Timeshares are one of the most controversial real estate practices. Though they can sound like an affordable, convenient way to enjoy a private vacation property, the reality is that they are often a huge financial drain.
If you have purchased a timeshare and have regrets, Exit Timeshares is here to help. There are several legal techniques we can use to help you get out of a timeshare.
The first step to getting out of a timeshare is figuring out if you are ready. Not all timeshare owners will need to escape their contract. Though rare, it is possible for some timeshares to work out. You usually only need to cancel your timeshare if you accidentally ended up with a contract that doesn't suit your needs.
If you are having any doubts about your timeshare, the best time to cancel is now. Many timeshare contracts have loopholes that let you cancel right after buying, so if you wait too long, it is harder to exit your timeshare. Furthermore, every month you spend trying to decide whether you're happy with your purchase is another month you have to pay for your timeshare. Canceling as soon as possible lets you save as much money as you can.
How can you exit a timeshare? Though these contracts are known for being hard to escape, it's not impossible to cancel. Depending on your situation, you might want to try one or more of the following methods.
Due to all their bad press in the past, most timeshare companies now offer something called a rescission period. Also referred to as a retraction period or deed-back clause, this is a period of time right after you sign the contract when you can cancel the deal. It is very helpful for those who get buyer's remorse right after purchasing the contract. Being able to take advantage of the cooling-off period lets you immediately back out and get your money back. It entirely annuls the contract and releases you from all deals you made.
Just keep in mind that you have to follow all legal guidelines carefully if you want to cancel your contract this way. You may need to draft a formal letter and mail it to the company within a set amount of time. Even if you think you are outside of the cooling-off period, it's still worthwhile to talk about this option with your lawyer. Some state laws require certain requirements to be met before the countdown starts, so you might still be within the right time frame for this method.
Not all timeshares offer their customers the opportunity to sell the timeshare back to the company. However, if you're lucky enough to have this clause, it makes things a lot easier. Not only do you escape the neverending fees, but you also have the chance to make some money back. Depending on how things are phrased, your lawyer may be able to negotiate a fairly decent sale for you. This can be a great way to get rid of the responsibilities of timeshare ownership without losing all of your money.
Not all methods of leaving a timeshare involve arguing directly with the timeshare company. Sometimes it can be worthwhile to go over their heads and try to invalidate the contract entirely. A timeshare can only force you to pay them if you signed a contract that represented matters truthfully.
In situations where the timeshare isn't fully above board, your lawyer might be able to help you get your contract invalidated. They can do things like argue that the timeshare misrepresented the value of the property or prove that the timeshare is keeping you from easily accessing your property. If you choose this route, your legal approach will usually be tailored to suit your unique situation. Your lawyer may be able to point out the issue to the timeshare in arbitration and get them to agree to cancel without any court battles. In other cases, you might need to file a fraud complaint against the company or sue them formally.
Many timeshare companies will say, "If you want out of the contract, just ask us!" However, this is typically easier said than done. When you've signed a legal contract that agrees to pay them money, they usually won't let you quit paying them immediately. Instead, you'll need to discuss the matter with them and convince them it's more worthwhile for them to let you out of the contract. This sort of negotiation takes time, but it can be very effective. Often, your lawyer can arrange a deal where you pay a small lump sum to avoid any financial responsibilities in the future.
Theoretically, you can try many of these timeshare cancellation techniques yourself. Some timeshare owners prefer to try things like just calling up the timeshare company and talking to them themselves. Though this DIY approach does work for some people, it is not always ideal. Most people are better off consulting with a lawyer. Seeking help from a legal expert provides these advantages.
Sometimes we hear from people who say things like, "I called to cancel my timeshare but somehow I ended up agreeing to pay for two more weeks instead!" Timeshare companies have spent decades perfecting their sales tactics. Pushy salespeople, limited-time deals, and flashy benefits packages can all pressure customers into making financially unsound decisions. If you already know you're susceptible to this pressure or would rather just skip the hassle, you can hire a lawyer to talk to the company on your behalf. This provides an extra layer of protection, so you cannot get talked into keeping your timeshare after all.
Many timeshare companies hide behind complicated legalese. If you look at your contract and feel like you cannot figure out what it is even saying, you need to talk to a lawyer. A legal expert can decipher confusing statements and help you figure out what the fine print says. This ensures you can make smart decisions without getting confused by complicated, misleading statements.
The unfortunate reality is that timeshares don't usually make it easy for their customers to cancel their contracts. You typically cannot just go online and click a few buttons. Instead, the process usually involves spending a lot of time on the phone, talking to different departments, and filling out a variety of paperwork. For most busy, modern people, this is far too time-consuming. If you want to avoid wasting your valuable time, you are better off hiring a professional who can navigate all these challenges for you.
If you are ready to say goodbye to your timeshare, Exit Timeshares is here to help. Our team of experts has extensive experience with the timeshare industry. We understand the way timeshares operate, so we can find effective ways of canceling their contracts.
Let's help you finally put this nightmare behind you. We're here to help you every step of the way through the process. Call and speak to one of our timeshare experts today!
