What You Need to Know About Timeshare Cancellation
If you’re an unhappy timeshare owner, then you may be wondering how to cancel a timeshare. You might do some online research and find that it is not as easy to get out of a timeshare contract as the ads for third-party exit companies make it seem.
The first thing to understand is that, unfortunately, timeshare contracts are binding legal agreements. This means that canceling your timeshare after the rescission period isn’t simple. The good news is that it’s not impossible, either. There are still a few options available to you if you want to cancel timeshare permanently. In this article we’ll walk through the steps you’ll need to follow in order to cancel your timeshare contract, and what options are available if you’re unable to do so.
First, try to negotiate a termination to cancel your timeshare with the developer. This agreement would remove any obligations you have with the resort and release you from any responsibility for future payments owed on the contract.
If the developer refuses to release and cancel your timeshare, your next step may be to explore the secondary market to see what your timeshare may be worth as a resale. If you’ve owned a timeshare for any period of time, you have probably been solicited by a resale company via phone or email. Be careful of companies pursuing you with offers to help cancel a timeshare. They may not be honest or ethical about what they can do for you or be able to cancel timeshare successfully. Some licensed real estate brokers that focus on selling timeshares will only take on specific developer listings. You also won’t find points-based vacation memberships listed on an MLS by a realtor, as they often have little to no resale value. You may also be able to find comparable timeshare properties on auction sites like eBay.
While some timeshare resorts allow owners to rent out their excess weeks or points, others do not, and this can make it difficult to cancel a timeshare. Some owners may not be able to generate enough rental income from the property in order to offset their annual fees. The resort may even cancel rental reservations made by the owner if policies are violated. Owners could also have their membership or use rights suspended as a result of unapproved rentals. Always check with the resort in advance of booking a rental to avoid any unnecessary problems.
Seeking professional timeshare cancellation assistance from an attorney
If you’re still unable to cancel timeshare or offset its many costs on your own, it may be time to consider consulting with a timeshare cancellation attorney. Timeshare owners have been able to cancel their timeshare contracts with attorney assistance, and it may be possible for you to cancel your agreement as well. A qualified attorney can provide you with proper legal advice and guidance, as well as work to cancel your timeshare contract on your behalf. In most cases, negotiation and settlement are effective however in some circumstances, litigation may be required to get a timeshare contract canceled. In situations like these, it’s best to have an attorney who is knowledgeable in timeshare law to represent you.
In conclusion, if you want to cancel the timeshare there are a few options available to you. You can try to negotiate with the developer, explore the secondary market, or seek professional legal assistance. No matter what route you decide to take, it’s important to understand your rights and obligations under the contract.
Led by timeshare attorneys Michael D. Finn and J. Andrew Meyer with over 75 years’ experience, the Finn Law Group is a consumer protection firm specializing in Timeshare Law. Contact Finn Law Group today for a free consultation.