More often than not, buying a timeshare looks far better on paper, than it turns out to be in real life. If you’ve been roped into buying a timeshare unit by a hard-selling salesperson, you don’t have to settle for a lifetime of timeshare ownership.
Contrary to popular belief, there is a way of getting out of a timeshare contract — but much of this relies on timing. Otherwise, you may have to go the legal route.
To learn more about how to get out of a timeshare contract, this blog outlines what you need to know.
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Common Reasons for Canceling a Timeshare Contract
Why do so many timeshare owners want to free themselves of a timeshare contract? Most of the time, these reasons vary:
- Owners realize they have been sold a ”pipedream” and the contract is not as good as it seemed
- Owners are unaware of their obligation to pay high property taxes
- An increase in property maintenance fees and other hidden costs
Basically, owning a timeshare can be far more expensive than most people realize. They are generally not told about all of these additional fees in much detail, either.
How to Get Out of a Timeshare Contract, Legally
When you sign into a timeshare contract, you have a fixed-term or window of time to cancel the contract after signing it. This is known as the ”cooling off” period. This window of time differs according to state laws. Usually, this period is quite short and is only valid for one-two weeks.
This means that you have to act quickly if you want to cancel a timeshare contract. But many timeshare owners tend to neglect this cancellation period and only realize that the timeshare deal no longer suits them, later on down-the-line. In this case, this timeshare exit team can help.
Here’s how to cancel your contract correctly within the cooling off period:
1. Make Sure It’s in Writing
First thing’s first, make sure to check your timeshare contract for the number of days you have in your cooling off period. This gives you an accurate window of time in which to cancel. Then, you must draft your cancelation intent in writing.
Even if it’s not an exact requirement, it’s always better to put things down in writing. Make sure your letter of intent includes the following:
- Your full name, as per the contract
- The title of the timeshare corporation
- An exact description of the type of timeshare you own
- The date you signed the timeshare contract
- You intent to rescind or cancel the timeshare contract
Bear in mind that you don’t have to give a reason as to why you want to cancel your contract. This is your legal right which means that reasoning is not necessary.
2. Deliver the Letter as per the Contract
Timeshare companies are sticky about how and when cancelation letters are delivered. So you want to take extra care and ensure you follow their instructions, which should be outlined in the contract. In some cases, you can hand-deliver a cancelation letter, but most of the time it must be delivered via certified mail.
It’s important to follow their exact instructions and deliver the letter within the cancelation period, otherwise, it could be considered invalid.
What Happens if the Cooling Off Period Has Expired?
If you have not canceled a timeshare contract within the designated window, you may have some trouble getting out of the contract. In some states, it may still be possible to cancel outside of the cooling off period. But most of the time, you’ll need to hire a real estate attorney for legal advice.
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In summary, the best advice on how to get out of a timeshare contract is to read the actual contract very carefully and make sure you cancel within the designated timeframe. Otherwise, you may have to take legal action.
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