Although your timeshare contract is a legally binding document and therefore, most people assume that it’s not cancellable, this is a misconception—it’s just a ploy of timeshare companies.
In fact, virtually all contracts, including timeshare contracts are cancellable depending on certain reasons, such as mistake and fraud. If you’re seriously considering canceling your timeshare contract, below are the basic steps to go about the process.
How to Cancel a Timeshare Contract
Due to the sometimes fraudulent nature of selling timeshares, plenty of states have strict laws that enable buyers to back out of their contracts, provided that they act fast, meaning that if you’ve purchased a timeshare and then get buyer’s remorse, you could cancel your timeshare contract. First, check your contract to see how many days you get to cancel. If you don’t see anything about a cancellation, look up your state laws regarding timeshare contracts.
In general, cancellation must be done in writing, and even if your contract states otherwise, it’s still recommended that you cancel your contract in writing. Your letter should include your name, contact details, the description of your timeshare, the timeshare association or company, date of purchase, and a statement as to why you’re canceling your contract.
Next, see if your contract specifies how you should deliver your cancellation letter. In general, you could send your letter through a certified or registered mail, or deliver it by hand. Either way, make sure to follow the directions stated in your contract, if any, and send your notice of cancellation within the allotted term. Otherwise, you risk the timeshare seller invalidating your cancellation letter.
Canceling a Timeshare Contract After Expiration of Cancellation Period
In some states and under very specific conditions, you might be allowed to rescind your contract even after the cancellation period has expired. However, you would need to file a case against the timeshare seller to do so, so you’ll need help from a lawyer who has experience with timeshare lawsuits. The main thing to keep in mind is that time is of the essence when canceling your contract so make sure to follow the right steps and get expert help when needed.