Buyer’s Remorse – How to Get Rid of Your Timeshare!

Many timeshare owners walk away surprised and tired of a presentation. They are not sure what just happened or how they ended up buying a timeshare. At some point during the three-hour long song and dance, they got involved and ended up signing on the dotted line.

Pretty soon after that buyer’s remorse kicks in. They want to know how to get rid of their timeshare, and fast!

Fortunately, there are options for timeshare owners and they CAN cancel their timeshare.

The steps to cancel a timeshare purchase will depend on how long ago it was purchased. Most timeshare purchases come with a “cooling off” period. This is known as the rescission period and, depending on the status of the purchase, can be from 3 to 15 days after purchase.

Generally, it is not legal to waive a consumer’s right to cancel. It is guaranteed if it is written in the contract. However, homeowners must take the proper steps to take advantage of it.

Review the contract to determine what the rescission period is. Make sure you are still within the specified time period for cancellation. Check in the contract what method of delivery the cancellation declaration requires (hand delivery, certified mail, fax) and make sure that it is fully followed or the cancellation will not be considered valid.

Make copies of all timeshare documents to show proof of purchase and draft a succinct cancellation letter. There is no need to explain why you are canceling the contract. Make a copy of this too. Include all documents along with the cancellation statement with delivery to the timeshare agency.

If the purchase has passed the rescission period, there are still options available to cancel the timeshare contract. A timeshare attorney is well-versed in timeshare law and can review your purchase and contract experience for errors, potential loopholes, or deceptive practices. If the company misrepresented the terms of your agreement or used misleading statements to close the sale, you may be entitled to cancel for fraud.

Additionally, contracts often have missing pages or addendums that can unknowingly result in a huge financial burden for the consumer. This is not only unethical but also illegal. Timeshare attorneys can handle contract disputes that will ultimately end in the cancellation of your timeshare contract, canceling your mortgage, getting rid of maintenance fees, and leaving you with a release letter from the timeshare company. Your cancellation of deed will be complete and your timeshare purchase will be history.