How to Cancel a Timeshare Contract
If you’re a timeshare owner who is no longer interested in the product, you have several options to cancel your contract. In most cases, the process will require you to get a legal professional involved, but there are still some things you can do on your own to minimize costs and ensure that your cancellation request is acted upon.
Whether you purchased a timeshare through a resort or an independent timeshare company, you’ll want to review all of the paperwork you received at the time of purchase and make sure that you understand the terms and conditions of your agreement. This will help you identify any fees, penalties and requirements for cancelling the contract. Once you’ve familiarized yourself with the contract, you should write a letter requesting that your timeshare be cancelled. Make sure that you include a copy of the contract, your name, date and timeshare contract number in the letter. If you’ve given any type of deposit, make sure to request that it be returned as well.
Timeshare companies have a short window of time, called a rescission period, in which you can cancel your contract. It depends on which state you live in, but it can be as little as three days in some states and up to 15 days in Alaska. During this window, it’s easiest to cancel your timeshare agreement.
After the rescission period, it’s more difficult to cancel your timeshare. Unless you’re lucky enough to find someone willing to take over your contract, you’ll have to work out an alternative, such as selling your timeshare on the resale market or giving it away to someone else who wants to use it. However, if you’re able to cancel your timeshare through the rescission period, it can be a great way to get rid of a property that you’re no longer using.
A good timeshare exit company will help you understand your options, find any loopholes that are available for cancellation and create an effective strategy for getting out of your contract. They’ll also offer guidance and support throughout the process to ease any stress you may have. If you choose to go with a timeshare exit company, be sure that they are experienced and reputable.
A reputable company will provide a free assessment of your situation, and then work with you in writing to draft the required documents for cancelling your contract. They’ll also courier them to the appropriate departments and work in your best interests until a cancellation solution is reached. It’s also important to avoid any company that recommends that you stop paying your maintenance or mortgage payments. This can be a sign that they’re working for the timeshare company and not you. This can cause major problems if the timeshare company decides to take legal action against you. In the event of this happening, you could lose any money that you’ve invested in the timeshare.
