Can You Cancel a Timeshare?


If you bought a timeshare and regret it, you’re not alone. 85% of timeshare buyers regret their purchase. 

Many people regret their decision to buy a timeshare at some point, but unfortunately, it can be tough to get out of it once you’ve changed your mind. However, there are some options that are available to you.

Here’s what you need to know about canceling a timeshare.

Can You Cancel Timeshares?

By law, many states will allow timeshare buyers to rescind the purchase within a given time frame afterward. This will usually just be a few days or a couple of weeks.

In other cases, however, canceling a timeshare won’t be easy. You’ll need to have special grounds for canceling the timeshare or you’ll simply need to sell the timeshare in order to get out of your contract.

Keep in mind that various types of timeshares have different cancellation rules for purchases and for reservations. If you have a Hilton Grand Vacations Club timeshare, you’ll want to be sure to review the HGVC cancellation policy.

How to Cancel a Timeshare

So how do you get out of a timeshare? Here are a few more details about the steps that you can take.

Do It During the Rescission Period

If you want to get out of a timeshare after only a few days of buying one, then you might be able to cancel due to being in the timeshare rescission period.

This period varies from state to state but could last anywhere from 3-15 days. The rescission period is based on state laws, so you’ll be able to cancel the contract and a seller can’t make you give up this right.

Typically, you’ll need to notify the timeshare seller in writing if you’ve decided to cancel the purchase. You’ll want to make copies of the cancellation letter and should ensure that the letter is sent by certified mail and postmarked before midnight of the last day of the state’s rescission period.

Identify Proper Cancellation Grounds

Another instance in which you’ll be able to cancel a timeshare is if the company that sold you the timeshare engaged in some kind of fraudulent behavior. This could consist of a seller lying about the fees or interest rates involved in the timeshare, failing to disclose the rescission period, or using fear and intimidation tactics to get you to purchase the timeshare.

If the seller took any of these actions or participated in other types of fraudulent behavior, you may be able to cancel the timeshare, even after the rescission period has ended.

Sell or Give Away Your Timeshare

There are many ways to sell a timeshare. For example, you could use a site such as Craigslist or another classifieds website to find a buyer.

In many cases, however, timeshare owners simply have to give their timeshares away instead. Giving a timeshare away can allow you to get off the hook for maintenance fees and annual costs.

In addition to giving the timeshare away to an individual, many timeshare companies offer “deed-back” options in which you can surrender the timeshare by paying a fee. This could be worth it in the long run if you’re desperate to get out of the timeshare agreement.

Getting Out of Your Timeshare Agreement With These Tips

If you want to cancel a timeshare, you’ll find that your options are limited. However, there are a few options for either canceling your timeshare or selling it, so be sure to consider what the best method is for you.

Interested in finding more helpful advice? Read through our blog now to find more useful guides.