If you ever find yourself in a binding contract with a timeshare company, but change your mind and have buyer’s remorse, don’t fret — if you act quickly enough, you will be able to cancel timeshare within 5 days.
Even though you have signed on the dotted line, the truth is that under the law, your contract can still be cancelled for various reasons which include fraud and mistake. Getting out of a timeshare contract doesn’t have to be a long, legal, drawn out process.
When you decide to purchase a timeshare, you are actually buying real estate in the form of vacation ownership, most likely at a resort condo. Timeshare sellers are notorious for enticing potential buyers with gifts to listen to their sales spiel – such as free admission to Disney World, a round of golf, or some other dangly carrot.
Then they will proceed to put the hard sell on, often embellishing their pitch with excitement and promises of grandeur, but leaving out the part about taxes, fees, and other assessments. Once people realize what it will really cost to maintain a timeshare, many will change their minds. Because of the nature of this type of sales tactic, most states now have enacted laws that will allow people to cancel timeshare within 5 days or by a certain timeframe. What this means is, under a timeshares cancellation law, if you have regrets about your timeshare purchase, you can get out of an obligation without legal consequences.
How to Cancel Your Contract:
Typically, you will need to provide a timeshare contract release in writing. Even if there is no written documentation required, it is still highly advised— and wise. The following information is recommended by Nolo:
- Your name as it appears on the contract
- Your address, phone number, and email address
- The name of the timeshare company or association
- A description of the timeshare
- The date you purchased the timeshare, and
- A statement that you are rescinding the contract (for example, “I am contacting you within the rescission period in order to cancel this timeshare contract).
Listing your reason for canceling the timeshare contract is not required, in most cases.
Be sure to follow your contract’s specifications regarding the manner in which you deliver the letter of cancellation. Sometimes it is permissible to hand-deliver, but other times it is required for you to send through registered or certified mail. Make certain your letter is delivered within the cancellation time period — it is best to cancel timeshare within 5 days, that way you know you are well within the allotted grace time.
And make sure your letter is not adhered to according to the contract, or your cancellation may become invalid.
If The Cancellation Time Has Already Expired:
You still may be able to cancel your timeshare contract if the grace period has already expired. However, at this point, legal action will be required and you will need to open a lawsuit. You should contact a timeshare attorney for advice on how to proceed with this action.