How do I cancel a timeshare contract?

So you just got suckered into buying a timeshare after getting your “free” vacation in exchange for attending a timeshare presentation, and now you’re wondering how to cancel a timeshare. You’re not the first to get duped by a timeshare salesperson, and you most certainly won’t be the last. In fact, more than 1,000 timeshare intervals are sold on average every day according to a 2009 industry report from the American Resort Development Association. And in light of the economy, more than half of all timeshare owners are actually trying to sell timeshares or get out of timeshare altogether.

Timeshares are fairly easy to buy if you’re married, or have a domestic partner, and you meet a minimum income bracket; if you can qualify for a credit card, you can pretty much qualify for a timeshare. But it’s not always as easy to sell a timeshare, or even donate a timeshare for that matter. Many timeshare owners who have tried to sell timeshares are often met with disappointment in light of a competitive resale market driven by discount travel Web sites offering timeshare rentals at rates far less than what the timeshare owners themselves pay, and by other timeshare owners like you who are also trying to get rid of timeshares.

Most timeshare contracts can only be cancelled within the rescission period specified in your timeshare contract. The rescission period for many timeshare contracts vary from state to state, and resort to resort, and can be as short as three days or as long as two weeks, although Mexico alone practices a universal rescission period of five days. Processing a timeshare cancellation within the rescission period specified in your timeshare contract is the best way to avoid any financial whiplash.

The procedure you must follow to cancel a timeshare are presented in your timeshare contract and must be followed exactly to ensure a smooth cancellation. Typically, it involves writing a simple letter to the resort developer stating that you are exercising your right to rescission. Some resorts have a dedicated recession form you can fill out to help simplify and quicken the process. However, most people don’t really read their timeshare contract in its entirety, and by the time they realize they want to cancel their timeshare contract, it’s much too late.

So how do I cancel a timeshare contract once the rescission period has come and gone? Well, most timeshare owners who experience difficulty and frustration with the resale market often times employ the aid of a timeshare transfer service, such as Transfer America, as means of finding timeshare relief. Listing companies that merely list timeshares for sale cannot provide you with a guarantee they can sell a timeshare the way Transfer America can provide you with a guaranteed timeshare relief solution.