The purchase of a timeshare may not be suitable for all, mainly if they do not get enough time for frequent vacations. They were lured by the sales pitch of sellers and purchased timeshares, which they later found useless for them. Hence, many owners want to get rid of this expense, which may be an extra burden on them. So they should know how to get out of a timeshare contract, for which there are a few effective options.
Cancel the contract in the rescission period – If the limited rescission period is not yet over, the owner can cancel the timeshare contract very easily. So this rescission period is also known as the cooling off period when the owner can get a full refund of his/her purchase money even after canceling the timeshare contract. So an owner needs to check his/her contract and see if the rescission period is still on if he/she wants to cancel and get out of it. However, the owner should write a cancellation letter to the seller of that timeshare, which will serve as a legal notice sent to that company. He/she should keep a copy of that signed letter for future use. Previously, this letter was sent only by registered mail. However, companies prefer to receive such notices via email, which is a more convenient option for timeshare owners as well.
Ask the company to buy it back – Some timeshare companies agree to buy timeshares from their customers after their rescission periods are over. However, owners cannot expect to get the exact purchase price back when they try to sell it back to the seller company. The option of buying back will be mentioned in the contract if the company offers this facility to its customers. So it is better to check this clause before purchasing a timeshare. Some companies may not be ready to buy it back and can accept the timeshare only when returned for free. But it will cause a total loss for owners, who spent a large amount of money as the purchase value of their timeshares. Still, they can save the expenses of the annual maintenance fees and other yearly fees to be paid for timeshares.
Resell the timeshare to the interested buyer – It is possible to get buyers for undesired timeshares, which may help in getting back at least a part of the purchase cost. There are some reliable websites where timeshares can be listed to find suitable potential buyers. These websites will charge some money to help in selling timeshares on this online resale market. There are also some free selling sites where no money is needed for reselling timeshares. So, timeshare owners should go through the terms and conditions of all these selling sites, to get an idea of their selling procedures.
It is best to hire an experienced timeshare exit company, which can also guide owners on how to get out of a timeshare contract. So it is no more difficult for timeshare owners to get rid of this unwanted expense even without hiring a lawyer for this purpose.