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