As a timeshare owner, you may have had your fair share of vacation memories at your timeshare resort. But as time goes on, you may find that your timeshare is no longer meeting your needs or desires. Maybe you can’t afford the annual maintenance fees, or you simply don’t have the time to use it as much as you thought you would. If you’re considering canceling your timeshare, it’s important to know what the process looks like.
Here’s a step-by-step guide to canceling your timeshare:
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The first step is to gather all the basic information about your timeshare, such as loan information, payment dates, and annual maintenance fee amounts; in addition to what your personal experiences have been with your timeshare developer.
Review Your Timeshare Contract
The first thing you should do is review your timeshare contract. Look for any provisions that outline the process for canceling your timeshare. Some contracts may have a “cooling off” period, which allows you to cancel within a certain number of days after purchasing the timeshare. If your contract has a cooling-off period, you can cancel your timeshare simply by notifying the resort in writing within the specified time frame.
If your contract does not have a cooling-off period, or if the cooling-off period has passed, you will need to follow any other cancellation procedures outlined in the contract. This could include paying a cancellation fee or returning any promotional gifts you received when you purchased the timeshare.
Once you have decided on a course of action, you will need to notify the resort in writing. This could be in the form of a letter or email. Be sure to include your name, the name of the timeshare resort, your timeshare unit and week, and the reason for your cancellation. If you are canceling within the cooling-off period, be sure to mention this in your letter.
Follow up with the resort
After you have notified the resort of your intention to cancel, you should follow up with them to ensure that they have received your request. You should also ask for confirmation that your timeshare has been canceled. Keep a copy of any correspondence you have with the resort, including any confirmation that your timeshare has been canceled.
Consider seeking professional advice
While it is possible to cancel a timeshare without a lawyer, you may still want to consider seeking legal advice. A timeshare cancellation expert can review your timeshare contract and advise you on the best course of action. They can also help you navigate any legal issues that may arise during the cancellation process. It’s important to remember that alternative methods of getting rid of your timeshare: either by donating it, renting it out, etc. can still leave you on the hook for payments. The only surefire way to permanently rid yourself of a timeshare is to legally cancel the contract. We can help! Reach out to find out more.
