Owning a timeshare has become a popular subject among many people today. Everyone loves to own their very own vacation spot where they could spend time with their loved ones. However, it could become quite an expensive affair. For some reasons, you may want to get out of a timeshare. It could be because of the rising maintenance costs or maybe because you were tricked into buying a timeshare. Here are a few simple ways to do a timeshare cancellation.

Cooling off period or the Rescission period

Every timeshare contract has a timeshare rescission period also known as the cooling off or the grace period. It is easy to do a timeshare cancellation during this period and you can still manage to get your deposit back. However, once this period has ended, many timeshare companies may make you believe that it is not possible to cancel a timeshare. However, that is not true. It is still possible to cancel a timeshare after the timeshare rescission period is up.

Understanding your options

It is very important for you to understand the terms and conditions that are present in your timeshare contract.Check if timeshare cancellation is possible. You would also need to check if the any third party is involved. It is always better to directly negotiate with the timeshare company than involving any third party. Some companies and resorts may also have the option of buying back the timeshare. You can always check with your lawyer about the various options that you may have to cancel a timeshare.

Watch out for scammers

There are a lot of scammers out there waiting to devour your timeshare and hence you need to keep your eyes and ears open. Some scammers may fool you into transferring your timeshare into a ‘shell company’, a company that is set up solely for timeshare cancellations. When the bills are not paid, it leads to timeshare foreclosure. However, this may not be a safe way to do it and you may still face legal consequences. Sometimes the companies may ask you to pay huge sums of money to cancel your timeshare. However, they disappear once the money has been transferred, leaving you in a much greater problem than you were in before.

Contact your lawyer

Sometimes, the safest way out is to go through a law firm. There are many law firms and attorneys out there who deal with timeshare cancellation. Cancelling a timeshare is a legal affair. Your lawyer would guide you through various options that you have and will help you choose the best method out of your timeshare. Hiring a lawyer works well especially once your timeshare has crossed the timeshare rescission period or if you suspect any fraudulent or dishonest selling practices.