Your right of rescission is the #1 important term you need to know if you just purchased a timeshare. This is the period after which you’ve purchased a timeshare, to which you can legally back out of your timeshare and still receive a full refund.
- If you’re looking for tips on writing a timeshare rescission letter, you’ve come to the right place.
- You should not be obligated to keep paying for something based on a contract full of lies. It’s unethical, which is why our team has composed this article.
We recommend contacting us immediately if you feel misled or pressured into something you or your family does not want. Fill out the free consultation form on the right, or initiate a Live Chat with one of our experts for a free informational consultation.
Identify Your Rescission Deadline
- If you’ve just purchased your timeshare from the developer today, you have potentially 3-15 days to utilise your right of rescission.
- This is typically a standard range in the timeshare industry.
- If you recently attended a timeshare presentation and most of this terminology is new to you, do not worry.
- Most sales representatives need to tell the truth about how timeshare contracts work.
- This explains why many timeshare owners have multiple questions about their situation.
Rescission Letter Tips
Timeshare ownership can be fantastic, but the problem is you spend $20,000, $40,000, $50,000, and $60,000 without fully understanding how your timeshare works. If you’re reading this, it’s probably because you’re somewhere between keeping or getting rid of your timeshare.
- Most owners need to realise that getting out of a timeshare can be much more difficult than it may seem.
- Timeshare developers design their contracts to be very complex and strict regarding selling or timeshare cancellation.
- If you’ve reached your limit with your timeshare, it’s time to take action. The best way to eliminate a timeshare is by utilising your right to rescind your contract.
The first step is to identify your rescission period. This is typically at the beginning of the end of your contract. Once you’ve determined that you still qualify, the next step you will need to do is to write your timeshare rescission letter. These aren’t just any average letters. The idea is to compose the right letter that delivers a strong message to the developer. Your letter will also require you to include important details about your situation, such as your full name, contract date, purchase date, etc. Below is a sample cancellation letter that you can use to help guide you.
Rescission Letter Sample
Current Date
Your Name
Address
City, State, Zip
Phone
Timeshare Developer
Address
City, State, Zip
Phone
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
Final Thoughts
Overall, you should always contact your timeshare developer first and see if you qualify for rescission. If so, the next important step you need to take is to write and submit your written timeshare rescission letter immediately. Pay attention to the details of how to format it. It is vital you follow these instructions as accurately as possible, you do not want to risk being disqualified from your right to rescind.
Our goal with our review site is to help you get a closer look at how timeshare exit companies operate. If you learn how a reputable exit company operates, it’ll make red flags easier to spot out when you come across one. Contact our team so we can help you determine if a timeshare exit company is legitimate. Read over our website and fill out the form on the right or contact us through Live Chat for a free informational consultation. Learn how you can protect yourself from a timeshare exit scam!
