Do you think canceling a timeshare is impossible? Most timeshare companies will make you believe that, but the truth is, it’s possible to cancel a timeshare and free yourself from the obligations stated in the contract. Having the right information can help you navigate the process. Once you decide that the cancellation of a timeshare is the right thing to do, take a look at these facts before proceeding.
What cancellation really does
Canceling a timeshare means stopping all responsibilities and obligations to the property by ending the contract’s validity and effectiveness. Keep in mind that canceling is different from termination, which occurs when you or the company puts an end to the contract for reasons other than its breach.
All timeshare contracts have a grace period.
The rescission period is one of the crucial things to know before you cancel a timeshare. Also known as the cooling off or grace period, it should help you get out of your contract without a problem. The time frame varies per state. For example, if you purchased a timeshare in Florida, you should cancel it within ten days from the day you received the last of all essential documents or from the day you signed your contract, whichever occurs later.
You’ll need to write a letter.
It is highly recommended to cancel a timeshare in writing. Be sure to include all essential information, such as your contact details, your name as it is written in the contract, the timeshare company’s name, a description of the timeshare, the date you purchased it, and a statement declaring your cancellation. You don’t have to specify a reason for the cancellation of your timeshare. Your contract should provide the details for delivering the letter, usually via registered or certified mail or hand-delivered. Just make sure the company can receive it on time.
You may need a lawyer.
Canceling a timeshare after your rescission period may require legal assistance. That means connecting with a timeshare attorney who can help solve your problem legally.
