15 Steps on How to Cancel a Timeshare Contract
There are a few steps you can take to cancel your timeshare for free. If you are unhappy with your timeshare and want to cancel, don’t worry! We’ve got your back.
In this article, our team wrote 15 steps on how to cancel a timeshare contract. We’ll go over important topics such as:
- Canceling your timeshare with your right of rescission.
- Contact your timeshare developer directly to cancel your contract.
- Try and rent your timeshare to another person.
- Try to sell your timeshare on online platforms.
- You can quit paying maintenance fees, etc but be ready for the consequences.
Other ways to deal with your timeshare include exchanging it, donating it, or getting assistance from a timeshare attorney. We also recommend looking into hiring a reputable timeshare exit company that offers an escrow exit option.
If you choose to work with a timeshare transfer company or service, we do not recommend paying them up-front. The FTC warns consumers from paying fees up-front. This has been the #1 leading cause of a timeshare exit scam.
Before you start your cancelation process, it is important to understand the terms of your contract. This way you will be able to identify what steps you need to complete your cancelation. Now, we will guide you on how to get rid of your timeshare for free.
Or you can get in contact with our team here at MyTimeshareExitReviews for a free consultation. We’ll help guide you in the right direction to a successful timeshare exit. Initiate a Live Chat with one of our agents. Or you can fill out the form on the right side of the page to get started!
How to Cancel a Timeshare Contract
If your contract is in good standing, you can usually terminate your contract without penalty. If this is the case, you have the right to cancel your contract for any reason.
Not paying resort fees, taxes, assessments, or damaging the unit can lead to losing your privileges at the resort.
There are a few cases where you cannot terminate your contract immediately, such as:
- If you’re behind on your maintenance fees
- If there’s an active case involved
- If you have passed your rescission period
Now that you know the ins and outs of your contract, let’s take a look at what you can do to cancel it.
Use your Right of Rescission
If you’re wondering how many days to cancel a timeshare contract, each state has different rules. If you want to learn, how you can use your right of rescission.
Here are different tips on your Right of Rescission:
- Rescission Period means you have the right to cancel your contract within a certain time after you purchase it.
- If you signed a contract within a certain time frame, you usually have 3-15 days to cancel after signing the contract.
- Most states allow you to cancel your contract at any time within the first 3-15 days. You typically have until midnight of the last day to submit your timeshare cancellation letter.
- If you cancel within this time frame, the timeshare developer has to refund all of your money, including deposits.
It is important to note that most companies will not refund your deposit unless the contract is canceled in writing. Be sure to keep a copy of your cancellation letter for your records.
One can have two types of rescissions (referred to as statutory and common law). Statutory rescission refers to a law that allows for a contract to be canceled. Common law rescission refers to the ability to cancel a contract that is void or against public policy. This type of rescission allows a judge to decide if the contract should be upheld.
In a rescission case, a lawyer hired by the timeshare exit company will present evidence. The evidence is presented to prove why the contract is invalid or goes against public policy. This might include proof that you didn’t get the full worth of your timeshare or that the company did badly before.
Ultimately, a judge will decide if the contract is void or against public policy. Statutory rescission allows you to cancel a timeshare contract within a certain time after purchasing it. The laws surrounding this type of rescission vary from state to state. Some require you to send a written notice to the developer that you wish to cancel the contract.
Others may require you to submit a certified letter to their corporate offices. Some states also require you to submit proof of ownership to cancel your contract. Be sure to verify everything you will need to submit with your developer first!
Call Your Timeshare Developer
If you buy a timeshare from a salesperson, online, or over the phone, call the timeshare developer right away. This will allow you to:
- Clarify any questions about the contract and address any concerns you may have about the company.
- Additionally, most developers offer “buy-back” or “deed-back” programs.
- We understand the rescission period is a small window, anyone could miss it! If this is you, know you still have options.
There are more than 5,000 resorts and +200 independently and publicly owned timeshare developers, vacation clubs, and resort groups. Check in with these resorts to see if they have similar programs to help you cancel without having to pay hefty fees or penalties.
