Due to several reasons like financial crisis, lack of time to stay in the timeshare, many people want to get rid of their timeshare. It seems very difficult of timeshare cancellation how to the contract. Timeshare cancellation is a perfect process of deeding your timeshare back to its developer, based on some discrepancies in the contract or sales process of the timeshare. The consumer also wants to recover a certain portion of their losses associated with the timeshare. Timeshare cancellation is often a very difficult process and difficult to be done without the help of an expert.
Most of the company allows the consumer to cancel their contract within a certain period of time or the ‘cooling-off’ time. According to law, consumers can cancel it within three to fifteen days of the agreement. Different states have different laws regarding the cancellation process.
Act within that certain period
Your timeshare contract should come with few conditions and it state clearly the specific number of days to cancel the existing contract. So, you need to check it first even before signing up for the contract. If your contract does not come with the term, there must be something wrong. Check first the law of your state and check how much time it allows as ‘cooling-off’ period. If you are ready to cancel the contract within that period, you can easily do that without any hassle.
Write a cancel letter
To cancel the contract, you need to write a complete cancel document or letter. Even if your company does not require that particular letter, you need to include a few important points on the document:
- Your full name that appears on your contract
- Complete address of the contact details like phone number, e-mail address etc.
- Full name of your timeshare company
- A complete description of your timeshare
- Mention the date of a timeshare contract
- A proper statement that you want to rescind your timeshare contract
- In some cases, you need to mention the reason of your timeshare cancellation
The proper delivery of the letter
Your contract should come with the manner in that you will deliver your cancellation letter. You can deliver the letter hand to hand or you can deliver it through a certified or a registered mail.
You need to make sure that you have followed all the instruction in the right manner; you need to deliver it within the cool off or within the proper cancellation period.
If you don’t deliver the cancellation latter through the right manner as per your contract or you have included the right information, your cancellation will be not a valid one.
The process to cancel it after the cancellation period
This is the most difficult part of timeshare cancellation how to. In most of the states, it is quite impossible and available only limited circumstances for the cancellation of your timeshare contract. After the rescission period, you need to take the help of the lawsuit to handle the situation. You can take the help of a real estate attorney or a real estate adviser to help you out.