It seems like you must have purchased a property but in a Timeshare mode, as it is okay with you. However, after buying it, most people are not satisfied with it. If you are also like them, then you need to cancel Timeshare.
A Timeshare is a collective property owned by more than one owner at a different time. It is most popular in many countries as well as India. Timeshare property includes- vacation resorts, apartments, condominiums, and campgrounds.
You need to get in touch with the Timeshare company to cancel your Timeshare contract.
But, this is not also that easy. There are some important key points that you need to know before canceling the Timeshare.
Is It Hard To Cancel Timeshare?
Yes, it is difficult to get out of the Timeshare agreement. This is because the Timeshare developers frequently add complicated and stringent clauses that make it difficult to access exit opportunities.
But, it does not mean, that you are not able to cancel the Timeshare. With the right guidance and proper understanding of the methods, you can easily cancel your Timeshare.
How To Cancel Timeshare Agreement?
Despite having difficulty in cancelation, you can still be able to cancel your Timeshare. Your cancelation period starts from the day you sign the agreement.
Sellers must furnish details regarding cancelation policies and hold their funds in an escrow account until the transaction is canceled.
You have three ways to cancel your Timeshare Agreement.
Way 1: Sell Your Timeshare To Other Person
If you no longer want to access your Timeshare, and you are not able to cancel it, then you should sell your Timeshare to someone else at a reasonable rate. Make sure that you sell it at a cost, that does not cause you any loss.
In this way, you will get rid of the Timeshare and also get the money for it.
Way 2: Contact The Timeshare Company To Break The Contract
This is one of the best ways to cancel your Timeshare contract. You can contact the Timeshare company directly either by calling or some other method and ask them to break your Timeshare agreement.
You can also send a cancelation letter to their team to request them to cancel your Timeshare agreement. Their team will then help you to get out of the contract by charging some fees.
Way 3: Timeshare Rescission Period
If you are in a “cooling off” or “rescission period”, then it will be very easy for you to cancel your Timeshare contract. The rescission period is two or three weeks. Up to this duration, you can return your Timeshare agreement without paying any extra fees.
For this, you need to write a cancelation letter to the Timeshare company and tell them about the Rescission period.
How To Write A Timeshare Cancellation Letter?
Your Timeshare cancellation letter needs to be typed, written, or printed. You can not send your cancelation letter in the form of an email to the Timeshare team.
Make sure you include clear information about canceling your Timeshare in the letter. Your subject line should be like this- “Request To Cancel Timeshare Contract”. If you are in your cooling off period, you can include that thing too in the letter.
It’s also important to list all the important information in your letter. Some of the important details include the following-
- The Current Date
- Your Name that is written on the contract
- Address, Email address, and phone number
- Timeshare Company Name
- A short note about your Timeshare Contract
- The date you purchased the Timeshare
When your letter is composed, send the letter to all the correspondence addresses of your Timeshare company by mail. So, no company can deny, that your letter is not received by them.
Frequently Asked Questions
Can You Cancel Timeshare Within 5 Days?
Yes, you can cancel your Timeshare within 5 days of signing the contract without any cancelation fee.
What Is Timeshare Cancellation Cost?
If you cancel your Timeshare contract after your rescission period, then you have to pay a cancellation fee between $500-$2000.
How To Cancel Timeshare After Rescission Period?
You need to send a cancellation letter to the Timeshare company via mail and request them to cancel your contract. They will charge you some cancelation fee.
What Is The Best Way To Cancel The Timeshare?
The best way to cancel your Timeshare contract is to contact the Timeshare company and request them to cancel the Timeshare.
Conclusion
With this, you must understand that canceling the Timeshare agreement is not that easy, especially after its rescission period. Cancelation requires time and effort.
So, think twice while purchasing the Timeshare contract next time. And even if it is taken, be quick in cancelation to avoid paying the additional charges for canceling the contract.
