There are few things in life that are truly inescapable. A contract, contrary to what you might believe, is not one of them. Despite even the savviest attorney’s attention to detail, contracts can be amended, challenged and overturned, thus proving themselves not always the binding certainties that Ben Franklin so aptly claimed death and taxes to be. And while it’s not recommended that you sign a contract thinking that its turns can be easily changed or negated, it’s also not advisable to automatically assume you’re stuck with something just because you’ve signed your name on a dotted line. If you’re one of the 85% of timeshare owners who regrets the decision to buy timeshare, take a look at the following ways to cancel your timeshare contract and regain your peace of mind:
The Federal Trade Commission maintains a “cooling off” rule that protects all U.S. consumers from the effects of making hasty or ill-informed purchases at their home or a seller’s temporary location, such as a hotel room or convention center. Under this federal guideline, consumers have up to three days to cancel a contract for the purchase of timeshare property within the United States. Some contracts will have their own cancellation terms stated explicitly within them, but this FTC statute provides further protection for consumers should they need it. In addition, most U.S. states have their own unique consumer protection laws that safeguard consumer rights when making a timeshare purchase. If a consumer is aware of their mistake in the first few days (and potentially up to a week or two depending on the state where the contract was signed), they are free to send written notice of their wish to cancel the timeshare contract and receive a full refund in return.
On rare occasions, resorts can choose to accept a timeshare back, in effect canceling the terms of the contract and allowing owners to walk away. If your maintenance fees and yearly dues are up to date, it’s worth asking your resort if it would consider this solution.
Any contract can be challenged if either party involved believes the other is not upholding the contract terms. If the resort is not maintaining its amenities or does not make available the time it promised and/or fails to deliver any incentives or other terms of the agreement, consumers may claim the contract terms have been breached and begin proceedings to terminate the contract in its entirety. This will inevitably involve additional legal help from a timeshare cancellation attorney and cost you the associated fees, but it could result in you voiding the contract and ending your timeshare commitment.
Even if you signed a timeshare contract, it doesn’t necessarily mean you don’t have options. Our team at Step Zero has experience helping people stop timeshare fees, cancel timeshare contracts and get rid of timeshare properties so they can get back to enjoying their lives without wasting their money and their time. Contact us to see how we can help you.