People who sell timeshares can be very convincing. It sounds like a great way to take regular vacations, and the cost can be affordable.

Unfortunately, there’s a lot they don’t say. For instance, that timeshare fees go up every year and there’s no way to avoid them. They also don’t mention that it’s really difficult to get out of a timeshare.

Are you looking to cancel a timeshare you got roped into? You’re certainly not alone. Here’s what you can do.

Determine How Long It’s Been Since You Purchased

If you bought your timeshare recently, you might be in luck. Each state has a specific amount of time after a major purchase that you can cancel the contract. The rules vary by state — for instance, in Colorado you have five calendar days — so make sure you look into the laws in your area.

To cancel the contract in this way, send a timeshare cancellation letter. It should include the date, the purchaser’s name and contact information, and the timeshare company’s information. Describe the timeshare using the purchase paperwork, state the purchase date, and clearly state your intention to cancel.

You can send it via registered mail or certified mail so you get a receipt that it was received.

Consider Selling Your Timeshare

Another way to get rid of a timeshare obligation is to sell it to someone else. Generally you’ll only get a fraction of the original price, but you’ll be out from under the obligation.

You can work with a real estate agent to determine the appropriate price for your timeshare. If it’s in a desirable tropical location you’ll get quite a bit more than if your timeshare is located in the Midwest or even Arizona.

If you can’t sell outright, you might decide to rent your timeshare to other vacationers. If there’s demand, this can be a great way to turn a drag into an asset.

Once you sell the timeshare, or if you don’t want it in your name anymore, make sure you work with a company like Lonestar Transfer to move the title out of your name.

Work With a Legal Timeshare Exit Team

Timeshare sellers have to follow a lot of rules and they must write contracts in a specific way to abide by the law. If any of these small rules is broken, you may be able to legally exit your timeshare.

Working with a lawyer can be expensive, but it is often preferable to having a timeshare that you can’t get out of or sell. There are even timeshare exit companies that specialize in finding ways out for regretful buyers.

Make sure you understand the fees involved — after all, you don’t want to pay even more and still end up stuck! Find out if there’s a guarantee, and look at several companies. Check reviews and choose one with high integrity.

Can You Cancel a Timeshare Contract?

Trying to cancel a timeshare is a headache no matter how you look at it. The best bet is not to get into one in the first place. If you already are, see if you can rescind the contract, sell the property, or use a legal team to get out.

If you’re interested in more finance and lifestyle articles, you’ll love the rest of our blog. Take a look at more posts today!