Although having a timeshare may appear to be a dream comes true, some owners may need a timeshare cancellation. Here, we have discussed the different choices you have once you’ve signed the dotted line.
What is timeshare cancellation and how does it work?
The process of cancelling a timeshare purchase and receiving a full return without penalty is known as timeshare cancellation. Although this is a viable option, there are certain limitations. Most importantly, you must cancel within a specified amount of time after making your purchase. If you’re thinking about taking this route, you’ll need to pay attention and take action right now.
What is the process of cancelling a timeshare?
You’ll have a brief cancellation or “cooling off” time after your initial purchase. In most places, this time frame is required by law. To get your full purchase refunded, you must give the vendor an official notice of cancellation within that time frame. If you’ve missed the cancellation deadline, your chance for a complete refund, free of penalty and other charges, is likely gone. Don’t worry if you’re reading this after your state’s cancellation deadline has passed; there are still options available.
Take action right away
You’ve decided that this purchase isn’t right for you. So, what’s next? Start with a comprehensive analysis of your sales contract before moving on to the next phase. The contract will contain information on how to cancel your timeshare purchase, even if it is buried in complicated lingo and fine print. The duration for timeshare cancellation, known as rescission, varies by state but is typically about 5-10 days. When you’re on vacation or flying back home, you don’t have a lot of time. Knowing your state’s rescission period and acting inside that time to assure a return is crucial.
Write a formal letter of cancellation for your timeshare
Do you have any time left before your rescission period expires? Great! You’ll need to send a timeshare cancellation letter to the company that sold you the timeshare. Even if the contract indicates that this can be done verbally, you should have all of the facts in writing.
Along with your name and contact information, include the following in your cancellation letter:
- Your timeshare company’s name
- The contract’s reference number
- The timeshare contract’s name(s) and purchase date
- A cancellation statement (Quick note: You don’t have to spend any time explaining why you’re cancelling.). All you need is a clear and succinct statement of your desire to cancel
- The amount you paid and a request for the money to be returned to you
Ensure that your cancellation letter has been received
Don’t forget to provide dates and copies in your cancellation letter! Make sure to date your letter and make a record of the date it was mailed. Also, make additional copies. We can’t emphasize enough how important it is to keep written documents of all your timeshare cancellation letters and to follow the developer’s recommendations.
Are you looking for timeshare attorney in Florida? You can contact The Law Offices of Susan M. Budowski, LLC now!