Investing in a timeshare can be a fun and exciting way to both vacation and have an investment to call your own. But this investment will quickly cause issues if you no longer desire to keep it but are still contractually obligated. Several people have had to battle with timeshare companies to get out of their contract. This can be frustrating, but it is certainly possible. In this article, you will learn more about timeshare contract cancellation.
#1: Search the contract for out clauses
A contract will typically have some out clauses that let you cancel it with or without a penalty involved. Go back to the original timeshare contract see if such a clause exists in your situation. If so, figure out the implications and whether or not it is worth canceling. There is generally a rescission period that lets you back out of the timeshare agreement if you change your mind. These windows are usually short, about 5 to 15 days or so depending on your state. You will need to put it in writing and make sure that the timeshare company receives your letter within the legal time frame. This is one of the cleanest ways to break from a timeshare.
#2: Negotiate with the timeshare or attempt to sell it back
No matter what your contract says, there may be some room for legal negotiation. You can reach out to the company to see if they are willing to negotiate the terms such as lowering the price, altering the obligations, or putting a temporary halt to your payments while you figure things out. You may be able to transfer the property to another party that is willing to take it on. When all else fails, selling might be your best option. You could either list it on the open market or see about selling the timeshare back to the original company. Figure out what type of losses you are willing to take and which option works best for your situation.
#3: Get a lawyer that can help with your timeshare contract cancellation
If all else fails, hire an attorney that can assist you with timeshare contract negotiations. They could help get you out of the contract based on breeches or by assisting you with a settlement. Find out how much the lawyer will charge you in fees and if their assistance is worth hiring based on the remaining amount you owe on the contract. Having someone with legal experience helps you gives you some protection and helps you better understand your rights.
Let these tips help you if you're trying to get out of a timeshare agreement. For additional information, contact a timeshare contract cancellation service.