Canceling a Timeshare Contract

Your timeshare may have an excellent view, but may not be a good investment.

Timeshare properties are one method of owning a vacation home in a destination spot that you love, without investing in a property on your own. You may have signed a timeshare contract, after viewing an impressive and persuasive presentation, only to decide later that the purchase may not be the best use of your money. You can cancel a timeshare contract, provided that you do so within a contract-specified time frame.

Instructions

1. Read the cancellation clause of your timeshare contract to ensure that you are within the legally defined cancellation period of the agreement. If you are within the rescission period, you can send a certified letter stating your wish to cancel the contract.

2. Write a rescission letter with the date, your full name, and the contract number you wish to cancel. State clearly in the letter that you do not wish to purchase the timeshare and want your deposit back, if you paid one. Send the letter via certified mail to ensure that the timeshare company receives the letter.

3. Call the timeshare sales company to request that your contract be canceled. The call will serve to reinforce the letter you sent to the company, ensuring that the company clearly understands your desire to cancel the contract.

4. Contact a lawyer and notify her of your desire to cancel your contract. In the event that the timeshare company does not cancel your contract by the specified cancellation date, your lawyer will be able to approach the company about a breach of contract. Additionally, the lawyer may be able to unearth loopholes or unfulfilled obligations that render the contract void. For example, if you did not pay the entire amount of the deposit by a contract-specified date, the contract would technically be considered invalid.

References

• Timeshare: Cancelling a Contract
• How to Cancel Timeshare Agreements