It is said that a timeshare is somewhat expensive, although it can provide a great vacation experience for the owner. And in today’s economic climate, where almost everyone is cutting costs, it may be wise for the owner to terminate their timeshare contract. With this, you can opt for other cheaper ways to vacation or use the money for other important matters. However, if the owner who has just purchased a timeshare decides to get rid of it, he can do so without losing his down payment by taking advantage of a rescission period.

Right of Termination

In the US, almost every state has a termination rule. This is the period of time in which the buyer can change his mind and cancel the sales contract without losing money. But keep in mind that the rescission period varies from state to state.

Know your contract

First, check your contract for a clause that says something about a termination period. Everything you need to know is in the contract. When you want to submit a termination request, you can find the specific details about the deadline in the contract. So, it’s time to immediately take note of your termination deadline and instructions on how to successfully cancel your contract.

write a cancellation letter

Once you have found the necessary information from your contract, make a certified letter stating that you want to cancel your timeshare agreement. Keep it short and keep in mind that you don’t have to explain anything. The important thing is that they know that you are exercising your right to terminate your contract under the terms of the agreement. Include your name, address, contract number, and date of purchase in your cancellation letter. Once the deposit is made, you must request its return. In some cases, your business will have a form available to simplify the process and you can use that instead.

Submit your termination letter before the deadline

More importantly, you must submit your termination letter before the deadline to cancel your timeshare contract. With a certified letter, you can demand a signed receipt, which means they have to respond. Also, make copies of all documentation. Also, make sure it’s postmarked by the deadline so you’ll have proof you mailed it on time in case there are disputes later.

Follow up time

On the other hand, if you haven’t heard from the company in 30 days, it’s time to follow up and ask about the delay to make sure you can take advantage of the given rescission period.