Timeshare Buyer’s Remorse: Can I Cancel My Timeshare Contract?

Aerial view of a suburban community

Perhaps you were enticed by the sea breeze or swaying palm trees, or maybe the idea of owning a slice of paradise to call your own. But now you’re feeling a major case of buyer’s remorse and are asking yourself if you can cancel your timeshare contract. Although your timeshare contract might look ironclad, you have some options if you’re looking to get out of it.

Canceling your Timeshare Contract

Buying a timeshare rental vacation might have sounded like an amazing idea at the time, but know that many timeshare buyers often regret their purchase. Fortunately for people like you, individual states have stringent laws on timeshare purchases that permit cancellations, provided that they’re done within a specific period following the transaction.

For instance, in the states of Texas and Nevada, buyers are given five days to back out of the transaction, while in New Mexico and Hawaii buyers are given seven days to cancel their purchase. Also, sales of timeshare vacation rentals in Florida can’t close legally until the expiration of the 10-day cancellation period. Likewise, plenty of states have strict laws on consumer protection that might enable you to cancel a timeshare contract if you find out that the seller has made specific misrepresentations.

Reselling and Transferring your Timeshare

You could likewise consider selling or transferring your timeshare vacation rental interest to another individual who could take over related payments and fees. Although selling could pose some difficulties, there are legitimate timeshare resellers that purchase and resell timeshare rentals. Plus, if your timeshare is located in a particularly popular area, you could even find a buyer on your own.

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Do also note that some charitable organization accept donations in the form of properties, including timeshares. If your timeshare meets their requirements, they would resell it and use the proceeds for their charity work. Although you won’t get your money back, if you have the means to do so, you’ll walk away knowing that you did an excellent deed.

Timeshare contracts could be especially confusing, more so if you’re looking to rescind on a timeshare vacation rental sale. Bearing this in mind, your best recourse would be to contact an attorney with experience in timeshare contracts to learn about state laws that would apply to your specific circumstances.