Timeshares are a big commitment for many people, but often you find yourself in the position of having made that commitment quite casually while you were on vacation. If you find yourself regretting this decision once you get home from vacation, there is still a good chance you can fix it and get yourself out of the timeshare contract.Most of the time you will need to write a timeshare cancellation letter to the company that you bought the timeshare from. But before you do anything, you want to find out exactly how much time you have to cancel. The laws in each state are different when it comes to timeshare rescission and you want to make sure you meet the legal requirements so you don't get stuck with a property you don't want.
For example, in Florida the rescission period that allows
you to cancel a timeshare contract is quite generous. Florida gives you 10 days
to cancel the contract. But in Nevada,
you have only five calendar days. So if your rescission period is short, you
will want to act quickly to ensure you don't miss it and get stick with a very
expensive mistake. You don't want to wind up having to sell your timeshare on your own.
- Full legal name (or as it appears on the contract itself)
- Date of purchase
- The contract number
For most rescission letters, this is all the information you are going to need. But your contract should specify exactly what is required to rescind so be sure to review whatever materials the timeshare company gave you before you send them anything. You want to make sure you follow their instructions to the letter.If you gave the company any money, such as a deposit, or you signed a financing agreement, you should also specify that you want that money returned as well. It may seem like it goes without saying, but it is best to have it in writing.
Once you have everything sorted out and your letter is ready to go, I recommend sending it by certified mail with return receipt. This provides you with proof that you sent the letter by the correct date and proof that they also received the letter. This documentation will help you in the event of any problems. For the most part though, while US timeshare companies often present a hard sell during the presentation, they will act efficiently to cancel your contract and return any money owed.
After your contract is canceled, then you can rest easy and explore the world of timeshares on your own terms. Without the pressure of a salesperson sitting across from you, it is much easier to weigh the pros and cons.