Timeshare is a popular form of vacation ownership. Nearly 10 million American households own a timeshare. These properties come with a number of benefits, including the opportunity to stay at popular destinations year-round and take advantage of special rates for travel. However, there are times when you will want to cancel your timeshare.
When you’re ready to get rid of your timeshare, it is important to choose the right company. There are several factors to consider, such as whether the company has a proven track record of helping their clients, strict eligibility requirements, an in-house process, financial security, and positive reviews from past clients.
You’ve purchased a timeshare and now you’re wondering how to cancel it legally. The first step is to understand your rights as a consumer. The best way to do this is to read your contract carefully. It will contain information about your rescission period, your legal rights to withdraw from the agreement and the cancellation procedure.
The rescission period is a short window of time during which you can cancel your timeshare without penalty. It may be as little as three days or as long as 15 days, depending on the laws in your state.
It is also a good idea to check the fine print on your contract. If you can, run it through a consumer protection agency or legal professional before you sign it. This will help you ensure that you are not signing away any rights or money to the resort or developer.
If you do decide to go ahead and cancel your timeshare, be sure to use an experienced timeshare lawyer who is familiar with the complexities of timeshare contracts and cancellations. Using a legal professional will save you time and hassle down the road.
Some timeshare companies also offer deed-back programs to help you exit your timeshare. These programs often allow you to turn in your timeshare for a refund or a reduction of your maintenance fees. These programs can save you a lot of money and provide you with a better deal than the one you signed up for when you originally purchased your timeshare.
Another option is to contact the resort directly and see if they offer a way to cancel your timeshare. They might have a surrender program you can join or even offer an escrow service that will hold your money until you decide to cancel.
Getting a quote for the cost of the cancellation is essential to determine how much you’ll pay. This will include any costs related to transferring your timeshare out of your name and the issuance of the deed or other documentation that you’ll need to get the resort to release your ownership.
Be aware of schemes that involve transferring your timeshare out of your name into a bogus “shell” company. These bogus companies are often set up by scam artists, who are out to make a quick buck. When the resort sends out your maintenance fee bill to the bogus ’shell’ company, it is never paid and can cause your property to be foreclosed.