End Timeshare Contract

How To End Timeshare Contract?

Timeshare owners tend to appreciate their ownership, visiting fine resorts and staying in luxury apartments. However, burdensome maintenance and membership fees, and real estate taxes can become the first reason why an owner decides to cancel timeshare. Once you are willing to get rid of your timeshare, a resort will do anything to keep you paying fees, so be ready to deal with some tricky things during the timeshare cancellation process. Today, we’ll try to find out how to end a timeshare contract in a few simple steps.

How do I end my contract with timeshare?

Legally existing a timeshare agreement is a pretty complicated task to deal with for some reason:

  1. If you plan your timeshare exit plan wrong, there is a risk of influencing your credit score. Taking legal actions against your timeshare company requires some time and effort, so if you doubt whether you have enough expertise, refer to a professional.
  2. Timeshare contracts offer brief rescission periods that last no more than a week on average. Cancellation of a contract out of a rescission period is more difficult since both parties need to sign an agreement to end your contract.
  3. Some salespersons might tell you that you can always sell the unwanted property, but it is not valid.

With the increasing level of timeshare depreciation, together with a lack of trust for resellers, timeshare owners aren’t likely to sell their ownership fast and hassle-free.

Anyway, you still have some options on how to end your timeshare contract. You can quickly contact a timeshare resort representative and ask about solutions for a legal exit of your agreement. Here are the best strategies to getting out of your timeshare deed:

 

1. Call your timeshare company

Contact your timeshare company or a resort if you already miss the rescission period but still want to terminate a timeshare contract. Some organizations offer owners deed-back programs by which individuals can legally exit their contracts. Resorts can also provide you to transfer your agreement to another person, and it might work for you, as well. It is worth mentioning that once you call a timeshare company, it can be another opportunity for them to ask you to keep being in the timeshare contract. Thus, do not be provoked by timeshare company representatives.

 

2. Send a cancellation letter

If your contract is relatively new, you might want to write a cancellation letter and send it to the certified mail of your resort. Write about your unique life circumstances and explain why you can’t anymore be an owner of a timeshare property. There is a possibility that a timeshare company lets you get rid of ownership without any penalties.

 

3. Resell the property

If you doubt how to end a timeshare lease contract and you aren’t satisfied with the options provided by a resort, you can sell a property to another person. Consider listing a timeshare on the online resale markets and forums. Furthermore, don’t expect to get back the full price you paid for a property, since timeshare tends to depreciate over time.