How to Terminate a Timeshare Contract After the Rescission Period

Buying a timeshare gives you access to a vacation property during specific times of the year. You might agree to purchase a timeshare after sitting through a 90-minute presentation and touring the actual property. Timeshares feature a host of amenities and present the opportunity to enjoy additional discounted vacations. But, regrettably, you might purchase a timeshare impulsively. Timeshare purchases have a rescission period, which lets you cancel the purchase without penalty. If this period has passed, you can employ other legal tactics to get out of the contract.

Step 1

Check your agreement for evidence of fraud. You can get out of your timeshare agreement after the rescission period if the company or your salesperson misrepresented the terms of your agreement or used misleading statements. For example, the company might have lied about your interest rate or the number of times you're able to use the timeshare property.

Step 2

Contact the timeshare company directly and attempt to cancel the agreement. Highlight any misleading statements in the agreement. Explain that you read the terms of your agreement, and then explain how these terms do not represent the original promises or conditions. Mention your plans to sue if the timeshare company does not void your contract.

Step 3

Notify your lawyer of the situation if the timeshare company isn't cooperative. Discuss legal ways to get out of your contract. Bring your timeshare agreement and explain how the timeshare company misled you.

Step 4

Sell the timeshare through a resale company if you can't legally cancel your timeshare contract. The timeshare resale company will locate a buyer for your vacation week. Use the money from the sale to pay off your timeshare company and cancel your original agreement.