Timeshare cancellation can be done through various methods. The cancellation methods that will be elaborated in this article are;
- What is a rescission period, and how can you use it to cancel your timeshare contract?
- What are the cancellation programs that timeshare companies offer to their customers?
- How can a timeshare lawyer help you cancel your timeshare contract?
- How can you sell your timeshare property?
- How do timeshare exit companies operate, and what kind of exit companies should you hire?
Keep reading to learn the answers to all the questions mentioned above.
What Is A Rescission Period?
The rescission period is an easy way out of the timeshare contract. Every timeshare owner is given a short deadline to cancel their contracts if they think they made the wrong decision when they bought a timeshare.
- The rescission period, also known as the cooling-off period, is the lapse in which owners can eliminate their timeshare contract without enduring any additional charges.
- The rescission period is 3 to 15 days, including the day of signing the contract, varying from nation to nation. It can also last up to a month if the timeshare company permits.
- You will have to analyse your timeshare contract to learn about the terms of your timeshare’s rescission period.
- You can find information about the rescission period at the end or start of your timeshare contract.
- Comprehensing the contract can be arduous; you can contact your timeshare developer or the company’s customer service department to learn more about it.
- To benefit from this cancellation method, the timeshare owner must write a rescission letter.
- The Rescission Letter helps you stimulate your cancellation reason to the timeshare company.
- Writing the rescission letter in a professional manner is essential. Writing it in the proper format minimises the chances of getting rejected by the timeshare company.
- If the timeshare company rejects your rescission letter and the deadline for it exceeds, you might lose the chance of rescinding your timeshare contract.
- To read more about the importance of the rescission letter and what format should be used to write it, refer to this article: The Rescission Letter.
What Cancellation Programs Do Timeshare Companies offer?
Apart from providing a recession period, timeshare companies offer deed back clauses or programs and exchange programs. As per the back-back or deed-back program, you can give back your timeshare to the resort. For the exchange program, the timeshare company exchanges your timeshare property for another one in a different location.
Exchange Program:
- The exchange program is the right option for you only if you are fed up with going to the same destination to spend every vacation.
- Most timeshare companies offer and inform you about exchange programs when you sign your timeshare contract.
- But, if you still need to see it or the timeshare developer did not inform you, you can surf their main page or contact their customer service department to learn more about the exchange program.
- Exchange programs are offered to help timeshare owner explore more destinations than being stuck in one for the rest of their life.
If you want to cancel your timeshare contract rather than exchange it with a different one, here is the other program that a few timeshare companies offer;
Deed Back Program:
- Not many timeshare companies offer this program, but a few do, so you should experiment with your luck and contact the developer as soon as possible.
- Buy-back programs allow timeshare owners to return their timeshare property to the resort. They inform you about all these cancellation methods when signing the contract.
- As for the money, many other factors are taken into account. Such as the duration of your ownership, the clauses of your agreement and much more.
- A few timeshare companies pay you back the same amount you bought the timeshare at or a few dollars less.
- Deed-back programs were offered by many timeshare companies back in the day, but now, only a few are left who do so.
- Contact your timeshare developer to learn more about the programs they offer. They can help you eliminate your timeshare even if they do not offer a buy-back program.
Always contact your timeshare developer first when thinking about eliminating your timeshare, as they can help you eliminate it much faster. If they refuse to cooperate or cannot help you for any other reason, you can contact our team. Our team of professionals will help you evaluate your situation and recommend a fitting solution.
Is Hiring A Timeshare Lawyer The Right Decision?
Timeshare lawyers know the industry better than anyone else. Hiring an attorney to help you eliminate your timeshare contract is a great decision, but you must be careful before hiring one. Fraud and scams are common in the timeshare industry, so hiring a reputable and trustworthy lawyer is necessary.
- Lawyers with a good reputation in the timeshare industry can help you eliminate your timeshare through their connections.
- An attorney will help you evaluate your timeshare contract and find loopholes to help you eliminate it.
- You can even donate your timeshare property. But donating your timeshare takes a lot of work. We know you think giving away the property for free should be easy, but that’s not the case.
- Timeshare properties require a lot of attention and money, of course. Charities mostly cannot pay the expenses of a timeshare property, so they refrain from accepting them.
- But trying does not hurt! You can still donate the property; you might be successful.
- Contact us now to save yourself from being victims of timeshare scams and frauds.
Resale Your Timeshare
If the rescission period of your timeshare contract has ended and the other methods mentioned are not working out for you, you can sell it. Some companies specialise in helping timeshare owners resell their properties.
- These companies often have a network of potential buyers and can assist with marketing and negotiations. More information about exit companies is provided in the next heading.
