Having a timeshare contract deal is an idea that looks really yummy. One gets to enjoy benefits such as choosing a preferred and loved home resort brand, greater affordability, guaranteed quality vacation, in-suite and on-site amenities that outweigh traditional hotel stays, more flexible vacation club programs, and so on. There’s also the benefit of renting out your timeshare for times you are not able to make use of it. However, this still does not close the door to the possibility of Timeshare cancellation.
Reasons such as unexpected fees, concerns for security, disappointment with property features, etc., can culminate in the call for muting the idea of Timeshare cancellation. The process for canceling timeshare via purchase may be simple or difficult, depending on some factors, including time as the priority.
Once timeshare cancellation is initiated within the right time frame, it’s an easy and smooth process. But if the cooling-off period already lapsed, it may be impossible to cancel, or penalties may be involved if at last, the cancellation is made possible. It may also incur the issue of hiring an attorney. There’s also the need to have a strong case against the developer, which will warrant the call for cancellation. It’s not a road you want to tour. It can still work anyway, but the troubles are actually a hell of an avoidable headache. Initiating cancellation at the right time is the way to avoid it.
The first step when initiating timeshare cancellation is reviewing the agreement and making sure you are still within the cooling-off period. During the review process, you also get to figure out the right channel to communicate the Timeshare cancellation to the Timeshare company involved. Another crucial step to take during the review process is the agreement documents’ duplications to secure your proof of ownership.
After being done with the review and duplication, the next step is to prepare the cancellation agreement letter, which is to be sent to the timeshare company. The letter must include your name as stated in the agreement, date, your address, phone number and email address, the company involved, the Timeshare property description, and finally, the Rescission statement. Lengthy Explanations as to the reason you are canceling the agreement is not necessarily required. It is also good to make a copy of the Rescission letter before sending it.
The Rescission letter should be sent via the company’s recommended channel in the Timeshare agreement. If it is sent through the wrong channel, it may not reach the company. Consequently, the cooling-off period of the contract may lapse in the process without the letter being delivered. Hence, timeshare cancelation becomes impossible.
By the way, the law may allow you to cancel the timeshare contract orally, but the best and safe practice is the writing procedure.