Canceling Your Timeshare Contract

Whether or not you are able to cancel your timeshare contract will depend on various factors: the country where the contract was signed, the length of time since you signed the contract and whether there are any lawful reasons for you to forfeit the contract.

The first thing to consider if you are a timeshare owner is whether you really want to cancel your contract. Many people get cold feet when they get home after making their first timeshare purchase but are glad they did not cancel once they begin to enjoy the benefits of their home away from home.

If you have thought about it carefully and have decided that vacation ownership is definitely not for you, and you are within the official cooling off period (which depends on the country and can be as little as 5 business days and usually no longer than two weeks), then you may be able to null and void your contract. You will need to contact the timeshare developer or agent from whom you bought your property and to request what they require to cancel the contract. In all cases you will be expected to send written notification with proof of delivery.

Unfortunately, if you have gone beyond the cushion of the cooling off period then it is very unlikely that you will be able to cancel your timeshare, that is, unless you have been grossly miss-sold or you have evidence of a deliberate scam or fraud, as in the case of non-existence resorts or unfinished properties. You will need to contact a timeshare lawyer or attorney in order to begin proceedings. For this, beware of companies that approach you claiming to cancel your timeshare, always work through a legitimate lawyer.

Another common misconception is that instead of canceling your timeshare you can simply stop paying the maintenance fees. However, this will bring about legal proceedings against you for the cost of unpaid fees and legal costs, and will cause more problems in any case calling for your contract to be cancelled.

If you are sure you no longer want your timeshare, other solutions rather than cancellation are to donate your timeshare, sell it, lend or rent it to friends and family or transfer the rights of the timeshare permanently to someone you know.

The main thing to remember when seeking to cancel your timeshare contract is that like any legally binding agreement, you need to have grounds for canceling and evidence to support any intentional mis-selling. Always act as quickly as possible and don’t trust companies that say it is easy to cancel your contract, they are probably scams of some kind.

TIMESHARE TRUTH

4 Comments

  1. There are a number of solutions regarding unwanted timeshares, but most of them are not viable. The most effective solution to get rid of a timeshare is by cancelling the original contract. Timeshare cancellation is an efficient alternative, since the owner will be able to cut all the strings attached to the resort.

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  2. Timeshare Cancellation is the best way to get out of a timeshare properly. Once your timeshare is properly cancelled, there won’t be any further financial obligations attached to the resort, no timeshare mortgage, no maintenance fees, no nothing.

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  3. During the last years, the economy has been rough, and maintaining a timeshare might not be as easy as it seemed when you first purchased it, especially with all the fees and payments that have to be made every year. As an option to finance the debt and the vacation property itself, some timeshare owners recur to get a timeshare mortgage.

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  4. Not all time shares are bad, actually, a time share can be a good purchase for someone who does enjoy revisiting the same destination each year. However, vacation properties are not for most people, being that they only seem to work for people with very specific vacation desires. Time shares are not for people who like to enjoy trying a new vacation spot each year, nor for people who like to travel spontaneously, or families who do not use to stay at expensive resorts.

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