Did you just purchase a timeshare and are experiencing buyer’s remorse? Are you stuck with a property that does not live up to the hype? Did you inherit a timeshare you do not want? You can get out of most timeshare contracts, but it is important to read the contract thoroughly, educate yourself on the relevant laws and act quickly when considering timeshare termination.
Read the Fine Print
It is vital in any legal situation to read the contract. This can be a challenge if you are in a room with someone giving you a hard sell, but this could save you a major headache in the future. Many states require a cooling off period in real estate contracts to allow buyers to change their minds. Search through the contract for words like “cancellation” or “termination.” Sometimes the words used are “rescission” or “revocation.” Legal documents can be confusing, so get ready to do some research.
Look It Up
After you read the contract, you will probably need to look up timeshare termination online or visit the library. You might even want to contact the office of your state’s attorney general or a consumer advocates group. Learn what your rights are in this situation, especially regarding time limits.
Act Fast
While you may be able to get out of the contract, you will have to do it within a specified period, which could be anywhere from a few days to about a week. If the cooling off period has passed, it is still possible to terminate a timeshare, but it can be more complicated. You can try to sell your spot or if that is not successful, you could consider giving it back to the management company if the financial obligations have become too big a burden.
Whatever you decide to do if you find yourself with a timeshare you need to get out of, remember to read the contract, do the research to find out what you are dealing with and then move quickly to meet any deadlines.