Lastly, always keep copies of all your documentation in a safe place. This includes signed contracts, deeds, receipts, and other documents related to your purchase. This will help you protect your best interests in the event you need to cancel your contract in the future.
Rent Your Timeshare Out
Buying timeshares was once popular for families and individuals wanting to save money for the future. However, recent advancements in technology have transformed the way people travel, and the way businesses operate.
Online platforms make it easy for people to rent out their timeshares to travelers worldwide. Renting out your timeshare may seem like a good idea at first. But it can come with several challenges. For example, several resorts don’t even allow renting out your timeshare!
If you find a place to rent, you will still need to pay a maintenance fee. This fee is what keeps your timeshare in good condition. This can end up being very costly over time. So, before you rent out your timeshare, be sure to ask yourself a few questions.
Renting out your timeshare can be confusing and time-consuming if your developer allows it. This is especially true when booking through a website. What’s more, rental income can be unpredictable.
That’s why it’s important to find a timeshare rental company that has experience dealing with vacationers. They’ll be able to help you negotiate the best rates and make sure your timeshare is rented out smoothly. But this may not be the most cost-effective route either. Instead of renting out your timeshare with a rental property, you may be better off renting it out on your own.
So how do you rent your timeshare out? If you opt for a third-party rental service, you’ll likely have to pay a monthly fee to rent out your timeshare. This can be a major expense in the long run.
Alternatively, you can rent out your timeshare on your own by setting up a website and listing it for sale. While this allows you to set your own prices, the downside is that you’ll have to manage every aspect of the transaction yourself. And it can be hard to build up a loyal clientele this way.
Selling and renting out your timeshare can also come with some legal considerations.
Sell Your Timeshare
Is selling your timeshare the best option? This can be difficult if you’re locked into a long-term contract. It’s often difficult to get out of your contract without paying hefty cancellation fees. But selling your timeshare is often the best way to avoid the hassles that come with renting it out.
- Selling your timeshare can be a quick and easy way to get cash flow.
- There are no hidden fees or maintenance costs to worry about. And you can often get a higher price for your timeshare than you would if you rented it out.
- If you’re not sure what to do with your timeshare, talking to an expert can help make your decision easier.
- Find out how much your timeshare is worth using an online valuation tool.
You can also consult with a verified resale agent or broker to get an estimate of the value of your timeshare. Once you have an idea of the value, it’s easier to decide whether selling is the right option for you.
Note that most timeshares depreciate tremendously in value. In addition, there’s no official resale market for timeshares!
This means that if you decide to sell your timeshare, you may not be able to find a buyer. If you do sell your timeshare, you may end up paying fees to a brokerage company on top of the purchase price. If you’re considering selling your timeshare, you might be better off doing so on your own.
For any resellers or brokers, you can verify them through the (ARDA) American Resort Development Association.
Quit Paying your Fees (But Expect Consequences)
If you decide to stop paying your maintenance fees for your timeshare, it will lower your cost of living. However, there are a few things to keep in mind.
- First, in most cases, you can’t just quit paying your maintenance fees and walk away. If you default on your payments, the resort will usually take legal action and attempt to repossess your property.
- The resort might start taking back your property by suing you in the court of your county.
- The lawsuit will request that you come to court and show proof of your monthly maintenance payments.
- If you don’t show up to court, the resort will likely win the case and can take your timeshare away. The court can order you to pay money to the resort. This money is for their legal fees and other costs associated with reclaiming your timeshare.
You could be charged with the following offenses:
- First Offense – Civil Lawsuit. Legal costs would be around $3,000-$4,000. On top of that, you could owe a damage fee of anywhere from $5,000-10,000.
- Your trial will start with a “Motion” being filed. Your trial will begin with the filing of a “Motion.” This motion requests the Court to order your presence and the submission of relevant documents at a hearing. The hearing must take place within 30 days of receiving the motion.
