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Are you having second thoughts about your timeshare purchase? Timeshare cancellation without penalty is possible, but it's important to act quickly! In this article, we'll explain everything you need to know about cancellation deadlines and getting legally released from your timeshare contract with a full refund. Keep reading for our complete guide.
Things You Should Know
- Timeshare cancellation means exiting a timeshare purchase without penalty and being released from the contract with a full refund.
- Most states require buyers to cancel a timeshare during the rescission period. Rescission time frames vary by state, but it’s usually 3-15 days after purchase.
- Type up an official cancellation letter and send it via certified mail to the timeshare company before midnight on the last day of your state’s rescission period.
Steps
- Examine the timeshare contract to find your state's rescission period. Your state’s rescission time frame is usually noted somewhere on the contract, although it might be buried in the fine print. If you can’t find the information, look up your state’s specific laws about rescission time periods online.[5]
- Sellers may include special instructions for cancellation in the contract itself (again, check the fine print). Be sure to follow their specific instructions exactly. For example, some companies require cancellation letters to be delivered via certified or registered mail.
- Type up an official cancellation letter as soon as possible. Even if your state allows you to cancel a contract verbally, it's important to send your cancellation notice in writing so that you have a paper trail and proof that you acted in accordance with state laws. After you write your cancellation letter, print it out so can you mail a hard copy to the timeshare company.[6]
- Be sure to print out a few extra copies of the letter and keep them for your own records.
- Mail the letter via certified mail before the rescission period ends. In most states, a timeshare cancellation is effective on the date the cancellation letter is postmarked. As long as the postmarked date is before midnight on the final day of your state's rescission period, you shouldn’t have any problems completing the cancellation process.
- Sending the letter via certified mail ensures you get a return receipt proving that you sent the letter within the appropriate rescission period.[7]
Expert Q&A
Tips
References
- ↑ https://www.debt.org/real-estate/timeshare-cancellation/
- ↑ https://www.debt.org/real-estate/timeshare-cancellation/
- ↑ https://codes.findlaw.com/co/title-6-consumer-and-commercial-affairs/co-rev-st-sect-6-1-703.html
- ↑ https://www.atg.wa.gov/cancellation-rights
- ↑ https://www.debt.org/real-estate/timeshare-cancellation/
- ↑ https://www.debt.org/real-estate/timeshare-cancellation/
- ↑ https://www.debt.org/real-estate/timeshare-cancellation/
- ↑ https://www.debt.org/real-estate/timeshare-cancellation/
- ↑ https://money.usnews.com/money/personal-finance/family-finance/articles/how-to-get-out-of-a-timeshare
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