How to Get Out of a Timeshare

refinance loan coronavirus

Do you need to learn how to get out of a timeshare? The very first thing you need to do in order to consider your options to ditch a time share property is to review the legally binding contract you signed in order to purchase your interest in the timeshare. You’ll want to review the fine print to make sure you completely understand what clauses, covenants, and legal entanglements you’re subject to as someone obligated to the property.

Option One: Sell Or Transfer Your Timeshare

This section begins with a caveat–the laws governing timeshares can be complicated and to make things worse there are no real national standards you can look to–the laws of your state will be very important in determining how you can get out of your agreement, how damaging that cancellation of a timeshare might be to your credit depending on how you proceed, and other details.

For some who need the simplest and most direct solution, selling or transferring your interest in the property is a good bet. However, knowing under what circumstances you are permitted to sell or transfer is a crucial detail that you may have to scour your timeshare agreement to find which is the reason for our next bit of advice.

Get Outside Help With Legalese

Some people just aren’t up to the big chore of reviewing the entire timeshare contract–which should have been done by the purchaser and/or the purchaser’s legal representation before you ever even committed to the deal.

But human beings are notorious for not reading what they commit to in a legally binding sense and many are shocked to discover what they have agreed to because they failed to read or have the fine print read for them.

It’s not terribly popular, and it’s not going to make the readers OR the editors of this website happy, but the unfortunate reality of the matter is that getting out of a timeshare properly–without any (or very much) damage to your credit report? It’s likely going to require you to hire legal counsel.

And not just any old legal counsel–you will SPECIFICALLY need to find a lawyer or law firm with a good track record of experience in getting people out of time share agreements.

If you cannot make sense of the legally binding contract you signed when you purchased your interest in the timeshare, you will have a very hard time navigating complex real estate laws that may govern your purchase. An experienced lawyer, on the other hand, can.

Beware–some law firms advise that clients who are trying to get out of timeshares based on deceit, misrepresentations, and/or high-pressure sales tactics have a good chance at winning, but that may not necessarily be the case for those who do not have such complaints–much depends on state law and other variables. Only a legal expert who knows timeshare laws in your state may be able to give you a definitive answer.