- Second Offense – Repossession. If you lose the case, you would have to pay an additional $10,000 or more for damages and court fees. The legal expenses alone would exceed $2,500. Not to mention the cost of the entire “Trial.”
- A company that sells timeshares may also be involved in this process. They might ask for $6,000 to $8,000 to sell their services. They will base the additional fee on the services they will provide and the timeshare law in the state where you live.
If you fail to pay your maintenance fees, you could lose your timeshare. You would have to pay for the resort’s legal fees and other expenses. It would be much better to spend that extra money on something more important instead.
Trade-In your Timeshare into an Exchange Program
If you’re still wondering how to cancel a timeshare contract for free, you can buy a new timeshare or exchange your current one for a different location through a program.
You can swap your timeshare with another company’s program if you already own it through a different provider. These programs let you exchange a vacation package for your maintenance fees and points at a new location of your choosing.
Most resorts offer several kinds of vacation packages to choose from. You can choose a package that meets your budget and needs, or you can choose one that is a little more luxurious.
Negotiate with your Timeshare Developer
When negotiating with your timeshare developer keep these things in mind:
- First, you must identify the problem and try to fix it yourself. Try sending a polite e-mail to your developer describing the problem and requesting assistance. If you do not get a response within a few days, you can try contacting them directly by phone.
- Remember, they’re often busy and may not be able to give you the info you need on the phone.
- Many timeshare developers provide customer service support on their websites. You can contact them by e-mail or by filling out an online form with a description of your problem.
- You usually receive a response within several days. Some developers even offer live online chat support to help address your needs more quickly.
- If your issue is still not resolved after trying these methods, you may need to take legal action.
Donate Your Timeshare
Before you donate your timeshare to charity, make sure your local authorities allow it. Most timeshare donation offers are scams, but a few legitimate organizations do accept timeshare donations.
You can find more information about how to donate your timeshare by contacting a local organization in your area. Or you can contact charitable organizations like CharityWatch.org, CharityNavigator.org, or GuideStar.org to see which organizations accept timeshare donations.
However, if you do not accompany your donation with paperwork, some charitable organizations will not even pick it up.
Hire an Attorney
Trying to figure out your legal rights can be very confusing. If you want to learn more about how to handle your timeshare contract, contact an attorney:
- Attorneys can help you understand your rights and may be able to help you reach an agreement with your developer.
- Many timeshare contracts are written in a way that is not clear or easy to understand. An attorney can help you understand your contract and determine if it is valid. If it can be proven to be invalid, you may be able to have your contract canceled and receive compensation.
- Timeshare contracts are difficult to cancel because developers write them in a complicated way, making it challenging for consumers and lawyers.
- In certain states, a contract can be canceled if the developer doesn’t deliver the promised services or uses misleading terms. But if the contract is valid and the attorney cannot cancel your contract, you may need to take further action to have it canceled.
Though a timeshare cancellation can be a frustrating experience, it doesn’t have to be! There are many options available. You can contact your state’s attorney general or consumer protection agency for more information. Or you can initiate a Live Chat with one of our representatives to help you explore your available options!
Hire a Timeshare Transfer Company
You don’t have to deal with the difficulties of canceling your timeshare alone. There are a few companies that can help you get rid of your timeshare. You can avail the following benefits:
- These companies offer different kinds of services for different situations. Your situation may be different from another person’s situation, so it is important to consider all of your options before making a choice.
- One of those options may be hiring a Timeshare Transfer Company. These companies will help you cancel your timeshare quickly and more easily than a lengthy sales process.
But the problem is meeting the requirements for a “timeshare transfer.” In general, your timeshare must be paid off, but other factors must be considered.
A customer service representative at a reputable Timeshare Transfer Company will be able to answer your questions. They can help you determine if you meet the qualifications for a transfer.
Hire a Timeshare Exit Company
- A timeshare exit company will act as an intermediary between you and the developer. They will analyze your contract to determine the best way to cancel it.
- They will also help you negotiate with the developer so that you can receive compensation for your timeshare.
- When you hire a company to act as an intermediary for you, you give up some of your rights as the consumer. However, you may be able to negotiate a better deal than you would have been able to on your own.
