It is common to get cold feet after returning home from a timeshare presentation. Hence, why, timeshare cancellation has become a popular topic of discussion. Alas, the most critical aspect of canceling your timeshare agreement is following the instructions from the property developer. Even minor details could differentiate between a great and a lousy timeshare cancellation letter.
So, in this article, we will discuss how to write a timeshare cancellation letter, which should be all that is necessary to cancel your agreement if you are still in the rescission period. Stick around until the end, and we will also answer some of the other most frequently asked questions on this topic.
After your vacation ownership purchase, you will enter what is known as a "cooling off" period. Also referred to as the rescission period, this time window is mandated under the law in most states. The purpose is to give buyers a short amount of time to change their minds about their purchase and seek a refund.
During the specified time, you can write and send a timeshare cancellation letter to get out of your agreement or membership. You must submit a formal cancellation notice to the seller by the deadline to get your full deposit back. Even if the company claims cancellation can be made verbally, having everything in writing is essential to have proof in case there are disputes.
Disclaimer: Before writing a timeshare cancellation letter, reviewing the state laws for your timeshare purchase is pertinent. State timeshare laws and the purchase rescission period may vary state-wide. These laws may be present in the fine print of your timeshare agreement or by researching your state timeshare legislature.
If you are lucky enough to be in the rescission period, canceling your timeshare is relatively straightforward. You write a cancellation letter and send it to the resort. However, it is imperative for you to closely follow all instructions in your timeshare agreement when crafting a cancellation notice to ensure it is authorized.
Here is a simple four-step process to help walk through each stage of a timeshare cancellation letter:
Now that you know the four-step process, you can craft your letter. Have a look at our sample timeshare cancellation letter below to help you get started.
Check with your state laws to know what is necessary. Most timeshare cancellation letters need to include the following details:
When delivering your timeshare cancellation letter, you must follow the instructions provided by the timeshare company. It is also worth looking into the state laws relevant to your situation. In-person delivery of your notice may be permitted, but mail is the more common route.
Remember, timeshare companies make their money by locking people into terrible deals. So, when they receive word that you want to cancel, they could try to convince you to retain ownership. They may even claim they did not receive your cancellation letter. These deceptive tactics are why you must send your letter through registered or certified mail to get a delivery receipt confirmation.
There can be many reasons to cancel a timeshare, one being the salesperson might have misled you into an unfavorable deal. Or the "investment" did not live up to expectations. Also, sometimes these agreements are just too expensive for timeshare purchasers, unaware of the annual maintenance fees. It is no secret that unhappy timeshare owners have plenty of reasons for seeking a way out of their predicament. Regret a timeshare purchase? Writing a timeshare cancellation letter may be the best option.
The timeshare rescission period directly follows the purchase and is when state laws protect you if you wish to cancel the agreement. This cooling-off period is the easiest time to cancel a timeshare agreement and the only chance to receive a full deposit refund in return. After it passes, cancellation is at the discretion of the timeshare resort and becomes more of a hurdle to bypass. The downside is that this window of opportunity is so brief. No matter what state, do not expect more than two weeks to change your mind. Even worse, some states give buyers as few as three days.
Timeshare buyers only have a short length of time to rescind the agreement, typically between three to fifteen days after purchasing. As of 2022, almost all states have specified laws regulating how long timeshare buyers have to cancel their purchase agreements. Each state's Real Estate Commission oversees the transactions and enacted laws regarding timeshares.
In short, the answer is it depends. After this grace period passes, the timeshare cancellation process becomes more complicated. It is doubtful you will get a full refund for the purchase, but you can still end your agreement with some help. If you have any questions regarding the validity of your timeshare agreement, discuss your concerns with a timeshare consumer protection lawyer in your state.
As mentioned above, the timeshare industry itself makes it difficult for owners to cancel their agreements. That has led to the creation of the timeshare cancellation industry. With it still being so new, scams are sometimes prevalent. Steer clear of the timeshare resale market, which is a hotbed for such scams, and instead, try finding help from timeshare exit companies.
If you were swindled by the fine print of your timeshare agreement and tricky sales tactics, you might qualify to have a reputable cancellation company represent you. Such companies have proven their ability to help people cancel timeshares as they specialize in exit strategies for hopeless owners looking for a way out. These companies are home to cancellation experts who pride themselves on helping distressed owners who miss their rescission period.
Wesley Financial Group, LLC ("WFG")* is a perfect example of a trusted, legitimate timeshare exit company. Since its founding in 2011, WFG has already canceled 30,000 timeshare agreements and counting. If you got misled into a dishonest experience by timeshare salespeople, reach out to a representative of theirs today for a free consultation to see if you qualify for their termination service.