How to Legally Get Out of Timeshare Contract
Timeshare sales representatives are known to use deceptive and unfair sales and business practices to encourage people to buy within the arrangement. These are the misleading tactics they use to make a timeshare seem like a lucrative investment. Good thing is, there are consumer protection laws that exist to defend consumers against such misleading tactics.
If you think a timeshare salesperson may have tricked you into purchasing a timeshare and you would want to out, then we have good news for you. It is not only possible to completely get out of timeshare contract, but it is also possible to do so legally. Here are the strategies to adequately get out of a timeshare contract legally:
Cancel the timeshare contract within the stated cancelation period
Typically, timeshare contacts have a specific period when one can cancel it. This period can vary between 5 and ten days depending on which state you purchased it. This is your right and it cannot be waived. Therefore, the company from which you bought your timeshare cannot force you to give it up. So, once you change your mind and you wish out, you need to act quickly before the cancellation period elapses. Just write a cancellation letter and submit it to the company that sold you the timeshare within the time frame allotted.
Sell the timeshare
If the allotted time frame for a timeshare cancellation has expired, you can get out of a timeshare contract by selling the timeshare. A timeshare is not an investment, but you can manage to resell a paid-for-timeshare. The best way to sell your timeshare is to hire a trusted timeshare real estate to assist you with the sale. Of course, you should expect to recoup about 10 percent of the cost you originally invested when selling your timeshare, but it is better that way than continuing to pay for something you don’t use.
Give it away
Another strategy to get out of timeshare contract is to give away your timeshare especially if selling it won’t work. If you have a timeshare that has a deed, then you can even go as far as claiming a charitable deduction on the timeshare. And because timeshares typically have no value, people can invite an audit. Before donating your timeshare, be sure to review all the legal documentations that are associated with it to ensure that you have no any further financial obligations that are associated with it.
Hire an expert group
If giving your timeshare away or selling it won’t work, you can hire a timeshare exit company such as the Timeshare-Answers to help you out. A timeshare exit expert will help you end your timeshare ownership completely, legally, and in the best way possible. And even if you can sell or donate your timeshare, it is advisable that you work with an exit attorney because you might not understand the contract well.
Before hiring a timeshare exit company or expert, you should search about them to know whether they have a good track record.