Timeshare Cancellation Process: Everything You Need to Know
The timeshare cancellation process is a systematic procedure that helps the timeshare owners to exit their ownership and receive their refunds without paying any penalties. A responsible timeshare exit company assists the owners on the border of mortgages and maintenance fees for ownership with no value.
Check the reviews of timeshare exit companies. You will know that you need to execute the timeshare ownership within a specific period after you purchase it in the first place. If it’s an exit route you are thinking of taking, you will have to act quickly by making minimum or no errors in the process.
Working Mechanism of Timeshare Cancellation Process
Following your commencing purchase, you will go through a cooling off, rescission, or cancellation period. This time window is legally necessary in the majority of cases. You must declare a formal timeshare cancellation letter to the company within the rescission period to get the total amount refunded.
If you will check the reviews of timeshare exit companies, you may note that if you have missed the cooling-off period, your chance to get a full refund might be over. In addition, you may also face penance such as a sans penalty and other additional fees. Whatsoever, if you are reading this article after your cancellation period has been over, do not panic. There are options still available even if your timeshare cancellation period has ended.
Write a Timeshare Cancellation Letter
Do you still have enough time before your timeshare rescission period closes? You will need to write a cancellation letter in the name of the company from which you have purchased your timeshare ownership. Check the reviews of timeshare exit companies and you’ll know that even if your agreement says that you can do this verbally, you must ensure that you take all the information in written form. When writing a timeshare cancellation letter, you need to include the following information:
- Your name and contact information
- The contract number mentioned in your agreement
- Your timeshare company’s name
- The name on your timeshare agreement
- A clear statement of timeshare cancellation
- The exact amount you paid for the timeshare ownership
- Include an explicit request that you want the total amount to be returned.
- Request a Return Receipt as well.
Note: You need less time to express why you cancel your timeshare ownership. All you need to do is write a concise statement stating that you want to cancel your ownership.
Ensure that Your Timeshare Cancellation Letter is Received
While writing the timeshare cancellation letter, remember all the dates and make copies of this cancellation letter. In addition, remember to date your cancellation letter and keep proof that you have mailed this letter by producing a copy of it. It is OK to stress that you must maintain multiple sets of all written records and documents of your timeshare exit correspondence. Follow all the instructions from the timeshare company from which you bought it.
A Quick Example: If your timeshare agreement requests the timeshare cancellation through physical mail, you should ensure that it is postmarked within the rescission period. If you are sending the cancellation request through fax, keep the cancellation letter’s receipt along with the indicated date. You might get overwhelmed by this checklist. But these steps ensure a layer of not-to-miss protection for your case.
What if Your Timeshare Recission Period Has Over?
If you are reading this guide after your cancellation period, you need not panic, as options are still available. First of all, contact your contract developer or timeshare company. Some timeshare companies offer deed-back programs, and their internal team(s) can assist you in exploring some ways to cancel your timeshare ownership. Some states allow the timeshare owners to cancel their ownership even if their rescission period has ended. But still, you need to work with an experienced attorney for a smooth experience.
A Final Note
Let’s hope that you understand the working mechanism of the timeshare cancellation process, how to write the timeshare cancellation letter, and what to do if your rescission period has already ended. So, if this article is helpful for you and you are able to find the reviews of timeshare exit companies, stay tuned for more articles like this.
