How to Legally Get Out of A Timeshare | Timeshare Exit
The question of whether timeshares are really worth it or not is a hugely personal one. The many promises of these contracts (cue: luxury vacations at minimal costs) sway many into purchasing a contract they really do not stand to benefit from. It is no surprise then that many no longer want these contracts shortly after purchasing them. Of course, it is always best to avoid getting into one at all, but if you have, you can always legally get out.
Getting rid of a timeshare contract is hardly a straightforward process – although it can be. The ease of this process is largely dependent on your type of timeshare, its location, the time of purchase, and whether it is paid in full or not. Here, we consider different ways you could get out of your timeshare legally, regardless of your own unique individual situation.Timeshare Exit
Take Advantage of the Rescission Period
The easiest way to get rid of your timeshare contract is to cancel it during the rescission/cancellation period. This is a time frame – usually a week or two – provided by many state laws during which you could rescind your purchase. Simply send the resort a timeshare cancellation letter as provided for on your contract and they will be legally obligated to cancel the contract if it is within the rescission time period. The key here is deciding early that you no longer need this, and acting as quickly as you make that decision.
Try Selling the Timeshare
Chances are you have decided you wouldn’t really need this contract too late, and the legal cancellation period is over. Now the resort tells you you can no longer cancel. Before considering any of the other complicated ways to end your contract, try selling to someone else. Regardless of how little an upfront fee you get from your buyer, they get to take over the financial commitments and obligations associated with this contract.
Note, though, that the ease of selling will depend on the demand for your location, as well as whether you’ve paid the upfront fee in full or not. Sites like Craigslist, Myresortnetwork.com, Ebay, etc are great places to start. Some timeshare management companies may also help you sell if you notify them.
What if Both Options Fail?
If your cancellation period is over and selling the timeshare seems to take forever, do not fret, you can still get out of your contract. Thankfully, it is much easier now to leave a timeshare than it used to be. Many brands and resorts now provide exit or “take-back” programs designed to allow distressed owners leave their ownership, if certain criteria are met. Before proceeding any further, check to confirm if your resort has such a provision.
If no such provision is made public, you can still try calling or writing the resort to inform them you won’t be paying the maintenance fees anymore. Some of them make provision for an exit behind closed doors to keep many from attempting an escape.
When all else fails, you can always seek the services of a timeshare attorney or a Timeshare exit company to help you get out of the contract. Even if your cancellation period is over, a legal exit can still be negotiated on your behalf to free you from the burden of this contract.