Many people sign up for a timeshare without knowing about all the details. For example, you might not have realized the extent of all the maintenance fees you would be responsible for. Timeshare sellers are notoriously good at convincing people who never thought about timeshares to go ahead and buy one.
If you bought a timeshare within the past several days, the good news is that canceling timeshare contracts is smooth early on. And even if it’s been a while, there are ways to get out of it.
Keep reading to find out how.
What You’ll Need
Do you remember signing some papers when you agreed to be a timeshare owner? Well, now’s the time to take a good look at that timeshare contract.
Because timeshare cancellation is a legal move, you should do it in writing. Your contract should tell you what details you need to include. For example, you might need to include information about yourself, information about the purchase, and/or a clear sentence stating that you are rescinding the contract.
Make sure you cover all the details your contract mentions. Otherwise, the cancellation might not go through!
The Cancellation Period
People have all kinds of reasons for changing their minds about a timeshare. Don’t worry about sorting all of that out and explaining everything to the person you bought it from. At the end of the day, you signed a legal contract, and there’s a straightforward, legal way to cancel it.
Of course, that’s if you do it quick. Check your contract to see how long you have before the cancellation period ends—it’s usually a matter of days.
Canceling Timeshare Contracts Later On
The cost of canceling a timeshare can make things messy if you’re already past your cancellation period. But it is still possible!
You have a few options here. First, you can get the help of a timeshare lawyer to find out how to cancel your contract even after the cancellation period. Or you could sell or even donate your timeshare.
If you choose to sell your timeshare, you might be disappointed in the amount of money people are willing to pay for it. But you’ll get out of paying the regular fees, so this might be worth it.
And while donating might seem like a less appealing option than selling, you might be able to get a tax deduction out of it.
Go For What You Need!
Many people get scared off from canceling timeshare contracts because they think the process is too costly, too complicated, or just impossible. They try to make the best of the situation, but the truth is, they don’t have to. With a careful look at your contract and some outside help (if you need it), you can walk away from a bad deal.
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