Not many people know that timeshare cancellation is possible within the first seven days in many states. People who regret buying a timeshare can cancel it, but they need to do so quickly. The timeline buyers have to cancel their purchase is called the rescission period. Many timeshare buyers have the right to rescind the agreement within a set amount of time.
Some states have laws allowing timeshare buyers a few days to execute a timeshare cancellation. The right to cancel the contract is nonwaivable, meaning the seller can’t require or ask buyers to forego this right.
Many times, buyers must submit their timeshare cancellation in writing. Preparing and sending a timeshare cancellation letter is critical even when the law allows for oral contract cancellation. A cancellation letter should include the current date, the buyer’s name as it appears on the contract, the buyer’s contact details, the name of the timeshare firm, the date the individual bought the timeshare, timeshare description, and a statement indicating the purchasers intent to cancel the contract. Providing a reason for timeshare cancellation is not necessary. However, buyers must state that the motive of the letter is to annul the contract. .