We’ve all been there; we’ve all walked out of a store, or opened a package, or signed on a dotted line only to realize that what we thought we couldn’t live without –– we really could. Sometimes you can return the item for a refund. Sometimes you can get a credit for it. And sometimes, you’re stuck with it. If you’ve purchased a timeshare, you have similar options should you wake up the next day wondering what you’ve just done. The key is realizing your mistake and taking action quickly.
Most timeshare companies will allow for a cooling off period during which a new owner can decide to rescind (or cancel) his or her contract. This is usually offered for a few days or up to a week after closing and written in specific language within the contract. If your paperwork makes no mention of such an option, you may also check your local consumer protection laws. Most states have a rescission period for timeshare purchases when a new owner is able to cancel his or her timeshare contract and receive a full refund regardless of individual contract stipulations.
Whether you are utilizing a way out as specified by your contract or by local state law, it’s paramount that you send notice to the timeshare company that exactly follows the guidelines you’re using. Typically, you must include your name as it appears on your documents, as well as your contact details, the name of the company from which you purchased the timeshare with the date of the transaction and a full description of the location/unit in question. You will also need to fully outline your intent to “cancel the timeshare contract” in words that are clearly stated and unambiguous.
In order to ensure that there are no issues with your cancellation request, make certain you send your paperwork to the timeshare company within the rescission period and by certified mail. This provides you and the company with proof of your mailing and its receipt, leaving no room for the company to invalidate your request.
If you’ve missed the rescission period as stated either by your contract or by law, you may still be able to recoup some of your money and stop your timeshare fees. Don’t get stuck with a timeshare because you don’t know how to get help. Contact our team at Step Zero to learn how to find timeshare contract loopholes and/or cancel a timeshare after the grace period has ended.