Whether you thought owning a timeshare would be a brilliant idea or were intimidated into a contract by a pushy salesperson, you’re ready to get out of the deal. This is a common problem faced by many timeshare buyers, but getting rid of a timeshare contract is not as easy as getting into it.
If you aim to get out of your timeshare, you’ve probably seen ads from companies like ACA Group. But what does ACA Group do? How can they help you escape your timeshare? Can you do it on your own?
The laws regarding timeshares are usually not in favor of the consumer. ACA Group understands these laws and helps timeshare buyers learn how they can legally eliminate their responsibilities to the property. Still, much of this can be done before you get to an attorney if you follow this step-by-step guide.
Step One: Read the Contract
The fine print of a contract sheds light on things you might’ve missed when you first signed it. Read your paperwork thoroughly and look for details that discuss expenses, including terms and conditions about how to get out of the contract. What you thought might be difficult could be as easy as reselling the property to the developer. On the other hand, it could make you feel as though you have no “easy out,” in which case you’ll need to move on to step two.
Step Two: Learn Your State’s Rescission Laws
Timeshare contracts are subject to a rescission period that is controlled by the appropriate state. During this time, you can cancel the contract without accruing any penalties. The only problem is that this is a short window, ranging from 3-14 days in most states. If you have instant buyer’s remorse, you could get out of your contract using this window.
Step Three: Call the Resort
Your rescission period has passed, and you’re feeling “stuck” in a contract you aren’t happy with. If your contract doesn’t specifically discuss selling back to the developer, contact the resort’s owner relations department. You are likely not the only one who has been in this situation. They’ll know the common options that buyers use, like buyback programs and deed-back arrangements. You may not get all your investment back, but it could be worth it to cancel the rest of your contract.
Step Four: Talk to an Attorney
Not happy with what you’ve heard so far? Your next step is meeting with a timeshare attorney to determine your rights. There could be breaches in the contract that would allow you to get out of it quickly, or loopholes may work in your favor.
Step Five: Find Other Ways to Offload Your Property
If your attorney tells you that the contract is binding, they’ll also give you alternatives to keeping the property. You might be able to sell it using a timeshare real estate agent, transfer your timeshare as a donation, or offload it to a friend or family member who is interested in taking over your responsibilities.
Following these steps will make getting out of your timeshare contract an easier process to navigate. It’s not impossible, but it will take time, patience, and knowledge of your rights and options.