The prospect of owning a vacation property that you can retire to for days or weeks at a time for a reasonable price is one that most people find hard to resist. Timeshare sales companies offer just that, sometimes through hard-selling techniques that purchasers later interpret as misrepresentation or deceptive practice. Other purchasers opt out after keenly assessing the financial obligations of acquiring a timeshare. Whatever the reason, you can easily cancel your timeshare agreement shortly after signing it. After the cooling-off period, it is not that easy.
Identify Rescission Right
State laws usually specify a cooling-off period within which timeshare purchasers may rescind the sale agreement. The right to cancel even after signing the agreement typically ranges between 3-14 days after the date of signature. Read your contract to find the clause that allows you to exercise this right. Since the law guarantees the right of rescission, a timeshare sales company cannot deprive you of it through any means. If the agreement does not include the right, proceed anyway within the statutory period.
Write to Cancel
Write a letter to cancel the agreement. Just as with any other legally binding agreement, cancellation is only effective if communicated through a written notice stating your intention to no longer participate in the contract. The letter should indicate the date, your full name, address and timeshare property details. It should also refer to the date, location and people present when you signed the timeshare sales agreement. Conversely, a number of timeshare companies provide cancellation forms together with the sale agreement that you can fill out and return within the cooling-off period to get out of the deal.
Request Cancellation Confirmation
Request that the timeshare sales company acknowledge and respond to your cancellation notice in writing. The response should contain details about how and when you can expect your refund. You may choose to indicate the reasons for your cancellation, but it is not necessary, especially where you are simply exercising your right of rescission. To establish a paper trail, send your written notice through certified mail where the postal service records the date of the letter and has the recipient sign for it.
Seek Legal Intervention
If you did not cancel your timeshare within the cooling-off period it is still possible, under certain circumstances, to get out of the contract. Consult an attorney about the options available to you. If you want to cancel the contract because you subsequently found out that the sales agent misled or outright lied about the timeshare agreement, you can terminate on grounds of misrepresentation and fraud. Your attorney will need details of exactly what the sales agent told you and evidence of pressure or coercion during the presentation because such misconduct invalidates a contract.