Canceling a timeshare purchase is called "rescinding" or exercising the "right of rescission". The specific time frame during which you may cancel your purchase) varies from state to state and country to country. You must cancel within that time, also known as the "cooling-off period." The deadlines can vary between three and fifteen days, depending on locale, but Federal law require this period to last at least three full days.
You have signed a legal contract. You must follow correct legal procedure or you lose your legal right to rescind. Your contract should include a copy of the rescission notice, but you retain the right to cancel even if it doesn't.
The rules and procedures vary from resort to resort and the location (state or country) that has jurisdiction. Read your purchase papers for information how to rescind at your resort. Follow the instructions exactly. Note whether Saturday and/or Sunday count towards the deadline, and whether the date on which you signed the contract counts as a full day.
Write a letter notifying the timeshare company that you are exercising your legal rights of rescission. It is not necessary to explain why. Include a copy of the main page of your contract. Send copies, not original documents, and be sure to keep copies of everything.
Even if the company allows or requires you to send the notice by any other means of communication (such as email or fax), send another copy by certified mail, return receipt requested. Ensure that the letter bears a postmark that predates the "cooling-off period" deadline. If you are asked to fax the cancellation, maintain a copy of the fax with the time and date, and send another copy by certified mail as a backup.
If you paid by credit card, contact the credit card company if you do not receive a refund within 30 days of canceling.
