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Can I Get out of a Timeshare Contract?

Categories: Law and Finance
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Timeshare Contract Cancellation

Timeshare Contract CancellationAt first, the idea of buying a timeshare or the right to a vacation home for one or two weeks every year seems promising. The sad part is that the novelty and excitement may soon wear off, with some owners finding it boring to visit the same place every year. Others, meanwhile, feel that they are pressured into a deal and realize that the payment does not actually fit into their budget.

This is why it is only common for many timeshare owners to regret their decision. If this is the same for you, you are probably thinking of cancelling your timeshare. While you have the right to rescind or cancel, you need to act quickly.

There is a cooling-off or rescission period

Timeshare attorneys note that you can cancel the contract within a certain period, which varies from state to state. The typical period is between three and 15 days, but some individual contracts may provide longer periods for cancellation. Take note that you have the right to cancel, which only means that the seller cannot ask or request you to waive this right.

You need a legal expert

If the rescission or cooling-off period has passed, you may need to sell your timeshare instead of just expecting a refund. There are a few cases, however, that you may still get out of the contract even if the said period has expired. If this is your case, it is best to contact a real estate lawyer or a timeshare cancellation attorney, as this may entail filing a lawsuit.

Read and understand the terms

When buying a timeshare, it is only important that you understand the deal you are entering. Be sure to read all the terms of the contract to avoid missing the chance for cancelling the contract. It also pays to be familiar with the state laws where your timeshare property is located. Doing your own legal research and talking to a timeshare attorney can help.

Time is essential when cancelling a timeshare contract. If you are having issues with the cancellation procedure, it is best to contact a timeshare attorney.