Although the idea of owning timeshares may sound like a great dream, some owners end up looking at timeshare cancellation. After you sign the dotted line, what are your options?
What’s Timeshare Cancellation?
Timeshare Cancelling is the process of renouncing a timeshare contract and receiving a full refund. This is possible but there are some restrictions. First, you must cancel within a specified time frame after purchase. This is a way to exit, so you need to act immediately.
How Does Timeshare Cancellation Work?
After your purchase, there will be a short cancellation or “cooling off” period. In most states, this time period is required by law. To get your full deposit back, you must give notice to the seller in writing.
It was a beautiful property with amazing amenities. You feel like you could live there forever. Once the payment is in your bank account, the financial implications start to sink in.
You will not be eligible for a refund if you miss the cancellation deadline. If you are reading this after the state cancellation deadline, don’t panic. There are still options. Continue reading for more information.
Get Quick Results
You have made your decision. This purchase is not for you. What now? Now what? Although it might be hidden in confusing terminology or fine print, your contract will include information about how to cancel your timeshare purchase. You will need to quickly and accurately send your cancellation letter by mail.
This is also known as rescission. The time it takes to cancel a timeshare varies from one state to the next, but typically lasts between 5-7 days. This is not a lot of time if you are in vacation mode or trying to travel home. It’s important to know the rescission period in your state and act within it to get a refund.
Write a Formal Timeshare Cancellation Letter
Do you still have some time before the rescission period ends? That’s great! To cancel your timeshare, you will need to send a cancellation letter to the company with which it was purchased. You will need to write a cancellation letter to the brand with which you purchased timeshares.
Include the following information in your cancellation letter along with your name, contact information, and your signature:
- Name of your timeshare company
- The contract number
- Name(s) of the timeshare contract
- The purchase date
- A cancellation statement (Quick Note: You don’t have to spend time explaining why you are canceling. You only need to give a clear, concise explanation of why you want to cancel.
- The amount paid and a request for it to be returned.
Make sure your Cancellation Letter is received
Don’t forget to include copies and dates when you write your cancellation letter. Keep a copy of the mailing date and date on your cancellation letter. Keep several copies. It is crucial to keep written records of any timeshare cancellation correspondence. Also, it is important to follow the instructions provided by the brand to which you purchased the timeshare.
Here are some examples: If your contract calls for cancellation by mail, ensure it is postmarked within the rescission period. Also, request a receipt. Keep a copy with the date and cancellation by fax. Although it may seem overwhelming, these steps provide a layer of protection that you can’t afford to lose.
What happens if the Timeshare Cancellation Window is closed?
Do not panic! If you are unable to meet the deadline, there may be other options. Contact your timeshare company first. Some resort brands offer deed-back programs that allow you to explore other cancellation options. You can also cancel after a rescission in some states, but you will need to consult an attorney.
You have made your decision. This purchase is not for you. What now? Now what?
It’s crucial to have a clear mind and research before you make a decision on the route to take. There are many scams out there and third-party companies that promise a lot but don’t deliver. You can find legitimate help by using the American Resort Development Association and the Better Business Bureau.
If you have decided to sell your timeshare and are not able to cancel your membership, there are trustworthy Timeshare compliance services available.
Charvi Shah is the co-founder of Love with Travel Blog. She loves helping people unplug from the chaos, follow their bliss, travel more and create better memories. She inspires many people to travel more! Charvi`s travel focus on cultural immersion, authentic discovery and incredible journeys. She has a strong passion for ecotourism and aims to promote responsible travel experiences.