Can You Cancel a Timeshare Purchase? Here’s How to Get Out.

You’ve purchased a timeshare. You’ve signed the papers, paid the deposit, and you’re ready to take occupancy during your week. But suddenly, owning a timeshare doesn’t seem like such a great idea anymore. You may be experiencing buyer’s remorse, or perhaps a life event changed your financial status. You may have even owned the timeshare for years, but it no longer feels like a worthwhile investment. From what you’ve heard, timeshares are impossible to get rid of, and all the fees and other taxes that come with it can fall not only on you but also on your heirs. So, can you cancel a timeshare purchase? Mostly, yes, but it can be a complicated process requiring professional assistance. Here’s how to get out of a timeshare.

Ask

Ask the company if you can walk away from your timeshare contract. It can’t be that simple, right? Actually, it can. This first option can hurt a bit financially, however. Your timeshare company may offer what is called a deed-back/surrender option, letting you buy your way out of the contract. It won’t be cheap, but it may be less than the fees, taxes, and other costs you’d pay if you kept the timeshare.

Use Grace Periods

Before you do that, though, check to see if you can just walk away. If your timeshare is a recent purchase, here’s how to get out. Your contract—which you hopefully read or had a lawyer read before signing—should contain language allowing for a grace period in which you can decide to walk away from the purchase and even get your deposit back. The grace period can be a matter of days or even weeks, but you should act as soon as possible. Draft a letter that contains your contact information, the seller’s name, the property description, the date of purchase, and your clear intent to cancel the contract. You don’t have to give your reasons, but be as clear and concise about the cancellation as possible.

Hand-deliver the letter or send it by certified mail. Another possible option is to take advantage of a cooling-off period, known as rescission, in the state where you made your purchase. The FTC also provides a three-day cooling-off period to protect consumers from fraud. Be prepared for the company to try to convince you that you can’t walk away. Don’t take their word for it. Even after the rescission period, you have options to cancel the contract.

Get Help!

If it’s clear the timeshare company acted fraudulently, you could have an out. Examples of fraudulence include misleading you about interest rates and fees, concealing the rescission period, or using hard-sell intimidation tactics. To contest such actions, you’ll want to retain the services of an attorney or company that offers timeshare cancel services. Such professionals won’t buy or sell your property, but they can use their experience to get you out of the contract as swiftly as possible. Can you cancel a timeshare purchase? Yes, but it takes time and experience. Contact PCS to learn more!