Cancellation is when you cease your ownership of a timeshare and remove it from your portfolio. Many of these timeshare commitments are lifelong arrangements, which may strain one’s finances and is one of the key reasons many owners contemplate breaking out of their contracts. It is the primary reason why many consider selling their timeshares.
Please take immediate action following the completion of the timeshare purchase to avoid the penalties for canceling an unwanted timeshare. Finding proper departure plans becomes a more difficult task as time goes on and more has passed.
You can get assistance from a third-party company that you employ if you are still waiting to cancel your reservation in advance. You have the right to a brief rescission period following the completion of your timeshare transaction.
This period is also commonly referred to as a “cooling-off” period. During this period, you are within your legal rights to cancel the transaction, and in exchange for your cancellation, you will get a full refund.
You have the specified time to notify the original seller of your intention to withdraw, and then you must deliver it. This is required for the cancellation to go through successfully.
After the deadline for rescinding your agreement has passed, it is doubtful that you will be able to terminate your arrangement in a straightforward manner that would result in full reimbursement of any payments made.
What Exactly is Meant by the Rescission Period?
Customers are required by the norms of the state to be given a limited period after making any big purchase or investment, during which they are entitled to withdraw from the transaction and obtain a return of their money if they want to do so.
Depending on its purpose, this period is referred to as a cooling-off or rescission phase. On the other hand, as you are well aware, the rescinding periods for timeshares only endure for a very brief time.
Because the “cooling-off time” differs from state to state, you should prioritize becoming familiar with your state’s rules before purchasing, as these regulations vary from state to state.
In a few states, the only period during which a timeshare contract can be terminated is the initial three business days. Due to the limited period, it may finish before you have even returned from your trip. Do you now comprehend the significance of accelerating one’s pace?
Create a Letter of Cancellation For the Timeshare
Those still inside the rescission period have a good deal of flexibility regarding the simplicity with which they can cancel their timeshare. To get out of the agreement, you will generally need to send a cancellation letter to the resort responsible for selling the property to you and urge them to withdraw from the transaction.
Despite the apparent simplicity of the procedure, each step needs to be carried out correctly; otherwise, you may miss the limited window of opportunity. Detailed explanations of each stage are provided in the following paragraphs:
Maintain Clarity and Brevity:
It would be best if you made it evident that you wish to cancel and proceed with caution to get to the bottom of the issue.
Determine What Should be Included in the Letter:
Because timeshare firms have such rigorous cancellation rules, you need to be sure that your letter fits all of their requirements before sending it.
Maintain Punctuality When Delivering the Letter:
Please ensure that the delivery instructions are followed to the letter for it to be delivered by the due date. It is highly advised that you send your correspondence by registered mail.
You could ask the corporation that owns your timeshare to provide a response confirming the cancellation so that you have peace of mind.
After the Recession Period, Can I Still Cancel My Timeshare?
Unfortunately, in most cases, purchasers of timeshares are only permitted to withdraw their payments after the rescission period has passed. If this is the case, getting out of the deal becomes more challenging.
Even though the timeshare property strives to make the cancellation process as difficult as possible, there is still a possibility of getting out of the contract. Several potential departure alternatives for owners of timeshares, which are commonly discussed, include the following:
- Putting up the timeshare for sales on the secondary market where it can be purchased.
- Letting it out to a third party as a rental service.
- Utilizing the services of a timeshare attorney.
- Contacting a consumer protection agency and asking them questions.
Individually, any of these options can result in a significant increase in cost, and collectively, they must ensure that the reservation will be canceled. In recent years, a new possibility that holds promise for timeshare owners has developed in organizations specializing in canceling timeshares.
Canceling a timeshare entails withdrawing from a transaction to obtain a complete refund free of any associated fees. Even though this is feasible, there are a few essential points to note. First and foremost, your request to cancel must be processed within a predetermined amount of time following the first purchase.
You typically have five to fifteen days after purchasing to legally withdraw the contract and get a refund for your resort timeshare purchase if you change your mind about making the purchase. Once the retraction time has passed, you will no longer have the option to cancel your purchase without incurring a fee.