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Kip Tips

How to Get Out of a Time-Share Deal

Just signed a contract, but have since had a change of heart? There is a way to get out of it.

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I bought a time-share, and now I have buyer's remorse. Can I get out of the deal?

Most states allow you to rescind a time-share contract within three to seven days of signing the contract. To cancel the agreement, write a letter to the company stating that you are rescinding the contract and spell out the specifics of the agreement, such as the date the time-share was purchased. You do not need to give a reason for canceling your purchase.

See Also: 6 Things You Must Know About Timeshares

Most time-share companies will only accept letters delivered through registered or certified mail. For more information about how contracts are covered in your state or the state where your time-share is located, contact the state's consumer protection agency or the state attorney gen­eral's office.

If the cooling-off period has passed, your only option is to put the time-share up for sale. You can sell it on time-share rental and marketplace website www.redweek.com or the Timeshare Users Group's website, or enlist a reput­able resale broker by searching the Licensed Timeshare Resale Brokers Assoc­iation's directory.

No matter which route you take, expect to take a beating on the sale. Time-shares often sell for less than half of the initial purchase price, and brokers typically charge a commission of 15% to 40% of your sale price.

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