The Property is Amazing
You felt like you could stay there forever. Nonetheless, the financial implications have started to sink in. Although the timeshare industry has been around for more than 55 years, thousands of people find them expensive. Besides, it’s the norm for new timeshare owners to quickly rethink their purchase decision. Though many hope that it will be as simple as dialing a call and telling the resort you are no longer interested in the timeshare, canceling a timeshare isn’t that easy and you may have to answer several timeshare documentation questions.
Below are some steps to cancel your timeshare:
Act Within the Timeshare Contract Cancellation Period
Timeshare contracts usually clearly indicate the timeline for contract cancellation, known as the rescission period. The rescission period depends on state law, but it is usually 3-7 days. Additionally, review the cancellation terms of the contract and use them as a guide. If it doesn’t, check with your state’s law. To fully understand the terms and conditions, get timeshare experts to assist you with timeshare documentation questions.
Know the Possible Liabilities When Cancelling
Some contracts require you to pay maintenance and improvement assessment fees. Before you start the cancellation process, understand the possible costs you may incur. Ask the timeshare experts about all the possible liabilities.
Understand Your State Laws on Timeshare Cancellation
Each state has different laws with regard to a timeshare cancellation. Visit the site of the Department of Consumer Affairs or contact timeshare experts for help.
Write a Formal Cancellation Letter
Even if the contract indicates that you can do this verbally, get all the details on paper. In the letter make sure you state clearly your name as it is written on the contract, your address, phone number, and email address. In addition, include the name of your timeshare company, the contract number, and the date of purchase, and give a clear concise statement of cancellation. Don’t waste time giving many in-depth reasons for cancellation. Don’t forget to state the amount you paid, and request it to be returned to you. Ensure the cancellation letter is received, and you should hold onto multiple copies yourself.
With these tips, you can successfully get yourself out of a timeshare contract. It is vital to know the basics of the timeshare contract for a smooth cancellation process. Before starting the process, get timeshare experts to help you understand the timeshare documentation questions.