- Selling your timeshare is a difficult job. You will have to have a lot of patience during the process.
- Evaluate the value of your timeshare property by skimming through the current market.
- Prepare a good description and upload high-quality images of the property.
- Timeshare properties can be sold through resale companies, online resale websites, buyback programs, etc. List your timeshare on these websites to find potential buyers.
- There are certified companies that help you sell your property. These companies already have potential buyers to buy your property; they can help you negotiate and market it.
- Online platforms like eBay, Craigslist, RedWeek, and SellMyTimeshare can help you resell your timeshare. You can find people willing to buy the property by listing your timeshare on these platforms.
Renting out your timeshare is another option if your timeshare company permits. Some timeshare resorts do not allow their customers to rent out their properties, so ensure that you contact the company before taking a step forward. Renting your timeshare will at least cover the primary expenses for a while. You can also rent out your timeshare. Contact us to learn about more options you have to cancel your timeshare contract.
Timeshare Exit Companies
Timeshare exit companies are in demand these days. Many people who realise that timeshares are not a good investment or who inherit timeshare properties hire exit companies to get out of their timeshare contract.
- Exit companies are filled with professionals working in the timeshare industry for a long time.
- Their team will help you figure out your contract’s clauses.
- They will help you understand your legal rights.
- All the important details that the timeshare company hides from you to gain profit from the exit company will inform you about them.
- But, as the demand increased, scams increased as well.
- Fake exit companies will promise you to take all your worries away regarding your timeshare, but in the end, they will leave you with more worries.
- Exit companies are in demand, so many people in the market have copied them and started scamming timeshare owners.
- These fake exit companies are very clever and vanish with your money without giving you time to realise what happened to you.
- To save yourself from these scammers, work with exit companies offering escrow.
- Escrow is a third party that holds your payment until the exit company eliminates your timeshare.
- If the exit company fails to do so, your money is safe with the third party. This minimises the chances of getting scammed.
You can find all the relevant information you need to avoid these scams through our articles. You can even contact us for free to learn more about timeshare exit companies. We can assist you with deciding whether a timeshare leave organisation is legitimate, and we suggest working with timeshare leave companies that offer escrow so you pay no forthcoming expenses.
Final Thoughts
As always, contact our team to help determine if a timeshare exit company is reputable. We only recommend timeshare exit companies that have no up-front fees and offer an escrow option, so you stay protected. Escrow is essential when dealing with expensive timeshare properties. Exit companies offering a 100% money-back guarantee may charge you a little less, but they need to be more trustworthy.
Timeshares are not worth the money owners are paying. Timeshares often come with up-front purchase costs, maintenance fees, mortgage, and other expenses. All these expenses will cost you more than a vacation at the resort will ever cost. On top of that, these expenses are annual based, and they add up over time. Timeshares offer limited flexibility. You can not use the property of your own will, limiting your travel flexibility. If you want to explore a different destination, making changes in the arrangements of your timeshare will be challenging.
- Moreover, timeshare scams are more common than you think.
- In recent years, there has been a dramatic increase in the number of companies offering timeshare owners substantial amounts of money for their timeshares through online ads and telemarketing scams.
- These unscrupulous companies use deceptive sales tactics to entice people to sell or cancel their timeshares.
- Scams start from the very first day. When these timeshare companies approach you to sell their timeshares, they form lies to lure you in.
- Timeshare companies lie about the price of the timeshare, hide your legal rights from you and never mention the hidden expenses.
- When hiring an exit company, ensure they do not demand up-front fees.
- According to our team of professionals, timeshare exit companies offering escrow are the most trustworthy ones.
- When a timeshare exit company offers escrow, a third party holds your payment till the exit company successfully eliminates your timeshare property.
- This provides assurance and peace of mind to the customer.
- Even if the exit company leaves work at some point, your money is safe with the third party.
- The charges of exit companies can come down if you negotiate correctly. Or you can contact our team to help you bargain.
- Escrow eliminates any doubts a timeshare owner may have when looking to exit their contract.
- If you have prior experience in the timeshare industry and know reputable exit companies without the option of escrow, you can also hire them. But, if you are new to all of this, going with the option of escrow is the safest.
Our site specialises in reviewing exit companies for our customers. In getting rid of your timeshare property, you will consider approaching any exit company. Exit companies help timeshare owners eliminate their timeshare contracts. They evaluate your contract and develop the best solutions to exit it. They might be expensive, but they will save you from the hustle. Contacting an exit company is a great option until the scammers come into the picture. Contact us now to save yourself from these scammers and easily eliminate your timeshare.
