Timeshares are usually perfect for those looking to have an affordable annual vacation. But sometimes, people can regret buying a timeshare. The reasons for this could be varied. Some might find the annual charges too expensive, some might be fed up of visiting the same location every year, and others might have buyers’ remorse. In this article, we shall be discussing the cancellation of a timeshare contract and how to go about it.

What is a timeshare?

A timeshare, commonly known as vacation ownership, is a form of fractional ownership. Here, the buyers purchase the rights to certain units of real estate for specific periods of time. This means that if you buy a timeshare of a property for one week, you own 1/52 of the unit. In the same way, buying one whole month means you own 1/12 of the property. Timeshares are pretty common at vacation spots. The most popular types of property that are sold as timeshares include condominiums, resorts, and even homes. The concept of timeshares can also be applied to vehicles and private jets.

Now, if you own a timeshare and have realized that you are not interested in continuing the ownership, you can look into canceling the ownership contract. Canceling a timeshare is no easy task and needs to be done quickly. Although the task is tricky, there are a few things that you can do to get out of your timeshare contract. Let’s take a look at them.

Know your state laws

Suppose you’ve recently purchased a timeshare but have come to realize that this is not something for you; fret not! Most timeshare contracts can be canceled even a few days after the sale. Almost all timeshare purchasers get the right to rescind the contract within a certain amount of time. This time, known as the rescission period, can vary from state to state. Some states may give you five days to cancel the purchase of the timeshare, whereas others may give you fifteen. It is essential to know that state laws also dictate the right to cancel, and the clauses are stated as part of the contract. The right to cancel is also generally nonwaivable. This means the seller of the timeshare cannot ask you to give up on this right. Of course, this makes it very important to read through the contract carefully before purchase.

Don’t forget the cancellation letter

Another essential aspect of canceling your timeshare contract is writing a cancellation letter. Some state laws say that it’s okay to cancel the contract orally. But it is always a good idea to send a written cancellation notice to the seller. Typically cancellation notices include the date, purchaser’s name, addresses, name of the timeshare company, and timeshare description. It should also have a statement that clearly mentions the cancellation of the contract. Note that it is not essential to mention the cause of cancellation.

Deliver the cancellation notice

Once you’ve written the cancellation letter, it is important to deliver it in the correct manner. Typically, the method of delivering the cancellation letter is set by state law. In some cases, the method of delivery may also be set by the timeshare company itself. Some timeshare companies allow only hand-delivered notices, while others allow registered or certified mail. It is crucial to follow the right instructions to deliver the cancellation notice, or your cancellation will not count. Cancellation notices can also be sent to foreign locales. Owners need to follow the rules and regulations of the country or state appropriately. For foreign locales, it is also best to speak to a local advocate who can help with these procedures.

These few steps can help you cancel your timeshare contract while you are still in the rescission period. If your rescission period has expired, you may have to unload your timeshare property by selling it to a new buyer. You can do so by getting in touch with timeshare reselling companies.