Timeshare Cancellation Owner Rights & Protection

Whether you recently bought into a timeshare property or have held on to one for some time, you may have decided it’s not for you. Perhaps your financial circumstances have changed, or you’ve seen the extra expenses demanded by a property you only use for one week out of the year. Regardless, timeshare contracts are tricky things, and getting out of one is not an easy process. But don’t worry too much. As an owner, you have access to certain rights and protection regarding timeshare cancellation. Review the following article to get a better idea about where you stand on divesting yourself of your timeshare.

Act Sooner Than Later

First, if you’ve recently bought your timeshare, investigate the possibility of a cooling-off period (also called a rescission). It may be that your state or country allows a period in the days or weeks after a purchase that permits you to cancel an agreement without suffering any penalty and recover your deposit. You may also have a grace period or cancellation period written into the contract that allows you to walk away within a certain number of days. You will need to draft a dated letter containing your contact information, the seller’s name, a description of the property, the date you bought it, and your clear intent to cancel the contract. Deliver it to the company before the end of the grace period. Usually, it can be hand-delivered or mailed, but for extra security, send it as certified mail. No need to give any specific reasons for canceling the contract—just be clear and to the point.

Be aware that some companies may employ hard-sell techniques and try to talk you out of canceling or suggest that once you’ve signed, you’re locked in. Don’t take their word for it. Investigate the contract and local laws to see what you can do.

Retain a Lawyer or Timeshare Termination Service

As mentioned above, when you decide to pursue timeshare cancellation, you have rights and protection as an owner. That’s why it’s best to seek the assistance of experts who have helped others with similar situations in the past. While this can involve its own set of expenses, hiring an individual or company that’s experienced at timeshare cancellation services to review your contract, resort constitution, and any other paperwork is the wisest choice. Lawyers and law firms with a focus on property law and timeshare cancellation companies are ideal, but be sure to check comments and reviews by previous clients before retaining them. There are scammers out there who prey on timeshare owners with buyer’s remorse. Naturally, it would be better to hire a lawyer before you sign the contract, but even afterward, you still have options to cancel a timeshare, which an attorney can find and use to your benefit.