Can I legally cancel my timeshare?

The vast majority of timeshare purchasers get the right to rescind the contract within a specific amount of time. Most states (and some foreign countries) have laws giving timeshare buyers at least a few days—usually between three and fifteen—to cancel the agreement.

What is the best way to cancel a timeshare?

The Do’s: How to Write a Timeshare Cancellation Letter

1. Get your cancellation request in writing.
2. Include a clear request to cancel your timeshare.
3. List all the important details.
4. Set expectations.
5. Send all correspondence by certified mail.
6. Don’t get emotional or long-winded.
7. Don’t use passive or hesitant language.

Is there a grace period to cancel timeshare?

Timeshares come under state law which allows for buyers to cancel within a specified timeframe following the initial purchase from the resort – known as a rescission period. The timeframe can usually be anywhere from three to ten days following the purchase, but these laws and timeframes vary from state to state.

Can you change your mind after buying a timeshare?

If your timeshare purchase was very recent and you suddenly have buyer’s remorse or changed your mind, you may be allowed to rescind your contract and get out of your timeshare. A timeshare buyer would choose to use a rescission for many reasons.

What happens if you stop paying maintenance fees on a timeshare?

If you stop paying it, the timeshare company will do whatever it takes to collect. They’ll make phone calls and send letters, then they’ll assign it over to (you guessed it) a collections company. If you still don’t pay, the situation sinks even further into foreclosure and possible legal action against you.

Why is it hard to cancel timeshare?

Another reason why it’s so difficult to cancel your timeshare is that there are limited alternatives available. Also, timeshare companies make it incredibly difficult for owners to sell their properties. Resort officials want owners who make payments on time.

How much time do I have to cancel a timeshare contract?

5-15 days
So, if you wish to cancel your resort timeshare purchase, you generally have a period of 5-15 days after purchase wherein you may legally rescind the contract. After the rescission period has expired, you can no longer cancel your purchase without penalty.

What happens if you stop paying timeshare maintenance fees?

Can you just walk away from your timeshare?

You can’t just walk away from a timeshare. That’s because they often come with an obligation to pay maintenance fees for as long as you own them. It says 85 percent of timeshare owners who go to contract regret their purchase.

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