Timeshares seem to have been around for long enough now that most people would avoid one like the plague. If you have enough disposable income that you can keep up with the repayments and maintenance fees it’s perhaps a good way to prepay your hotel stay at a fancy resort.
But for most the hidden fees and inflexible contract mean that they are desperately trying to get out of a timeshare contract that they regret purchasing. In this article, we’re going to look at the legal ways that you can get rid of an unwanted timeshare.
Rescission
The quickest and easiest way to legally get out of a timeshare is to take advantage of the recession or cooling off period offered by most states. This is only usually available for 3 – 10 days after the contract is signed and it varies depending on the state where it was purchased. Do your research and find out if it applies to you.
The rescission period laws were put into place to stem the flood of complaints that came from consumers who felt they were bullied into purchasing timeshare contracts that they didn’t want by aggressive sales tactics. Upon looking at the financial obligations and hidden fees in the contract many wanted out almost immediately and so state-by-state laws were put into place to protect consumers.
Mutual Cancellation
If the rescission period has already passed the only other legal way to get rid of a timeshare contract is to have it canceled mutually direct with the timeshare company. This can be a long and arduous process as they are not going to let you out of a timeshare without at least some pushback. Doing this on your own can be a lengthy and costly undertaking.
However, some companies specialize in leveraging the law to help you get out of a timeshare as quickly and pain-free as possible. Organizations like Timeshare Exit Pros have been helping customers to cancel their timeshare contracts for years and they know the law and process so intimately they can guarantee the swiftest exit possible. By using their reputation and knowledge of the industry they will get the timeshare company to back down a lot quicker than you could on your own.
What You Shouldn’t Do
Sell Or Giveaway
The way that timeshare contracts are designed is to keep you locked in and obligated as long as possible. There are instances where even on your death the timeshare contract is passed on to your kin. Unless you’re a lawyer yourself and know the industry intimately there is a very small chance that you can find a willing buyer and legally transfer the contract.
Many companies will offer to help you and some would claim they have buyers lined up and waiting however this is often just another scam looking to separate you from your hard-earned cash and will end up making your costly timeshare mistake cost even more. If not done properly and the new buyer defaults or refuses payment it will still revert straight back to you. Please visit Timeshare Exit Pros to know more.
