Getting out of your timeshare contract calls for using your right to rescind, selling your share of the property, or negotiating for a deed-in-lieu. It can be problematic to opt out once the rescission period is over since you aren’t the actual owner of the property – it’s the developer’s.
This puts you in a tricky predicament. For this case, it’s best to consult a timeshare foreclosure attorney so you can see and weigh the available options.
Rescission Period
Timeshares have a rescission period. In some states, only seven days is given starting from either the signing of the agreement or acceptance of the public documents. This is not a long time, so you need to scrutinize your contract and make a decision quickly.
This period exists because clients often have buyer’s remorse after being pressured by relentless sales tactics for a large financial commitment. If you’ve decided to rescind the contract, put it in writing and send it via a certified mail to have a record of the developer’s receipt.
Sell the Timeshare
Once the rescission period is over, your next option is to sell the timeshare. You may not get the value you paid for, but you can at least remove the burden of the contract and reduce your future financial obligations.
Deed in Lieu Negotiation
This tactic prevents foreclosure by giving your rights to the timeshare contract back to the developer. A deed-in-lieu will release you of your financial obligations, but all of your past payments will remain with the property manager. They can also resell the property at the same value as before.
If you’re thinking of getting out of your timeshare contract, make sure to learn about your best options. Seek legal counsel from an attorney that specializes in these issues. There could be more solutions you may be unaware of.
