Cancelling a timeshare contract may be challenging,
but that does not mean it is impossible. It can be done for a variety of
reasons, such as it was scammed or tricked into it by misleading sales practices,
if you don’t think it is worth the expense, or if it has become too expensive
for you, or if you simply don’t want it anymore. Regardless of your reason, be
sure to know the do's and don’ts of timeshare
termination for a smoother, trouble-free process:
- Do read your contract – The timeshare contract should bear all the necessary information you will need to know about rescinding it, including the cooling off period and how you should let the timeshare company know about it.
- Do cancel within the cooling off period – Timeshare buyers have the right to cancel their contract within a specific time period, which will depend on the state. Laws often give a minimum number of days, usually between three and 15. In Florida, the cooling off period is 10 days.
- Do not put off cancelling your timeshare contract – Timeshare termination is best
done as soon as you change your mind, especially when you are still within
the cooling off period.
- Do not call or text the timeshare company – Timeshare cancellation is best done in writing. A letter of cancellation must include your name as indicated in your contract, your contact details (email address, address, and phone number), the timeshare company’s or seller’s name, description of the timeshare, and the date you signed the contract and bought the property. The letter must be hand-carried or sent via registered mail, depending on what is required in the contract.
- Do hire a timeshare lawyer – Legal assistance will be helpful if you are cancelling your timeshare contract after your rescission period. In this case, timeshare termination will take place. A timeshare lawyer will be helpful if you think you have been scammed by the company, too.
