The timeshare industry is primed for impulsive sales. Timeshare presentations often pressure consumers into making a purchase before they are ready, which often leads to regret. Of these buyers, 85% regret their timeshare purchases due to money, fear, confusion, intimidation, and distrust.
Fortunately, certain buyers may be eligible for timeshare contract cancellation. And this starts with a timeshare rescission letter. While it’s always best to hire a timeshare cancellation attorney to help with this process, this guide will help you understand the details of this letter.
When can you send a rescission letter?
Timeshare laws vary by state, but in most cases, the rescission period is between three and 15 days. In Florida, this time frame is 10 days. So, if you purchase a timeshare in the state of Florida, the seller is required to refund you if you request such within this 10 day period. If you are outside of this timeshare rescission period, rescission is more difficult.
What are the essential components of a rescission letter?If your rescission request does fall within the rescission period, you can send a letter to request timeshare contract cancellation. The following are some of the most critical components of this letter.
- Personal Info
Your name, address, and date of purchase should appear at the top of the letter. This way, the timeshare company can identify you and confirm that you are contacting them within the rescission period.
Be very direct when stating the purpose of your letter. Tell the timeshare company that you are writing to cancel your contract. Avoid fluffy language, as this letter is a legal document.
- Factual Reasons
It is best to work with your timeshare cancellation lawyer to formulate this part of the letter. If the company was in violation of any laws or regulations, you should state that in your reasons. Remember, however, that you do not have to outline every thought you have relating to your timeshare.
- Refund Request
At the end of the letter, make it clear that you would like a refund for the timeshare purchase. Then be sure to sign and date the document.
Remember that timeshare attorneys are a key resource when trying to get out of your timeshare. With the right legal help on your side, you can cross check your letter and boost your chances of cancellation.