Ways to Rescind a Timeshare Contract
Here’s all the information you need about how to rescind a timeshare
- Rescission period and how long it lasts
- Write a professional cancellation letter
- Find out how to cancel your timeshare before and after the rescission period
- The cost of cancelling a timeshare
- You can cancel your timeshare on your own
- Sell or rent your timeshare to get rid of it
What Is a Rescission Period
A rescission period is a legally mandated timeframe given after you sign your timeshare contract. It is used to cancel your timeshare after you have committed.
Rescission Period
It’s a short window to get out of your timeshare before it’s too late. Usually rescission period lasts between 3-10 days. It can also be 15 days. It depends on your state.
It gives you the right to back out of your timeshare if you regret your decision. During this period, you get rid of your timeshare and get a full refund of any payments made.
As an expert, we advise you to act quickly during this time, because once you’ve missed the rescission period canceling a timeshare gets difficult and costly.
Cancellation Letter
If you’re still within the rescission period, you must write a cancellation letter to the timeshare company.
The letter should include details like your name, contact information, contract number, and a clear statement that you want to rescind the purchase.
The letter must be sent within the rescission period. We recommend using certified mail with a return receipt for proof of delivery.
Timeshare Cancellation Letter Sample
Here’s a timeshare cancellation letter template:
Current Date
Your Name
Address
City, State, Zip
Phone
Email
Timeshare Developer
Address
City, State, Zip
Phone
Email
To whom it may concern,
The purpose of this letter is to request the immediate cancellation of my timeshare contract. My name is (state your name), and I purchased a timeshare with (enter the timeshare developer) on (enter purchase date). I’ve decided to use my right to rescind my contract and will contact you within the rescission period.
Timeshare:
Owner:
Contract Number:
Date of Purchase:
Please provide me with a written confirmation that you have received this request. And a written confirmation of when I will receive my deposit.
Sincerely,
Your Name
Follow this format for your cancellation letter and you will be able to cancel your contract easily.
Cancel Timeshare Before Rescission Period
The rescission period begins immediately after you’ve signed the contract. There is no time frame before the rescission period to cancel your contract.
Do Holidays Count As Part Of The Rescission Period
Yes, Holidays generally count as part of the rescission period. Unless it’s mentioned in your contract or local laws. Mostly weekends and holidays are a part of the rescission period.
However, the rules can be different depending on the location and type of transaction. It’s always best to double-check your contract details.
We advise you to contact your timeshare company for clarity.
Cancel Timeshare After Rescission Period
There are multiple ways to cancel your timeshare after the rescission period. Some of them are effective and some of them require a lot more patience and time. Hiring a legal attorney to help you cancel your timeshare would charge you extra money.
As experts, we advise you to explore your options. Do your research to avoid falling victim to scams, or contact us to help you get rid of your timeshare.
How Much Does It Cost To Cancel a Timeshare
The approximate cost of canceling a timeshare depends on which method you choose. If your resort offers a deed back program you can get out of your timeshare but it’s not cost-free.
Deed Back Program
A deed-back program is another exit option. This program would allow you to return your property deed to the resort in exchange for a release from future commitments like maintenance fees.
However, as we mentioned before not all resorts offer this option, so it’s important to contact your resort to see if it is available.
Deed-Back program requires $500 to $2,000 fees. However, it is often quicker and simpler than attempting to sell or cancel through other methods.
If you’re struggling to keep up with your timeshare payments and your resort offers a deed-back program, it can be a cost-effective way to exit your contract.
But if your resort doesn’t offer this service, you can always explore other options.
Cancel My Timeshare On Your Own
Yes, you can cancel your timeshare on your own, especially if you are within the rescission period.
After that, canceling becomes difficult, but it’s possible. You can try selling or renting your timeshare.
If these methods don’t work, consider seeking legal advice or working with a reputable timeshare exit company that offers escrow services to avoid scams.
Sell Your Timeshare
Most timeshares lose value over time, and the resale prices are often significantly lower than the original purchase price.
While you can try listing your timeshare on platforms like eBay, Craigslist, or timeshare resale websites, finding a buyer may take time, and offers may be much lower than expected.
As a specialist in the timeshare industry, we suggest you research the market value and manage your expectations when selling your timeshare.
Rent Your Timeshare
Timeshare is a long-term commitment. It could affect your finances in the future. So, Renting out your timeshare is another way to offset the financial burden of maintenance fees.
By listing your timeshare on vacation rental platforms like Airbnb, VRBO, or specialized timeshare rental websites, you can generate income without permanently giving up ownership.
However, rental demand varies by location and season, so your success depends on how attractive your timeshare is to customers.
Properly marketing your timeshare with appealing photos and highlighting its facilities can improve your chances of renting it out.
Final Thoughts
Rescinding your timeshare during the rescission period is the easiest way to cancel your contract and receive a full refund.
However, if you’ve missed this window, it doesn’t mean you’re stuck with your timeshare, but canceling it gets more challenging. There are options available, such as legal assistance, deed-back programs, or working with a trusted timeshare exit company.
If you’re struggling with the process, we can help guide you through your options. We connect with reputable professionals to successfully cancel your timeshare, even after the rescission period. Contact us today and get rid of your timeshare.
- What happens if I miss the rescission period for canceling my timeshare?
You may need to explore other options, such as hiring a timeshare exit company, pursuing legal assistance, or selling the timeshare. - Can I cancel my timeshare at no cost?
Fees may apply depending on your cancellation method, such as legal fees or charges for a deed-back program. - How long is the typical rescission period for canceling a timeshare?
The rescission period typically lasts between 3 to 10 days, depending on state laws. - Can I cancel my timeshare without hiring an exit company?
Yes, you can cancel on your own, particularly during the rescission period. - Is renting my timeshare a good alternative to canceling it?
Renting out your timeshare can be a way to offset maintenance fees and other costs if you’re not ready to cancel.