Approximately ten million households in the U.S own a timeshare, and 850,000 were willing to sell within two years before the current pandemic. Most young people looking to get out of their contract wish to do so because they inherited it and can’t afford the management fees. Additionally, other people want to sell because they have not been able to swap properties as expected.
If you purchased a timeshare and regret the decision, there is still hope for you. Maybe you were unaware of the extra costs, or the deal was too good to be true. Without buyer’s remorse, it may be difficult to get out of your contract. But with a reputable timeshare lawyer, you can legally cancel your timeshare. So, here’s how to get out of a timeshare purchase.
Timeshare Exit and Cancellation
You just bought a timeshare, and reality has kicked in — you need to exit. If you want to know how to get out of a timeshare, here is how to do it.
Take Advantage of the Retraction Period
Every timeshare contract indicates the period you have to rescind. Ask your timeshare lawyer to go through your contract and draw a cancellation letter to deliver it in due time.
If your information is not accurate, then your timeshare cancellation may be invalid. Also, it is less costly.
Contact Your Developer
A deed-back is another tip on how to get out of a timeshare. It means losing more, but at least it will be the end of those additional fees. It is advisable to be honest with your developer to get buyer’s remorse. This step is recommendable, especially for young people who inherited or seniors who have been affected by the pandemic.
Sell Your Timeshare
This choice might not be the best, but it may work. The process is complicated as compared to other options, and you stand to lose some money. The reason being, resale timeshares go for fifty percent of the original price –- if you’re lucky! Others resell for twenty or thirty percent. If you choose to sell your timeshares, be prepared by setting low expectations.
Gift it or Rent it
The best time to rent your mortgage on a timeshare is if you suffer unemployment, financial instability, or if you find the maintenance fees too high during this pandemic. There are many platforms where you can rent. If you find it too wearisome, gift your timeshare to a loved one or a friend. You should always confirm with your attorney before a timeshare exit. Illegal cancellation will have consequences.
How to Get Out of a Timeshare Purchase Using an Attorney
At the end of the day, the best advice on how to get out of a timeshare purchase will come from a trustworthy and expert attorney. If you are out of the rescission period, then you need a timeshare lawyer even more.
Hiring a timeshare cancel service is for people who have no option and believe they have permissible advantages over their developer. If you want to get out of your timeshare, get in touch with Lonestar Transfer today and request a free consultation.