If you’ve signed the paperwork for a timeshare, you might think that there is no way to get out of it, but you do have options. One of the things to keep in mind is that you need to act quickly if you decide that you no longer want to be involved with the timeshare as there are often limits on ending the contract. It’s also advised that you speak with an attorney or a professional who can help you get out of the contract instead of trying to do it on your own.
Cancel The Agreement
One of the easiest ways to get out of your timeshare is to cancel the agreement. This type of timeshare termination can be done by either party, but it’s usually done by the one who signs the agreement instead of the one who holds the property. The party that cancels the agreement usually keeps the remedy that is involved or any balance that has not been paid.
Terminating The Contract
Another option would be to terminate the agreement or wait until it naturally terminates. This would be a scenario if there is a time limit on how long you hold your share. Once the time has expired, then you have the option to renew. If you don’t want to renew, then you can cancel. One party could terminate because of issues that arise with the property or with the timeshare holder.
Any kind of breach of contract would mean that the opposing party no longer has any obligation to the contract in the future. Pay attention to the fine print of the timeshare contract. Many states will allow you to cancel within a short period of time, like a lemon law with a car. There are no types of punishments associated with cancelling during this time because it’s like you’ve changed your mind about the agreement or found something that you don’t like.
If a company believes that there is a chance of not getting any money for the timeshare or if there is a possibility of not renewing, then the company will usually take the timeshare back before the time is up instead of letting it cancel with a risk of not renewing in the future. This will help the company find someone else who will enter into the contract. An attorney can negotiate with the company and assist in cancelling the agreement for you.