- The company will be able to help you understand the terms of your contract and how to get out of it.
The timeshare exit company will ask you to provide information about your contract and your situation. They will also ask you about your financial goals so that they can advise you on which option is best for you.
Some people may feel frustrated as they have to share a lot of information they don’t want to disclose. It may be worth it if you escape a bad contract or get good compensation for your timeshare.
Hire an Escrow Timeshare Exit Company
An escrow company holds your fees while your exit company helps you leave your timeshare. This can be a helpful option if:
- You don’t have the time or resources to deal with your timeshare on your end. With this option, you can spend more time working and less time dealing with your timeshare.
- Before you give money to a company, you should ask them whether or not they are a licensed and bonded business.
- Make sure your money is in a safe escrow account. If you don’t get your compensation from the developer, you should get a refund. We should also give you monthly statements so that you know exactly how we spend your money.
- There are a few companies that provide escrow services. Before you choose a company to work with, you should do some research to make sure that they are reputable and trustworthy. Talk to friends and family members who have used an escrow service in the past and ask them for recommendations.
You can also read reviews online to see if other people have had positive experiences with the company. When hiring an escrow company, provide them with all the necessary information for them to do their job correctly.
Your escrow company needs the necessary documents from your timeshare developer before they can start working on your case.
Provide important details about your situation, such as your attorney’s name or the money offered by the developer. They will use this information to evaluate your case and to determine whether it is likely to be successful.
Hire a Timeshare Credit Repair Company
If you are not able to pay your dues on time or in full, your timeshare developer may file a foreclosure lawsuit against you. If you become delinquent in your payments, it may be difficult to get another loan in the future, especially from a bank. You can try to make a payment plan with your timeshare company but don’t wait too long to do something. Hiring a timeshare credit repair company can help you in these ways:
- If your timeshare is already in foreclosure, a Timeshare Credit Repair company can help you improve your Credit Score!
- They will assist in removing any negative information that may impact your score.
- This can help you get a better interest rate on future loans and make it easier to buy a home or car.
- Getting rid of a timeshare can be difficult if you already have bad credit. However, you may still be able to get a timeshare if you work with a timeshare credit repair company. These companies specialize in helping people with bad credit scores to get out of their timeshares or even debt.
Transfer to a Family Member
Still asking yourself, “How long do I have to cancel a timeshare contract?” In case you sense a shortage of time, you always have the option to transfer to a family member.
If you cannot pay your timeshare dues or the foreclosure process has begun, it may be possible to transfer ownership. Timeshare Transfer companies and services do exist.
To transfer your timeshare, fill out a form from the developer with the new owner’s name and contact details.
Reach Out to MyTimeshareExitReviews.com!
If you went through all 15 steps on how to cancel a timeshare contract for free, and still don’t know what to do, don’t worry! Contact MyTimeshareExitReviews.com to talk to a specialist who can assist you in selecting a suitable solution.
The experts at MyTimeshareExitReviews.com are well-trained and can assist you in finding the best solution for your situation.
Be sure to give them all of your contact information so that they know how to reach out to you. Most companies will provide you with a quote for their services within a few days after you submit your information.
But the good news is their services are all FREE! MyTimeshareExitReviews.com offers free consultations to help you explore your available options. If you decide that you do not want their help, they will remove your information from their database.
So what are you waiting for? Talk to a qualified timeshare exit specialist today!
Table of Contents
Free Informational Consultation
By providing my contact information and clicking ‘submit’, I am giving MyTimeshareExitReviews.com and its partners permission to contact me about this and other future offers using the information provided. This may also include calls and text messages to my wireless telephone numbers. I also consent to use of emails and the use of an automated dialing device and pre-recorded messages. I understand that my permission described overrides my listing on any state or federal ‘Do Not Call’ list and any prior listing on the ‘Do Not Call’ lists of our partners. I acknowledge that this consent may only be revoked by email notification to info@www.mytimeshareexitreviews.com.
