First things first, it is never easy to bail out of an already sealed deal. You agreed to a contract, and a contract will always remain a contract. When it comes to timeshare cancellation, there are provisions by both federal and state laws that allow for an escape. These laws are meant for people like you who are currently saying “I want to cancel my timeshare,” probably because you feel you might have made a wrong decision when you chose to pay for it.
You have just paid for your timeshare which is supposed to feel like a good thing, but just as it is with many people, it doesn’t quite feel like it so you want to find ways to get rid of it. This is the point when buyer’s remorse sets in. if you are fast enough, you will be able to get rid of it before the grace period expires. After this period, your cancel my timeshare intention will be a dream that may never come true because the only choice you have at this time is to either sell it or just forget about it.
In a nutshell, if you just bought a timeshare and you feel like you have made a wrong decision, there’s a chance that can cancel the contract if you act quickly. The amount of time available for you to cancel the deal is called the rescission period. This period, however, depends solely on state laws, but you typically have just a few days.
Rescission Period According to State Laws
In most cases, timeshare buyers have the right to rescind the purchase within a stipulated period. In most states in the US and some foreign countries, buyers have at least a few days between three to fifteen days to cancel their timeshare deal.
In states like Colorado, a buyer has the grace of up to five days after signing the deal to rescind the contract. Timeshare buyers under the Nevada laws are allowed to cancel the contract before midnight of the fifth day after the day the contract was sealed. Although these laws stand, you have to keep in mind that the statutes might change so you need to always check to know if anything has changed.
Note that these state laws often demands that you add the information on the right to cancel in the contract. This right to ‘cancel my timeshare’ is usually not waivable. This means that the seller cannot force you to give up this right.