A timeshare contract is a binding legal document that can only be broken if the contract allows for cancellation. Fortunately for impulse timeshare buyers, most states require that timeshare contracts contain a clause allowing for cancellation within a specified period of time. Beyond that, the only legal ways to end timeshare contracts involve transferring ownership, whether by selling, donating or giving it away. Here are some ways to end a timeshare.
Cancel timeshare during the rescission period. Most states have a rescission, or “cooling off,” period during which timeshare buyers may cancel their contracts and have their deposits and any other payments returned.
It’s difficult to sell a timeshare on the resale market, but low-priced intervals at high-demand resorts and destinations can eventually sell. Other options are to list it through the developer, if they handle resale or through a timeshare resale broker.
There are a number of organizations that accept deeded-timeshare donations. The organizations sell the intervals and then give the proceeds to one of their partner charities or to a charity you specify.
Transfers are known as “exit solutions” — they get you out of your contract very quickly. However, the third party won’t pay you for the timeshare. It’ll merely take ownership and take over the maintenance payments and other fees.
For more doubts on how to end your timeshare, it is wise to contact a leading timeshare lawyer or a timeshare consultant. They will give you a clear idea on all ways to end your timeshare and their respective effects.