If you’ve been wondering if there is some hidden, easy foolproof way to cancel your timeshare contract then the answer is YES!
The kicker? It’s written right into your timeshare contract!
The catch? Time is of the essence!
Your contract should include a clause regarding a “Rescission Period.”
A Rescission Period is your “cooling off” time following a big purchase like a timeshare. During that time you may exercise your Right of Cancellation and request to be released from your timeshare contract. The length on your rescission period will vary depending on the state the timeshare was purchased in. 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 you purchased the timeshare in. Make sure to verify if the timing is calendar days or business days as this will also vary from state to state and can determine whether your rescission falls within the proper time window. DO NOT CALL the timeshare company, they will usually mislead you or try to talk you out of cancelling the timeshare. If you are unsure what the time period within your state is then contact a timeshare attorney. This basic information should be provided free of charge to you.
You are legally obligated to a rescission period if it is written into your contract. However; you must follow the rescission process exactly as stated in your contract in order to have a valid cancellation. This will vary from contract to contract and may include certified copies of the documents, hand delivery or other requirements. It is always prudent to read your contract thoroughly and to exercise your right of cancellation as quickly as possible. Do not delay – act as soon as you feel buyers remorse. If you run into issues cancelling your contract a timeshare attorney may be able to help.
Timeshare Attorneys are there for Consumer Protection. Many times consumers are given an incomplete contract that is missing addendum’s and references to documents which they never received. Their payments or rates might 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 mortgage and maintenance fees once and for all. If you have acted quickly enough and fall within the rescission period than you should be able to cancel your contract before you make a single payment to the mortgage company.