For many, the realization that timeshares are among the worst investments ever sends them on a quest to answer the question of how can i cancel my timeshare contract? Timeshares can be canceled, but many think of it as a complicated process. However, it is a simple process that can be completed within a short time.
There are two routes you can take to cancel your timeshare contract; by doing it yourself or hiring a professional team to help you out. Whichever it is, it is your responsibility to first learn the terms and conditions of the contract in and out. This gives you the advantage of knowing where to explore.
You can then take the following steps to cancel the contract:
- Write a rescission letter: A rescission letter is a legal document that provides evidence of your interest in canceling something. So, if you want to ‘cancel my timeshare,’ you should begin by writing this letter. The letter should be addressed to the timeshare providers (real estate company and their representative), and a copy should be made available to your cancellation team. This is the single most important step.
- Send the letter to the timeshare company: Your rescission letter should be sent to the official address of the timeshare company. This is necessary not only for official purposes but to have straight records if, by chance, your letter is not attended to before the cooling-off period expires. These days, timeshare companies provide emails where such letters can be sent in electronic format. You may decide to do both or either, depending on the company’s services.
- Follow up your letter: Follow-ups are not always necessary, but in some cases, the timeshare company may not attend to your letter in good time. This makes it important to follow up with emails, calls, or physical visits to finalize the process.
- Receive your refund and other legal benefits: Since the rescission is incomplete without refunds, this final step is important. All documents and deposits you gave should be returned to you after all legal processes are done. According to the terms and conditions, some companies may charge a small rescission fee. Most states have laws governing these, so you could come out unscathed.
Remember that there is a time frame for timeshare owners to cancel. This is called the cooling-off period. Once this period expires, it is almost impossible to ‘cancel my timeshare contract.’