What Is the Timeshare Rescission Period?
You’re on vacation, get lured into a timeshare sales presentation, and somehow end up signing an agreement and purchasing a timeshare. It’s a very common scenario, but what happens after you leave the sales presentation or wake up the next morning with some regrets over your decision? Timeshare agreements generally include a cooling-off period, known as a rescission period, during which you may be able to cancel your agreement easily. But this time is very short and comes with some rules. Here’s everything you need to know about timeshare rescission.
What Is a Rescission?
If you’ve just bought a timeshare, rescission is a word you should know. Rescission is a term that means rescinding or canceling a contract and returning any property included in the contract. Essentially, it renders the previous contract null and void. In the world of timeshare purchases, it means an annulment of your agreement to purchase a timeshare property. If your timeshare purchase was very recent and you suddenly have buyer’s remorse or changed your mind, you may be allowed to rescind your contract and get out of your timeshare.
A timeshare buyer would choose to use a rescission for many reasons. Perhaps they succumbed to a slick sales presentation where everything sounded too good to be true but later realized it wasn’t a good idea. Buyers can simply change their minds, or maybe they decide they can’t afford the timeshare, don’t want to spend the money, or didn’t look over all the fine print before signing. Timeshares can come with many hidden fees and restrictions that may not be apparent during the initial sales presentation.
Many timeshare policies will include a rescission option, but you will have to dig through all the fine print for your situation’s exact details. If you cannot find anything in your agreement about a rescind policy or rescission period, you are still protected by state law. Every U.S. state has a rescission law allowing you to get out of your contract, but the details vary depending on where you are.
How Long Is the Timeshare Rescission Period?
If you’re trying to find out exactly how long you have during the rescission period, the short answer is that it can vary depending on the details of your agreement and what state governs it. However, the most important thing to know about rescission periods is that they are generally very short. Most rescission periods only cover the first 3 to 15 days after you’ve signed the timeshare agreement.
Many people purchase timeshares while they are on vacation. This sales tactic catches people while they are enjoying themselves and dreaming of returning often to the vacation spot. But for many people, most, if not all, of the rescission period also occurs while they’re on vacation. They may not even realize that they have a rescission period or change their minds until they return home and back to reality. In many cases, by this point, the rescission period is already over.
If you are still within your rescission period and would like to get out of your timeshare, it’s critical to act quickly. You’ll need to write a rescission letter as soon as possible. If you are on vacation, you can still use your rescission period to cancel your timeshare. Don’t wait until you get home to take care of it!
Writing Your Timeshare Rescission Letter
If you want out of your timeshare and can use your rescission period, you’ll need to write a letter. Even if the details of your contract stipulate that an oral rescission is allowed, it’s still a good idea to put it in writing. Make sure you’re still within your rescission period, and then get your information in writing as soon as possible. If you are still on vacation, find out if your resort has a business center you can use to type up the letter. Or head to a library or cafe that may have computers and printers for you to use.
In your rescission letter, be sure to include all of the following information:
- Your name, exactly as it appears in the timeshare agreement
- Your contact information, including address, phone number and email
- The date you are writing the letter
- The name of the timeshare company you’ve purchased from
- A description of your timeshare unit or agreement — use your paperwork for exact wording
- The date of purchase
- A direct statement of your desire to cancel the timeshare
You should also look over your timeshare paperwork to see if any other specific information is required. You generally don’t need to provide reasons why you want to cancel, but you do need to make it clear that you intend to rescind the contract. Your paperwork may also include details about how the letter should be delivered. Each agreement is unique, and state law may differ on the delivery method, so find out what you need to do and follow the instructions exactly. Some allow for in-person delivery, while others require certified mail. Just be sure to choose an acceptable delivery method that will get your letter in before your time runs out.
Timeshare Cancellation After Rescission Period
If your rescission period has ended already, perhaps before you even knew it existed, you’re not alone. The rescission period is designed to be extremely short, and many timeshare buyers are not even aware they have this option until it’s too late. If you want to get out of your timeshare, but your rescission period is over, you may have other options.
Writing a letter to cancel your timeshare after the rescission period probably won’t work. However, getting in touch with experienced timeshare exit experts is a good idea. Working with a company like EZ Exit Now means you have a team of experts in your corner. Our staff members will work with you to find out if you have a way out of your timeshare, even if your rescission period has ended.
Timeshare Cancellation Help From EZ Exit Now
No matter how long you’ve had your timeshare, if you want to get out, you can get expert advice from the team at EZ Exit Now. We’ll work with you one-on-one and go over all of the details of your timeshare agreement to see if we can help you get out. Our years of experience means we know all of the options and will do everything we can to help you. Contact us today to see if we can help you cancel your timeshare.