Writing a well-crafted cancellation letter is the most important step towards your timeshare cancellation. Here’s everything you need to know:
- Use the rescission period to get out of your timeshare contract
- Learn about how to write a cancellation letter
- Contact a timeshare exit company
- Avoid falling victim to scams
- Find out the deed back program and how much it cost
- Sell your timeshare contract on online selling platforms
- Rent your timeshare to make some profit
How Do You Get Out Of A Timeshare
Rescinding your timeshare contract may seem simple: Write a letter, send it to the resort, and get out of your contract.
But it’s not as easy as it sounds. That is why so many timeshare owners are fed up with their contracts. But just because it isn’t easy doesn’t mean it’s impossible.
Rescind Period
As experts in the timeshare industry, we understand the ins and outs of the rescission period. It is a critical timeframe that allows you to legally cancel your timeshare contract.
Typically, this short window lasts between 3-10 days. It depends on state-specific laws. During this period, you have every right to cancel your agreement without any additional fees.
From our experience, the key to a successful cancellation lies in following the specific steps outlined by the timeshare company, including submitting a written notice within the given timeframe.
With our expertise, we can confidently tell you, that if you know how to navigate the rescission period you can save yourself from long-term financial commitments.
Timeshare Rescission Letter
If you’re still within the rescission period, you’re in luck. All you have to do is follow our guidelines. Write a cancellation letter and you’ll be free from the contract you no longer want.
Timeshare Cancellation Letter Template
Here’s a rescind letter sample:
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. In addition, please provide me with a written confirmation of when I will receive my deposit.
Sincerely,
Your Name
Follow this structure to write your cancellation letter. Try to send it via certified mail to have proof of delivery.
How To Cancel Timeshare After Rescission Period
Most of the time, timeshare owners miss the rescission period because it lasts for a few days. By the time they realize they want to cancel their contract, they find out they’ve missed the rescission period.
But don’t worry. It does look complicated to get out of your timeshare after the rescission period but, we have other ways for you to get rid of it. We got your back.
Give It Back To Your Timeshare Resort
The easiest way to get rid of your timeshare is to give it back to the resort. Sounds simple right? But it’s not. Not every company offers this service.
Timeshare Exit companies want you to be a member for the long term. Who wouldn’t want to keep taking big amounts of money monthly or yearly from your credit card?
Even though you’re not using the resort as much as you’re paying. They want to keep you hooked, they keep increasing the maintenance fees and they want you to remain a member.
Although some companies offer this service to their customers.
Deed Back Program Timeshare
Some companies offer a deed back program. Which means you can give back your timeshare to the resort. As an expert, we advise you to check your contract and contact the resort directly to find out if they offer deed back program.
If they do offer, you can just give it back to the resort. Just like the rescission period. But keep in mind that the company will try to convince you.
They will lure you with resort facilities and deals. But if you think about it in the long run, timeshares are not a good investment. So get out of it at every chance you get.
Average Cost Of Deed-Back Program
That’s something you should know that the deed back program is not cost-free. The price ranges between $500 and $2,000.
This fee may be charged or deducted from the amount paid by the timeshare company when they take back your timeshare.
If your timeshare company offers a deed-back option, we recommend you contact them as soon as possible. Exiting your timeshare through a deed-back program is often much easier and faster than other cancellation methods.
It lessens the difficulty of selling or working with a timeshare exit company. By choosing this program, you can often decrease the cost and stress of canceling your timeshare. Always check if this option is available before exploring other options.
How Do I Legally Get Out Of A Timeshare
If you’re out of your rescission period and your resort doesn’t offer a deed-back program either, there are still legal ways to get rid of your timeshare.
Timeshare Exit Company
Connecting with a timeshare exit company is an option. Choose a company that offers escrow. Escrow provides extra security and transparency. Work with an authentic company that can help you get rid of your timeshare.
Timeshare Exit Scam
You should carefully research and hire reputable timeshare exit companies to avoid scams. Timeshare exit companies will try to find loopholes in your contracts to help you cancel your timeshare.
Unfortunately, timeshare scams are more common than you realize. Scammers are smart, and they often target vulnerable owners. We don’t want you to become their next victim and lose thousands of dollars.
Most likely your timeshare has already cost you a lot. We recommend working with our team.
Together, we can find a trustworthy timeshare exit company. This way, you won’t risk falling for a scam and can safely cancel your timeshare.
Sell Your Timeshare
Before you decide to put your timeshare up for sale, it’s important to discover its value. Timeshares lose value quickly, and the resale market is highly competitive.
Start your selling process by researching similar listings online and contacting a real estate professional who specializes in timeshares.
This step will give you a realistic idea of what your property is worth. Many timeshares sell for significantly less than the original purchase price, with some listings as low as $1.
Once you have a clear understanding of its value, you can list it on popular resale platforms like eBay, Craigslist, or specialized timeshare resale websites.
Although you might not recoup the amount you paid when you bought the timeshare, selling can free you from annual maintenance fees and other agreements. It makes it a viable option if you’re ready to move on.
Rent Your Timeshare
Renting your timeshare is an excellent way to cover maintenance fees and have a side income while keeping the property in your name.
This option is ideal if you’re not ready to sell or cancel your timeshare, but don’t use it too often.
To rent it out, start by creating a listing on vacation rental sites like Airbnb or VRBO. Highlight the facilities, nearby attractions, and any exclusive features of the property to attract potential renters. Attach photos for the customer to have a better idea.
Renting allows you to make some money back while offsetting the cost of ownership, making it a win-win solution for timeshare owners who still want to hold onto their contracts.
FAQ’S
1. How long is the rescission period for canceling a timeshare?
The rescission period typically lasts between 3 to 10 days, depending on the state’s specific laws.
2. What should be included in a timeshare cancellation letter?
Click here to see the sample of the cancellation letter.
3. What is the deed-back program, and how does it work?
A deed-back program allows you to return your timeshare to the resort, but not all companies offer this option.
4. How can I sell my timeshare?
You can list it on platforms like eBay or Craigslist, or work with a real estate professional specializing in timeshares.
5. Can I rent out my timeshare to cover costs?
Yes, renting your timeshare is a good way to cover maintenance fees and earn extra income.
Final Thoughts
If your rescission period is still active, it’s important to act quickly to cancel your timeshare.
Timeshares aren’t part of real estate, so they lose value over time. This could lead to financial loss in the future.
If you’re within the rescission window, now is the time to write a cancellation letter. Send it to the timeshare company immediately. Remember to send the letter by certified mail.
This protects you by providing proof that it was sent and received. Keep a copy for your records and follow up with the company to confirm they processed the cancellation.
For any further guidance, feel free to contact our team. We’re here to help you through the cancellation process and ensure everything is done properly.