Canceling a Timeshare Contract Within The Rescission Period

Everyone goes through “Buyer’s Remorse” at one time or another.  It’s that sinking feeling that you bought something that you ultimately paid too much for, or you simply don’t want it.

In the timeshare industry, there is a right of rescission during a period after you sign a timeshare contract when you can cancel the contract without penalty.  The duration can be as short as 3 days, but most reputable companies will at least give you a week or more, but typically no more than 21 days.  Your contract should have a specified number of days for rescission.

During that period, you normally have to make a written request to cancel the contract.  So, prepare one right away if you are thinking about canceling.

The best way to make sure the cancellation goes through is to personally deliver your cancellation letter to the timeshare sales office.  Bring two copies.  Have someone there in charge sign both copies as proof of acceptance, and give one to that person.

Otherwise, you’ll have to mail the cancellation letter.  Always use certified mail with a return receipt so that you have proof of when your letter was mailed and when the letter was received.  It is good practice to use certified mail when doing any correspondence with ANY company, especially if there is significant money on the line.  There are too many stories of regret when a person realizes that the company mysteriously says it never received a letter in the mail.

If there are problems from that point forward, you may need to consult an attorney.  Please do not consider this blog post as legal advice.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: