Timeshares are a simple idea. With most programs, you purchase a week at a specific resort that you can use every year. You can also trade your week with others so that you can vacation almost anywhere in the world. A timeshare purchase is legally considered a real estate purchase.The pitch is high pressure and it will sound like an incredible deal. Many people sign on the dotted line without giving much thought to the long-term ramifications, and then they change their minds. Returning a timeshare isn't an easy process.
Instructions
1. Act immediately. The laws for rescission vary by state, but if you act quickly enough, you can change your mind. In the paperwork that you received when you signed the contract, there should be a form that tells you what to do if you change your mind. The date that you need to act by will be on that form. In some states, it's as little as four days. Fill it out and mail it by registered letter so that you'll have proof of when it was sent.
2. Negotiate by phone. If your rescission date has passed, you can try calling the place where you bought the timeshare. Explain the circumstances involved and why you changed your mind. There's a slight chance that you'll be successful, but remember that you signed a contract, so there's no legal reason they need to let you out of it. If you have no success with the local office, try calling the company headquarters.
3. Hire a lawyer. If you feel like you were coerced into signing a timeshare contract, and aren't sure what else to do, you might need legal help. A lawyer might be able to renegotiate the contract or get you out of it all together. Another course of action is to contact the Owner's Advocate. They're a group that understands the high-pressure pitches that timeshare salespeople use and can give you valuable advice.
4. Sell your timeshare. If all other courses of action have failed, try to sell your timeshare. Using a timeshare broker will increase your chances, since people looking for your resort will probably search online.
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