Rules of timeshare cancellation

The best way to get out of a timeshare is by cancelling the agreement. Learn the rules of timeshare cancellation and get ready to get out of your contract

Time shares can become a huge financial problem for those who have bought one, and don’t know what to do with it. Should they sell it, donate it, rent it or cancel the contract? The truth is that the cancellation of the contract has always been the best and most viable solution to get out of a timeshare legally. Therefore, it is very important to know the rules of timeshare cancellation to get the process done in a secure way.

Timeshare cancellation

Timeshare cancellation, also known as timeshare rescission, timeshare relief or timeshare exit, is the right to rescind the purchase of a timeshare legally, sometimes with the possibility to get all of your money back. Most times, timeshare salespeople ask you during the sales presentation not to cancel the contract; however, they are only trying to convince you to give up your legal rights. The truth is that you have the right to cancel your timeshare any time you want.

Rules of timeshare cancellation

The rules of timeshare cancellation are pretty much the same everywhere. Every timeshare contract has a “rescission period” (also known as “cooling-off period”). If you decide to cancel the timeshare during that period, you should notify the resort about your decision by email or certified mail in order to be effective.

Rules of timeshare cancellation in Mexico:

In Mexico, you have legally 5 business days to cancel a timeshare contract. The cancellation should be communicated in writing.

Rules of timeshare cancellation in the US:

In the US, the cancellation period varies by state to state, and it goes from 3 to 15 days. The law that applies for the cancellation is the one from the state where the timeshare was purchased. The cancellation should also be communicated in writing.

Tips and warnings

Before cancelling a timeshare agreement, we suggest you to follow the next advices:

-Tips-

Read your contract very carefully and look for the cancellation clauses, to know your timeshare cancellation rights. Keep a copy of the receipt or the email as evidence to prove that you canceled on time, in case you did Do an internet research on the company that will assist you on the timeshare cancellation -Warning-

Never pay an upfront fee to any timeshare cancellation companies to cancel the contract

What to do next

Even though the cancellation of the contract is evidently the best solution to get rid of an unwanted timeshare, the process requires lots of time and negotiations with the resort, which means that is not as simple as in other types of transactions, especially after the rescission period has expired.

Isabel Crovetto