Timeshare Cancellation - How To Cancel A Contract Legally
Timeshare cancellation can be an easy process, but canceling your timeshare could be a problem if there are no termination conditions in your contract, in which case how to cancel your timeshare would differ depending on the contract's cancellation terms.
If you are wanting to go through cancellation, you first need to figure out whether breaking your contract with the resort is even possible without a timeshare lawyer or property attorney. If it is, great! If not, in order to cancel your timeshare contract, it can be a bit tricky.
First Step: Check Your Contract
The first step to Cancel Your Timeshare is to look at the cancellation terms section of your contract with the vacation resort that you have purchased through.
To find out if you can break, exit or cancel your contract, look near the end or bottom of your contract. There should be a heading containing the terms "Termination" or "Sever-ability" or "Cancellations".
Different resorts handle timeshare cancellation differently so the process to cancel your contract depends heavily on the resort you own through. If you can't cancel your timeshare contract, a property lawyer may be the way to go.
Grace Period Or Cooling Off Time
Most timeshare contracts allow for a cancellation grace period or cool down period of a few days or weeks upon purchase where you can break, exit or cancel your timeshare contract legally, without breaking your contract agreement.
If you do want to take advantage of the cancellation grace period to break, exit or cancel your timeshare contract, make sure there is no fine print in your contract stating that you must continue to pay your maintenance fees even after you break, exit or cancel your contract with the resort.
Give Back Or Deed Back program Available?
See if the resort you purchased through has a deed back or give back exit program that will allow you to give, or sell back your deed to the resort if the cancellation grace period or cool down period is expired and you can no longer cancel your timeshare contract.
If you own through Wyndham Resorts, or Worldmark you are in luck as Wyndham has several cancellation and give back or deed back programs available through their exit solutions.
Timeshare cancellation programs such as deed back or give back programs usually work best if you have no outstanding balance with the resort you own through so pay off all your debts to the resort first before attempting to break, exit or cancel your timeshare contract.
One alternative to cancellation is renting it out to generate enough income to cover your maintenance fees. Unlike with canceling your timeshare, this allows you to keep it to use whenever you wish to enjoy it.
Contact A Property Lawyer Or Attorney
A property lawyer or timeshare attorney who specializes in cancellations, or helping people break or exit their timeshare legally is a good way to go if you really want to get out of your timeshare and have no other choice but to exit.
A property lawyer or attorney who specializes in timeshare contracts would be the best way to go but they are not always easy to find so if you can't find a timeshare lawyer the next best thing is a property lawyer who knows the law on property contracts.