contract, know that there is a rescission period, grace period, or a cooling off period that lets you do that without any problem. However, this time frame will vary per state. For instance, if you bought a timeshare in Florida you must cancel it in 10 days from the day you signed the contract or from the day you got the last of all essential documents, whichever happens later.
• You will need to cancel in writing – Cancelling a timeshare contract by letter is highly recommended. Make sure it has all the necessary information, like your name as it is shown on the contract, your contact details, the timeshare company’s name, the description of the timeshare, the date you bought it, and the statement declaring your rescission. You do not have to list your reason why you want to cancel a timeshare contract. The contract must provide details on how you should deliver the letter. Usually, it will need to be hand-delivered, or sent via certified or registered mail. Just make sure it arrives on time.
• What cancellation does – Rescinding your contract occurs when you want to stop all your obligations and responsibilities to the timeshare property by ending its effectiveness or validity. Take note that timeshare contract cancellation is different from a termination, which occurs when you or the timeshare company would put an end to the contract for reasons other than its breach.
• There is a grace period for cancellation – When cancelling your timeshare contract, know that there is a rescission period, grace period, or a cooling off period that lets you do that without any problem. However, this time frame will vary per state. For instance, if you bought a timeshare in Florida you must cancel it in 10 days from the day you signed the contract or from the day you got the last of all essential documents, whichever happens later.
• You will need to cancel in writing – Cancelling a timeshare contract by letter is highly recommended. Make sure it has all the necessary information, like your name as it is shown on the contract, your contact details, the timeshare company’s name, the description of the timeshare, the date you bought it, and the statement declaring your rescission. You do not have to list your reason why you want to cancel a timeshare contract. The contract must provide details on how you should deliver the letter. Usually, it will need to be hand-delivered, or sent via certified or registered mail. Just make sure it arrives on time.
