How To Cancel A Timeshare Contract with the Help of a Timeshare Attorney

Timeshare cancellation can entail utilizing one’s right to rescission or giving permission to foreclose on the property. Because you are not the owner, being released from a timeshare contract after the recession period can be a difficult process. 

Every timeshare has a particular rescission period. This period exists because buyers often feel regret after sitting through an exciting sales presentation and expecting high financial benefits from them.

Selling your timeshare is the least viable option; a quick search on eBay will show hundreds of timeshares for sale for just $1. The reality is, there is no resell value in timeshares. If you’re interested in donating your timeshare, you should know that any charity willing to accept the donation will be very specific about the nature of the property. If it isn’t a high-end property likely to benefit them, they will not accept your donation, as they would be responsible for the maintenance fees moving forward. A deed in lieu is also potentially an option; this process gives the rights to the timeshare contract back to the timeshare company releases you from financial obligation. This is a foreclosure prevention tactic but has very little impact on the company, which gains the right to sell the timeshare again for the same value.

If you are unsuccessful in getting rid of your timeshare contract on your own, your best option is most certainly consulting with a timeshare attorney. They can devise solutions to help you choose the best course of action when it comes to being released from your timeshare contract and make sure that you don’t get scammed.

 

The Exact Procedure To Cancel Your Timeshare Contract

How do I cancel my timeshare? It’s a common question for people who want to cancel a timeshare contract. Your timeshare contract should clearly state the number of days you have to cancel your contract. If it is not mentioned or you think there is something wrong with the contract, you should look into timeshare laws. A timeshare contract should be cancelled in writing – and the following thing should be mentioned in your letter of cancellation:

●    your name as it appears on the contract

●    your address, phone number, and email address

●    the name of the timeshare company or association

●    a description of the timeshare

●    the date you purchased the timeshare, and

●    a statement that you are rescinding the contract

Make sure after the cancellation letter is written, you deliver it properly. You can either deliver it by hand via certified or registered mail. Always keep your own copy of the cancellation letter. You should make sure that your letter has been delivered within the time frame of the cancellation. If you fail to include the correct information or to deliver the letter in the manner specified in the contract, then your cancellation may be considered invalid by the owner of the property. This is why the majority of clients consult with an attorney to ensure that there are no errors in processing their cancellation.

In particular states and in some situations you are allowed to cancel your timeshare contract after the rescission period has passed. Usually, however, this will entail bringing a lawsuit against the timeshare company. You should contact a timeshare lawyer for advice.