Not waiting too long is definitely the key though. Every state has laws that build in a cooling off period for any timeshare that you buy at a timeshare presentation. But they do vary so you need to know what the laws of your state are. Usually, the period can run anywhere from 5 to 10 days from the day you sign the contract.
The first thing you need to do is sit down and take a look at your paperwork. You should find the information on cancelling your timeshare contract in the bundle of paperwork that the salesperson gave you. Try looking for details about how to cancel the contract at the bottom of the contract or on the back of it. Possibly, it may be on a separate document. But you definitely need to find it because it will spell out exactly what you need to do get out of your timeshare contract.
Once you find that information, follow it to the letter. In all cases, you are going to need to use the postal service. So if you call the company and they say they can accept a timeshare cancellation by email or by fax, ignore them. what you want to do is send them a letter either certified or registered mail. You want something that gives you a receipt with a date stamp so you have proof that you send them the recission letter. In fact, I would suggest not calling the sales office at all because they will simply try and talk you out of it.
For some timeshare contracts, there will actually be a form included in your contract paperwork that you will need to complete and then return to the company. That's great, if there is one, but if there isn't, just include the following information in your letter:
1. Your name as written on the contract
2. Contract Number
3. Date of Purchase
All you need to do is tell them that you are cancelling or "rescinding" the contract, in accordance with the laws of your state. You don't need to explain why you changed your mind. If you've made a down payment or a deposit, or if you paid in full, request that they send your money back. If you financed, be sure to state that the financing needs to be cancelled too.
Then sign your letter, date it and go to the post office and mail it by either registered or certified mail. Be sure to mail it to the address that is listed in your contract, not to the sales center.
I've rescinded contracts twice and in both cases it took about 10 days to get my money back, but in some cases it may take up to 30 days. You can always follow-up if it takes too long, but generally you will not have any problems cancelling a contract in the US if you follow the instructions and submit your request on time.
I've also put together and audio-visual slide show that quickly walks you through the steps, if you need a quick reminder on how to do it.
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