Did you know that there are 1,582 timeshare resorts in the U.S? If you signed one as well, but you’re regretting it, you’re not alone.
Fortunately, getting out of a timeshare can be done if you know what to do. In this guide, we will let you know how to end a timeshare contract.
Keep reading to learn how to get out of timeshare contract.
Sell Your Timeshare
In some cases, the company may be willing to let you out of the contract if you agree to sell your timeshare back to them. You may also be able to find a buyer for your timeshare on your own and then have the company cancel the contract.
If you are unable to find a buyer, you can reach out to resellers and they can sell your timeshare online.
During the Cooling-off Period
If you decide you want to cancel timeshare contract during the cooling-off period, you must do so in writing.
The cooling-off period is the time period after you sign the contract during which you can cancel for any reason. It is typically three days, but it can be longer in some states.
To cancel your timeshare contract during the cooling-off period, you must send a written notice to the timeshare company.
The notice must be sent by certified mail, return receipt requested, or delivered in person. It must state that you are canceling the contract and must be signed by you.
If you cancel your contract during this period, the timeshare company must refund all money you have paid. The company may also charge a reasonable cancelation fee.
Within the Cancelation Period
The law is on your side when it comes to getting out of a timeshare contract, but you have to act within the cancelation period.
The first step is to send a certified letter to the timeshare company requesting cancelation. Be sure to include your name, address, and the date of your purchase.
The company has five days to respond to your request. If you don’t hear back, or if the company denies your request, you can file a complaint with the state attorney general’s office.
If There Is a Contract Breach
If you’re considering getting out of your timeshare contract because the developer has not followed through with the deal, you should read your contract carefully to see if there are any clauses that allow for cancelation under these circumstances.
If there is no such clause, you may still be able to get out of the contract if you can prove that the developer has breached the contract in some way.
For example, if they promised certain amenities that were never delivered, you may be able to cancel based on that. You’ll need to talk to an attorney to see if you have a legal basis to cancel your contract.
Cancel Your Timeshare Contract Legally
If you’re stuck in a timeshare contract that you no longer want, there are a few legal ways to get out of it. You can sell your timeshare, cancel during the cooling-off period, cancel during the cancelation period, and cancel if there was a contract breach.
We hope that our how to get out of a timeshare guide helps you.
Now that you know how to legally get out of a timeshare contract, what’s next? Take the time to check out some of our other posts for more great articles.