Let me guess. You just bought a timeshare, thinking you scored the deal of a lifetime. But now that you've had time to think it over, you realize how big of a mistake you made. So right away, you hop online and look up, "can I change my mind after buying a timeshare?" And that's what has brought you here!
That question is tricky, and truthfully, the safest answer is "maybe." Many variables go into a timeshare ownership refund, such as which timeshare company it is, the location of the property, and, most importantly, how fast you changed your mind. Most laws across the United States make it so the quicker you act, the better your chance of getting your money back.
So, can you change your mind about such a purchase? Most likely, yes, but you need to act fast! Follow this guide to learn more about timeshare laws and walk through how to cancel your timeshare agreement successfully.
A timeshare sale agreement can put you under a financial burden for quite some time. These arrangements often do not include an expiration date, so most resorts will continuously charge annual maintenance fees and property taxes even if you don't use the timeshare. The result of this can lead to a massive amount of debt and credit score damage.
We can't stress enough how important it is to act fast if you change your mind about vacation ownership. Wait too long, and you could face strict repercussions for the foreseeable future. So, how long do timeshare buyers have to change their minds?
Almost all purchases include the right to cancel. However, that right to cancel is typically only protected for a few days after the acquisition. This cancellation period ranges between three and fifteen business days, depending on the state. Blink, and you might miss it!
State law regulators have been concerned with unethical timeshare selling practices for decades. As of 2022, almost all states now regulate timeshare transactions. Typically, the Real Estate Commission of each state oversees this through existing real estate laws and new laws enacted for timeshares.
Curious as to what the timeshare laws are in your state? Check out our chart below to find out how your state tackles timeshare cancellation:
If you are already in a position where you want to cancel your timeshare, you need the know-how. Just as timeshare companies often forget to bring up your right to cancel, they also tend to leave out the instructions for the cancellation process.
Keep reading below, and we'll walk you through an easy exit!
With any substantial purchase or investment, state laws allow a short period to follow where consumers can freely back out of the transaction and get their money back. This period is called a cooling-off or rescission period. However, as you now know, timeshare rescission periods do not last long.
Each state's cooling-off period differs from the next, making it a high priority to be aware of your state's law before purchasing. Several states only allow a three-business-day timeshare rescission rule. Such a short period could expire before you even return home from vacation. See why it's so vital to act quickly?
Canceling your timeshare is relatively straightforward for those still within the rescission period. You typically write a cancellation letter to the resort that sold you the property and request to rescind your agreement. Despite the simple approach, it's critical everything is done correctly, or you may miss that short window of hope. Here's a quick walkthrough of each step:
Alas, more times than not, timeshare buyers are too late to meet their rescission period before it expires. When that's the case, canceling your deal becomes more problematic. While the timeshare property may attempt to make the exit process as difficult as possible, there is still hope.
A few exit options that often get tossed around to timeshare owners are listing it on the resale market, renting it out to a third party, hiring a timeshare attorney, or contacting a consumer protection agency. These options can become expensive in their own right and do not guarantee a cancellation. A new prospect showing promise to owners has been timeshare cancellation companies in recent years.
A cancellation company is a team of timeshare experts who solely focus on terminating timeshare products. Wesley Financial Group, LLC (WFG)* is the name of the leading pioneers in the timeshare exit industry. For over a decade, WFG has been fighting the timeshare industry. Within the last ten years, they've canceled over 16,000 timeshares for people who were misled. These cancellations have saved clients hundreds of thousands of dollars in timeshare debt.
*Wesley Financial Group, LLC, and its affiliates, successors, or assigns are not lawyers or a law firm and do not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and not intended to substitute for professional advice, legal or otherwise.