Did you just buy a timeshare on your vacation? By now, you are probably at home wondering what on earth you just did. The feeling may be just a bit worse if you have started to look at resale prices online. Hopefully, there is still enough time to get out of the timeshare contract. But let's not waste any more time.
Many countries have laws in place that allow you to cancel within a certain period of time (Mexico is five days), but I'm not very familiar with international timeshares since all of mine are located in the US. So I can only tell you how it works in this country. Here's what you need to know if you bought a timeshare in the US.
Nearly every state has enacted provisions that let you rescind your timeshare contract within a specified period of time. For some states, it is as little as four days. Nevada, for example, requires that you cancel your timeshare contract by midnight of the 5th calendar day after you signed the contract. South Carolina only allows four days (excepting Sundays).
Florida, on the other hand, allows the purchaser 10 calendar days to rescind the contract from the date of purchase. So you need to know what the law is in the state where you bought the timeshare. It's important to note this too. It doesn't matter which state you live in. The laws that apply are the laws of the state in which you signed the contract.
The timeshare contract, or its accompanying paperwork, should tell you the information you need to know, including how to go about canceling the contract. There may be a form for you to fill out or you may just have to write a letter. In all likelihood, this material is buried in your paperwork, so look through everything. They are required by law to give you this information, so it is in there.
As soon as you have found the information on how to rescind your timeshare contract, be sure to follow the instructions to the letter and then get it into the mail promptly. I would advise using certified mail with return receipt so you will have proof that the timeshare company received your request.
Once you've managed to get out of the timeshare contract, then you can relax and take your time investigating time-sharing if the idea still appeals to you. It can be a great way to vacation, but there's no reason to rush into anything.
