Getting Out of a Timeshare Contract
When you have reached the end of your cooling-off period and want to get out of a timeshare contract, there are a few options you have. If you want to get out of a timeshare contract legally, it is important to consult a lawyer. A lawyer will have specialized knowledge and experience in timeshare law and will be able to help you legally terminate your timeshare contract. Hiring a lawyer is especially recommended if you’ve reached the end of the cooling-off period and are having difficulty with the timeshare company.
Cost of exiting a timeshare contract
If you have a timeshare contract, the costs of exiting your contract can add up quickly. You may be able to negotiate with the timeshare company on your own, but you can also hire an exit company to handle the process for you. The company will take care of everything for you, including notifying the timeshare company of your decision to cancel your contract.
The cost of exiting a timeshare contract can vary from a few hundred dollars to tens of thousands of dollars, and the duration of the exit process may take anywhere from 12 to 18 months. The cost depends on the complexity of your situation and how many contracts you have attached to your timeshare. The more contracts you have, the more work your timeshare exit service will have to do. Know on getting out of a timeshare contract.
Options for getting out of a timeshare contract
The process of getting out of a timeshare contract can be frustrating, but you do have options. Whether your new circumstances prevent you from taking your vacations, or your partner is not satisfied with the timeshare, there are ways to get out of a timeshare contract. The first step is to write a cancellation letter to the resort or developer of your timeshare. The letter should explain your current circumstances and should be sent as soon as possible. Save a copy for your records. This document will be necessary if you need to renegotiate your contract or sell your timeshare later.
Another option is renting out your timeshare. This is especially viable if you are in a short-term cash crunch or don’t need the timeshare during a particular year. In fact, some people buy timeshares with the intention of renting them out. Although the math for renting out a timeshare is different from renting out a typical rental property, it can work out in your favor if you follow certain guidelines. Timeshares are unique products that are difficult to understand and negotiate.
Cost of working with a timeshare exit professional
Working with a timeshare exit professional can be a great way to get out of a timeshare contract. However, you need to be aware of the costs. Some of the exit companies charge thousands of dollars to cancel your contract. You should be aware of these costs, and avoid working with them.
Timeshare lawyers often charge by the hour, which can quickly add up to an expensive bill. Some lawyers offer money back guarantees, which can be helpful. However, you should make sure you understand what those money-back guarantees entail.