Follow this quick guide to rescind your timeshare
Follow these easy steps to rescind your timeshare contract and get out of your timeshare before being stuck with it permanently. Inside this short guide, you will get step-by-step instructions on how to rescind a timeshare purchase with a downloadable rescission letter template.
Standing guidance on timeshare rescission
Regardless of why you want to rescind your timeshare contract, you have the lawful right to do so. Timeshare cooling-off periods are protected by numerous laws that allow buyers to change their minds. Do not let anyone tell you that you cannot rescind your timeshare purchase, and even if you are doubtful about the period of time that has passed - follow this process anyways.
The biggest mistake you can make is waiting to begin the rescission process.
Another critical reminder for anyone in this situation - Don't go back to the sales center. This will likely end with you delaying your rescission letter or perhaps even agreeing to stay the course and own the timeshare. Your initial instincts to cancel were right, and the salespeople will only attempt to pressure and persuade you otherwise. There are numerous accounts of timeshare owners hand-delivering a rescission letter, only to realize months later the timeshare was not rescinded.
Timeshare salespeople will use urgency tactics to make the purchase seem special. However, the truth is that no deal is only good for today. If you change your mind, you can always go back and purchase the timeshare you were offered. However, doubting a decision today means that you were likely coerced, pressured, or manipulated into buying the timeshare.
1. Gather your new purchase contracts/paperwork
You will want to find your new contract number and all the enclosures within your timeshare paperwork. Some timeshare companies have become sneaky and place these documents on a flash drive or email you the info which adds extra steps to getting your contract info.
2. Check your rescission period for the state you reside in and the state you purchased in.
We recommend erring on the side of caution. Laws change all the time and you do not want to wait and take a chance. Here is a tool to check timeshare rescission periods by state. Your closing documents from your timeshare purchase will have bold lettering on your Public Offering Statement with the jurisdictional rescission period for your timeshare contract. However, here is a quick tool to check state by state requirements:
3. Find the address of where to send your rescission letter
Check your contract for the correct address to send your timeshare rescission letter. We cannot stress this enough. An internet search of the resort address is not sufficient and could result in the incorrect department receiving the rescission letter.
4. Write the rescission letter
Here is an example of a timeshare rescission letter you can use. Click below to download a copy:
5. Send the rescission letter
Mistakes to avoid for Timeshare Rescission
- Do not write an email in an attempt to cancel the timeshare purchase.
- Do not engage with the salesperson whatsoever.
- Do not go back to the sales center to attempt to discuss the rescission.
- Keep a record of the letter you sent with USPS Certified Mail®.
- Follow-up with the timeshare company to ensure the letter was received.
A successful timeshare rescission is always accompanied by a written receipt that acknowledges the timeshare contract was canceled. In the event, you do not receive written acknowledgment that the timeshare was canceled, then follow up diligently with the proof you sent the rescission letter.
Frequently Asked Questions
While some timeshare companies may allow you to rescind via email, we do not recommend doing so without also sending a Certified Letter.
You will receive written acknowledgment from your timeshare company. This may take 4-6 weeks depending on the timeshare developer.
Yes - lawfully all monies paid on the timeshare will be refunded to you.
No - the lawful right to rescind cannot be waived.
No - this risks that your rescission request will not be recorded. Although it is against the law for the timeshare salesperson to not abide by your rescission letter, you must approach it with great care.
Yes - all states have minimum rescission periods where timeshares are sold. Additionally, most international timeshare resorts abide by a five-day rescission period.
Yes - The rescission letter may assist you in negotiating a release from your timeshare contract with your timeshare company even if you send it after the required date. This is not guaranteed and may not work, but is still worth attempting. Many major timeshare developers will err on the side of caution when dealing with rescission requests because of the legal requirements to sell timeshare contracts in many states and municipalities.
This depends on the timeshare company, the payment method used, and other additional factors. However, it should not take more than thirty days from the time you send your rescission letter.
We recommend connecting with our team to find out more information on options to cancel your timeshare.
Ready to cancel your timeshare?
Start with your free copy of The Cancel Timeshare Handbook.