- 1 Can you cancel a timeshare contract?
- 2 How much does it cost to get out of a timeshare contract?
- 3 How do I get out of a vacation club contract?
- 4 Why is it so hard to cancel a timeshare contract?
- 5 What is the best way to cancel a timeshare contract?
- 6 How many days do you have to cancel a timeshare contract?
- 7 What if I stop paying for my timeshare?
- 8 How do I legally return a timeshare?
- 9 Can you just walk away from a timeshare?
- 10 Can I cancel my unlimited vacation club membership?
- 11 Can you change your mind after buying a timeshare?
- 12 Is it hard to cancel a timeshare?
- 13 How can I get out of my timeshare without damaging my credit?
- 14 Can lawyers get you out of a timeshare?
Cancellation rights Cooling-off periods can vary, but are short—typically 10 days. If the contract leaves out information required by law, or if you have not received a written copy of the contract, you may be eligible for cancellation rights for up to one year after buying.
On average, it costs about $5,000 to $6,000 and takes 12–18 months to get out of your timeshare contract using a timeshare exit company. But the cost and the timeframe can vary depending on a number of factors including, how many contracts are attached to your timeshare.
How do I get out of a vacation club contract?
Most, if not all, contracts include a “termination clause”. Some call it dispute resolution, rescission period, and other legal mumbo-jumbo. If you are still within the contract’s rescission period then, send a notice of termination. This can be sent via email and can be backed up with a phone call.
In addition to higher interest rates, timeshares can also be hard to sell because most timeshare contracts financially obligate the timeshare purchaser to pay lifetime maintenance and special assessment fees. Maintenance fees tend to cover various operating costs and are similar to a condo’s HOA fees in that regard.
Canceling Your Timeshare Contract Most of the time, you must send your cancellation in writing. Even if the law allows you to cancel the contract orally, it’s a good idea to prepare and send a timeshare letter of cancellation to the seller.
So, if you wish to cancel your resort timeshare purchase, you generally have a period of 5-15 days after purchase wherein you may legally rescind the contract. After the rescission period has expired, you can no longer cancel your purchase without penalty.
If you stop paying it, the timeshare company will do whatever it takes to collect. They’ll make phone calls and send letters, then they’ll assign it over to (you guessed it) a collections company. If you still don’t pay, the situation sinks even further into foreclosure and possible legal action against you.
5 Ways to Legally Get Rid of a Timeshare Property
- Exit Within the Grace Period. If you don’t want to have to learn how to sell a timeshare legally down the line, this is often your best course of action.
- Find a Possible Breach of Contract.
- Return the Timeshare.
- Sell Your Timeshare.
- Contact a Timeshare Attorney.
You can’t just walk away from a timeshare. That’s because they often come with an obligation to pay maintenance fees for as long as you own them. It says 85 percent of timeshare owners who go to contract regret their purchase.
Can I cancel my unlimited vacation club membership?
You can cancel for any reason or no reason at all during the rescission period. After that time you would basically have to prove fraud or convince the resort or vacation club that it is in their best interest to refund your money.
If your timeshare purchase was very recent and you suddenly have buyer’s remorse or changed your mind, you may be allowed to rescind your contract and get out of your timeshare. A timeshare buyer would choose to use a rescission for many reasons.
Canceling your timeshare can also be difficult due to financial reasons. Resorts are notorious for encouraging people to make a down payment on a credit card. Putting a substantial investment on your credit card is never a wise idea. Your interest rates will skyrocket, and it’ll take you a while to pay it down.
Let’s dive into the most common ways on how to get out of a timeshare—without ruining your credit.
- Talk to your developer about buying back your property.
- Gift your timeshare to a family member or friend.
- You may be able to cancel your ownership.
- Post your timeshare for sale.
A timeshare cancellation attorney will help you understand the fine print of your contract and support you in cancelling your timeshare within the rescission window. A timeshare exit attorney will help you approach getting out of your timeshare after the rescission window has passed.