Your Right To Timeshare Rescission

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Buying that timeshare soundedke a fantastic idea when you were on vacation but now you are not so sure. What do you do now? Thankfully, there are laws in place to help you. I will explain a process called exercising your right of rescission. It might sound attleke a Get out of Jail Free Card. I'll tell you what the law covers and then step by step how to get out of the contract. The actual law was not passed just to protect you from unscrupulous timeshare salespeople but to protect you from all types of direct marketing products and services specifically the ones that cold-call you at home. The law is on the books so that if you feel this was a bad idea or you were bullied into buying, you can cancel with a full refund. Various reasons are given as to why someone wants to cancel but this article is not about why it is about how. Each state has their own version but there is a minimum of 5 days with some states offering 10 days. If you bought out of the country, the contract will still have protective measures for you. OK, let's talk about How. The first thing you don't want to do is call the salesperson or Sales Manager that sold you the timeshare. The salespeople have a vested interest in keeping you in the contact. You don't need them anyway. This is not rocket science and it won't take you long. Let's first read the contract. We are looking for the clause that tells us how to cancel it. Don't worry, it must be in there. Read until you find the section Cancel or rescission or mutual right to rescind. Read that section word for word. In order for your cancellation to be effective you cannot allow them to say you didn't follow their directions. So let's get this right the first time. Let's hightlight the key points of this section. The first thing to understand is what your timemit is. As an example, let's say you have 5 days. Is it 5 days that they must receive it or that it must be postmarked? Those are two distinctly different days and if you are out of the country it is even more imperative. Also highlight what you need to state in the letter; what you need to provide them when you cancel; and who needs to sign it (you, both husband and wife, a notary etc). The Letter. Keep it short and to the point. You want to cancel immediately and you want your money back. Here's one way to write it: RE: My Timeshare Purchase Contract XYZ123 . Effective today, we are exercising our legal right to cancel/rescind this contract. Please send me my full refund of our deposit of (insert amount of deposit). And do not make any additional charges to my credit card. Send it immediately. Don't delay this for another minute. I suggest you don't wait until you get back from vacation. And you shouldn't wait until you get back to work on Monday to mail it. Send it right away. If you find yourself at the resort where you purchased, don't mail it from there. Get it sent with Signature Receipt and keep all records. In the instance that you have to go to court to defend yourself, this is your sole proof. Make copies of all paperwork. If you have to fax it, be sure to keep a confirmation of the fax. This article is not a timeshare-bashing article it was intended to help. Timeshare has been good for us. Weke timeshare. But justke loving the Boston Redsox , it might not be for everyone. Vacation ownership might not be that important to you. Either way you should be happy and excited when you make a purchase. For us, it has enhanced our vacation experience and enabled us to vacation is some of the top destinations in the world. It's been wonderful. You're reading this article because you don't think it's right for you. That's fine. But if it is not for you, I want to make sure you know your rights as a consumer and how to exercise them. If it is not right for you at this time, you might want to consider timeshare rentals before you buy. Once you own you'll find out that you don't need RCI Timehare to exchange your timeshare each year. I hope this was helpful and I hope to see you on the beach! Elite timeshare rentals including Marriott, Starwood, and RCI Timehare are available at Timeshare Juice. Come learn how to exchange your timeshare at over 4,000 resorts worldwide at Timeshare Juice.