There are a lot of people, who
have a timeshare contract and wish to lawfully come out of it. Wishing to come
out of the timeshare contract can be due to many reasons; but realizing that
the deal is not as good as it once seemed is the mostly reported reason by
people. For example, most of the timeshare buyers are not aware about the fees,
taxes and assessments they are obliged to pay and considering the total
financial cost of the purchase they eventually end up changing their minds.
How to cancel your timeshare contract?
As the nature of the timeshare
selling goes, most of the states have passed laws that allow timeshare buyers
to stay safe by quickly cancelling their contracts. With help of this law, if
you’ve signed a timeshare contract and have second thoughts, you can apply to cancel
the contract.
Act within the timeshare rescission period
Your timeshare contract should
have clearly mentioned number of days that lets you rescind the contract within
that duration. If your contract doesn’t have this duration mentioned, you
should seek assistance from your state consumer protection office.
Get out of timeshare by cancelling in writing
Be it initial contract signing or
cancelling it during timeshare rescission period, you must have every detail in
writing. You should include following information in your cancellation letter,
as per advised by the timeshare experts.
- Your name just as it appears on the contract
- Your contact number, address, and email address
- The name of the associated timeshare company
- The description of timeshare
- The timeshare purchase date
- A statement from your side stating that you are contacting the timeshare company within the rescission duration and want to cancel the timeshare contact.
