Despite all the benefits that Timeshare offers, there may be some unforeseen and unexpected, realities that may hit the individual after entering a Timeshare deal, which may make him consider taking steps to cancel timeshare.
Rescinding of a Timeshare contract can be initiated by the buyer or the sellers; however, it is sellers who mostly pull the plug on the deal and therefore, are the main focus of this piece. Numerous reasons can lead to making the Timeshare cancellation call. Some of them are:
- Timeshare property fall short of Personal needs and expectations
- Safety concerns
- Shocking taxes and special assessment fee
- Timeshare maintenance fees financial burden
- The sad reality of poor resale value for those who want to sell
- Unfulfilled or broken promises from resort sales teams
- Discovery of Timeshare contract fraud in the deal
These are some reasons why a buyer may decide to cancel Timeshare.
The process of Timeshare cancellation involves taking well-timed and planned steps to avoid running into difficulties or even the ultimate collapse of the process. Are you planning to cancel Timeshare? Here are the steps to take.
- Review the Timeshare Agreement
This is a crucial step that needs to be timely. In reviewing the Timeshare contract, you get to be sure you are still within the cooling-off period of the contract. The cooling-off period (also known as Rescission), is a period following a Timeshare agreement when the buyer is allowed to cancel the contract without incurring penalties. However, the number of days to cancel Timeshare may still vary from state to state, resort to resort, and individual Timeshare contracts. You also get to figure out the seller company’s preferred document sharing method during the review, either it’s by mail or hand delivery.
- Write a Cancellation letter
Timeshare contracts are ideally canceled in writing. The cancellation letter’s content should include your name as appeared in the contract agreement, email address, Timeshare company name, Timeshare description, date purchased, and a statement that you are rescinding the contract. You aren’t under any obligation to make explanations in the letter about why you are canceling the contract.
- Delivery within Cooling-off time and via the right channel
The last step is to deliver the cancellation letter, and this should be done within the cancellation period stated in the agreement and via the Timeshare company’s preferred delivery means.
These are the simple steps involved in canceling timeshare agreement. However, care should be taken; they are done within rescission time. Attempting to cancel Timeshare after Rescission time may be impossible or come with a penalty if at all it’s going to work out.