The Correct Steps to Ensure Successful Timeshare Cancellation

Feeling burdened with the huge costs of timeshare membership? Exiting a timeshare sounds like an attractive solution. However, due to contract stipulations and legalities, canceling may not be a straight forward, easy process. Also, the timeshare resale market is flooded with con artists. Here’s how you can ensure successful outcomes and exit the timeshare for good.

Understand Details of Timeshare Contract

Most timeshare contracts include conditions around reselling and Cancelling timeshare. For example, the timeshare company may have the first right to resale or put conditions about specific qualifications that resale buyers should have. The contract may claim that a cancellation done without the knowledge of the timeshare organization is not legitimate, or worse, illegal. Most timeshare developers will not allow the use of facilities if cancellation is not done by terms of the original contract. To avoid these pitfalls, it’s smart to consult a timeshare exit attorney that can assist you in your case.

Prepare Documents with Care

A timeshare contract is essentially a real estate contract, and document preparation is an important part of cancelling timeshare membership. The owner should have all documents related to the timeshare as well as information about the buyer. This includes the original deed to the timeshare, official contact details of the timeshare resort, documents related to maintenance fees, etc. Although rare, some timeshare companies do allow cancelling timeshare membership to the resort company, in which case, having all documents on hand is even more important. A professional timeshare exit company can draft the documents necessary for timeshare cancellation.

Timeshare Contracts Get Larger

William, a timeshare owner, recently said, "I have a contract with Wyndham that over the years has become larger and larger.  I called and asked about getting out of the contract because we can not afford the loan and maintenance fees.  I was told that the contract could not be cancelled and that I have to find a buyer.  If I do not find someone to buy this timeshare or if I can not get out of the contract, I will have to allow foreclosure or possibly file bankruptcy.  John is retired and has had back surgery which limits his ability to work.  I will be retiring in February and that will reduce my income significantly.  We just cannot afford to continue paying this money each month.  To add to that, we have been upgraded so many times and now have so many points that we cannot even use them yearly." 

"We are banking points and then the points are expiring in the bank.  Places we want to go are often not available which makes it even harder to use the points we have.  We were told that we could list points for rent to pay for some of the fees but the money we receive is so little that it does not help.  We bought so we could have nice places to vacation but more and more we are finding that more people are staying in the resorts that are not members than there are members.  What is the point of being an owner if I can go online and rent the same property, in most cases for less than what I am paying monthly in maintenance and special assessment fees?  I am just so disappointed with the whole system and the fees.  Is there any way to get help in this situation?"

Seek Timeshare Attorney Help

When you try to cancellation a timeshare privately without third-party assistance, you may encounter unscrupulous individuals or reselling companies that promise to get the timeshare off your hands for a large upfront fee. However, if a cancellation does not happen, you will not be able to get the fee back - and you’re still stuck with the timeshare. The silver lining is there are respectable third-party companies that connect timeshare owners with good timeshare cancellation lawyers. They have affiliations with other service providers such as timeshare transfer companies. They can help you to achieve the goal of exiting a timeshare.

About This Author

Hridoy Ahmed Joined: December 15th, 2019