If you’ve been wondering if there is a hidden, easy and foolproof way to cancel your timeshare contract, then the answer is YES!
The kicker? It’s written right into your timeshare contract!
The capture? Time is of the essence!
Your contract must include a clause about a “Rescission Period”.
A rescission period is your “cooling off” time after a big purchase like a timeshare. During that time you will be able to exercise your Cancellation Right and request the release of your timeshare contract. The length of your rescission period will vary depending on the state in which the timeshare was purchased. For example, a timeshare purchased in Massachusetts has a 3-day rescission period, while a Florida timeshare has a 10-day rescission window.
Do your research and find out what the rescission period is for the state in which you purchased the timeshare. Be sure to check if the time is calendar days or business days as this will also vary from state to state and can determine if your termination is within the appropriate time window. DO NOT CALL the timeshare company, they will usually mislead you or try to dissuade you from canceling the timeshare. If you are not sure what the time period is within your state, contact a timeshare attorney. This basic information should be provided to you free of charge.
You are legally bound by a rescission period if it is written in your contract. Nevertheless; you must follow the termination process exactly as stated in your contract in order to have a valid termination. This will vary from contract to contract and may include certified copies of documents, hand delivery, or other requirements. It is always wise to read your contract carefully and exercise your right to cancel as soon as possible. Don’t delay, act as soon as you feel buyers’ remorse. If you are having trouble canceling your contract, a timeshare attorney can help.
Timeshare attorneys are there for the protection of the consumer. Many times consumers receive an incomplete contract that is missing attachments and references to documents they never received. Their payments or fees may be calculated incorrectly or, in some cases, they never received or signed a contract. Timeshare attorneys are there to protect the consumer and help you get rid of the mortgage and maintenance fees once and for all. If you’ve acted quickly enough and you’re within the rescission period, you should be able to cancel your contract before making a single payment to the mortgage company.