Tuesday, May 21, 2019

Act Fast To Get Out Of A Timeshare Agreement

Congratulations! You've just bought a timeshare. But after a few days, you might be rethinking your decision. Getting out of a timeshare agreement can be tricky but it is not impossible.

Dealing With Buyer's Remorse

That feeling of regret after a major purchase is called buyer's remorse. You may feel that you spent too much money or find that the place isn't all it claimed to be. You could be thinking, "How can I get rid of my timeshare?" The first step is to read the contract carefully and look for a section that addresses canceling or terminating the contract. You may also want to research the laws in your state regarding a cooling off period for real estate purchases. Most states allow buyers to get out of a contract if they act within a few days to a week. If that's the case, you can proceed, but what if the time period has passed? There are still actions you can take.

Weighing Your Options

If you've checked the contract and you are within the rescission or revocation period, you can contact the management company and tell them, "I want to get rid of my timeshare." You will also need to put it in writing. But what happens if the time period has passed? You may be able to sell your share, depending upon the provisions of the agreement. You can hire a real estate agent or try to sell it yourself. Keep in mind that timeshares often don't hold their value and you are not likely to get as much as you paid for it.

Getting Help

If you have been unable to get out of the contract or to sell the timeshare, you can still seek legal advice to see if there is anything you can do. This might include taking the management company to court. If you don't want to get into a legal battle, you might consider giving the property back or selling it to a charity for a nominal sum, like $1.

If you are stuck with a timeshare you don't want, don't give up hope. There are actions you can take and people who can help you to take care of the situation.

 

 

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