A timeshare is the right to use a vacation property for a specific time when you’re on holiday. When you wish to terminate the timeshare agreement, such as because you don’t want to pay for it anymore, this means you want to legally end the contract.
Although ending the contract can feel overwhelming, it’s important to know that you can get out of it in various ways without being locked into a contract that’s costly and stressful.
In this article, we explore timeshare termination, looking at the different ways in which to end your contract and when to consult a lawyer for guidance.
What are Common Types of Timeshare Termination?
Here are some of the most common ways to terminate a timeshare.
You Can Use Your “Cooling Off” Period
You can usually end the timeshare contract within a specific period without having any legal duties to fulfill. This rescission period is usually between three and 15 days after you’ve signed the timeshare contract, though, so you have to act quickly.
If you wish to do this, you’ll have to ensure you’re within the period and will have to write a cancellation letter that you send to the seller. Check your state laws so that you include all the required information and documents.
You Can Sell Your Timeshare
Depending on what’s specified in your timeshare contract, and if you have a shared deeded contract, it could be viable to sell the property because you have ownership rights. A real estate agency can help you with this.
You Can Exit the Contract By Contacting the Timeshare Company
The timeshare company will have information you need to navigate exiting the contract. There are usually exit programs that can help you. In deed-back programs, you’ll basically transfer property ownership to the company so that you don’t have to be responsible for payments anymore.
You Can Make Use of Hardship Programs
If you want to end the contract because you’re struggling to make the annual payments, you might be able to make use of hardship programs to assist you.
To find out if this applies to you, you should contact the timeshare company.
What’s Important to Do When Exiting a Timeshare?
When you want to terminate your timeshare agreement, there are important things to consider and do so that the process is smooth and you don’t miss anything.
Review Your Timeshare Contract
One of the first things to do if you wish to terminate your timeshare is to review your contract so you understand your duties and rights. You can hire a lawyer to review the contract for you.
Request a contract review from a vetted lawyer on ContractsCounsel, an online legal network connecting clients with experienced lawyers. You can post your project for free and will receive multiple lawyer bids so you can choose the best lawyer for your requirements.
They’ll identify important information you need to know in the timeshare contract and explain any complex or vague terms.
Consider Your Options
Whether you want to make use of the cooling off period or sell your timeshare property, you should explore your options so that you can find the best route depending on your needs. It’s important to avoid rushing into anything which could result in disappointment or regret.
Gather Documentation
If you’ve requested a timeshare termination, you should keep all important documents so that you have proof of what you’ve sent the company and evidence of their response. You might have to confirm cancellation, so proof that you’ve terminated the contract will assist you in this process.
What are Legal Grounds for Timeshare Termination?
In some cases, you might want to terminate your timeshare agreement because you’re unhappy with the timeshare company’s actions or your life situation has changed. Here are some common legal grounds for terminating a timeshare.
Fraud
Some timeshare companies might make fake claims to push you to sign a contract even if you haven’t had it reviewed. They might hype the investment potential of the timeshare or make huge promises about rental income you’ll earn.
If you think you’ve been the victim of timeshare fraud, you should collect all documents and contracts, as well as communications with the company, to support your case.
Contract Breach
The company might not fulfill their duties as outlined in the timeshare contract, giving you valid grounds to fight them on the issue and terminate your agreement. Examples of contract breach include poor property maintenance, a lack of promised amenities, and not making required repairs.
Failure to Make Payments
In some cases, you might want to terminate the timeshare agreement because you can’t make payments anymore. Your situation can assist your lawyer by providing viable legal grounds for cancelling it, especially if you’re experiencing financial hardship in addition to other issues, such as unlawful company behavior.
What Mistakes Should You Avoid During Timeshare Termination?
To prevent complications, it’s crucial to avoid making some common mistakes.
- Missing deadlines. It’s common for timeshare agreements to have cancellation windows, so refer to your contract to ensure you haven’t missed them.
- Avoid mistakes in your cancellation notice. Even little errors can cause issues, delaying the cancellation period.
- Consider your state laws. Timeshare cancellation rules vary in different states, so you should research what regulations apply to you in your location.
- Rushing into hiring an exit company. Exit companies can help you to end your contract, but you should be wary when using their services. They might not have the experience or expertise from a legal point of view to help you, while being costly.
Should You Consult with a Lawyer for Timeshare Termination?
It’s beneficial to hire a lawyer as timeshare contracts and situations can be tricky to understand without a legal background. Your lawyer will be able to help you navigate your timeshare cancellation while enforcing your rights and protecting your interests.
When you work with a lawyer from ContractsCounsel, they’ll consider your specific situation and choose the best way for you to cancel your agreement. If you’re dealing with a serious issue, such as breach of contract or fraud, your lawyer will be able to gather evidence to strengthen your case and fight for your rights.
Your lawyer will negotiate with the developer on your behalf so that you can reach a settlement or end the contract. If you have to go through litigation, your lawyer will represent you in court and file a lawsuit, giving you peace of mind that an experienced professional with legal expertise is fighting on your behalf.
