How to Cancel a Timeshare
A timeshare is a contract to buy or rent a portion of real estate, usually a condo or resort room at a specific location. Timeshare companies may promise a variety of benefits, including free vacations, discounts at the resort, or tax advantages. However, the reality is that timeshares often come with hidden costs and fees. In some cases, these costs can exceed the initial purchase price of the timeshare property. This is why it is important for you to consider all the options available before deciding on a timeshare purchase or joining a timeshare association.
A key aspect of any timeshare contract is the right to rescind the contract within a specified period of time after signing. This is called the “cooling off” or cancellation period. Typically, you will find this information in the contract or paperwork you received when purchasing your timeshare. The exact number of days you have to rescind will vary from state to state. Once the rescission period has passed, it becomes much more difficult to cancel a timeshare.
If you do decide to cancel your timeshare, it is important to act quickly. It is recommended that you contact a company specializing in timeshare exit services. This will help you determine the best course of action for your situation and ensure that your letter is mailed and delivered correctly. Some of these companies will even provide a guarantee to get your timeshare cancelled.
The first step in getting your timeshare canceled is to write a letter that clearly states the reasons for canceling. Generally, these reasons are related to the amount of maintenance fees, inflexible dates, and the condition of the property. Depending on your situation, you may also want to include that any deposit money you gave should be returned. The letter should be dated and sent to the company or resort by certified mail with a return receipt.
Once your letter has been mailed, it’s important to keep a copy of it for yourself. You should receive confirmation that your timeshare was canceled within a few weeks. If you do not, it may be a good idea to contact the company to find out why your request was denied.
One final note: Be careful of any companies that offer to get your timeshare canceled for you. These companies are notorious for taking advantage of desperate owners. Instead, look for a firm like Linx Legal that has a proven track record of successfully helping people cancel their timeshares. This firm can also help you work out your timeshare exit plan and ensure that any financing agreement is canceled as well. This way, you’ll be able to walk away from your timeshare with a clean slate and peace of mind. Choosing the right firm is crucial because not all firms are created equal!
