Your Ultimate Guide: 15 Easy Steps to Cancel Your Timeshare Successfully

Your Ultimate Guide: 15 Easy Steps to Cancel Your Timeshare Successfully

Fed up with your timeshare? You’re not alone. But before you let frustration boil over, it’s time to take a deep breath and strategize. In this article, we’ll break down a step-by-step guide to help you navigate the often complex process of timeshare cancellation.

From exercising your right of rescission to contacting your timeshare developer, we’ve got you covered. We’ll even explore options like renting out your timeshare or selling it online. And if you’re thinking about simply quitting your maintenance fees, we’ll discuss the potential implications.

Ready to take control of your timeshare situation? Let’s dive into these 15 steps to cancel your timeshare contract. It’s time to take action, and we’re here to help you every step of the way.

Rescind Your Timeshare Contract

This step involves taking advantage of a legal provision known as the “Cancellation Period.” In multiple states, including Colorado and Nevada, you possess the right to rescind a timeshare contract within a defined window of opportunity.

For instance, a purchaser in Colorado gains five calendar days post-sale to annul a timeshare contract (Colo. Rev. Stat. § 6-1-703). Similarly, a buyer in Nevada acquires the right to cancel the agreement until midnight of the fifth calendar day after signing the contract (Nev. Rev. Stat. § 119A.410). Be aware that laws vary over time, and it is essential to verify them at the time of need.

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Ensure you understand the right to cancel provision in your timeshare contract. This right is typically non-waivable, which means that you can’t be compelled to relinquish it.

Take action by sending your cancellation in writing. A detailed cancellation letter is advisable, even if oral cancelling is permitted. A comprehensive cancellation letter includes:

  • The current date
  • Your name as stated on the agreement
  • Your address, telephone number, and email address

This process can provide a straightforward avenue to cancel your timeshare contract legally in certain circumstances.

Give Away Your Timeshare To A Friend

Initiate the process by identifying a friend or family member interested in acquiring your timeshare. Remember, this individual will become responsible for the annual maintenance fees. Besides, they could face complications down the road if they decide to get rid of the timeshare.

Include these details in your direct discussion with your friend or family member. Be clear about the obligations that come with owning your timeshare. Transparency will ensure that they completely understand what they’re getting into.

Once you get a positive response from them, commence the transfer process. Typically, this process involves the changing of names on the contract and the deed to reflect your friend as the new owner.

Keep in mind that there are legal aspects to consider during this process. You could engage a legal professional to guide you, ensuring that all necessary documents get correctly filled and filed.

Remember, halting payments on your timeshare before initiating the deed change can lead to adverse consequences. For instance, it could negatively affect your credit score or even lead to a foreclosure.

Finally, be aware of the involvement of timeshare sellers as they might ask for additional charges to carry out their services. Their fees could range from $6,000 to $8,000, depending on the timeshare law in your state.

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Sell Your Timeshare

Embarking on a journey to sell your timeshare involves certain steps to cut back maintenance fees and free you from long-term contracts. Consistently facing challenges, most timeshares decrease significantly in value. A lack of an official resale market for timeshares compounds the hard bargains you might find yourself caught in.

Stop Paying On It

Taking a step towards liberation from the strings of a timeshare, you might contemplate stopping the payments. However, understand that several consequences tend to follow such a decision. These repercussions include, but are not restricted to, calls from collection teams, potential foreclosure, and a significant impact on your credit score for a considerable period, usually seven years or more.

Strategize your steps carefully, maintaining constant communication, and ensuring you leave no room for misunderstandings or legal backlash. The decision to stop paying the timeshare should not be taken hastily but only after considering all potential repercussions and alternatives. Resist the temptation of suspending payments until every route towards abandoning the timeshare has been explored.

Negotiate With Your Timeshare Company

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Embark on a negotiation journey with your timeshare company by fostering open communication. Inform about your intent to cancel the timeshare, emphasizing reasons that might aid in reinforcing your stand, such as financial hardship, or dissatisfaction with the facilities. Encourage them to understand the predicament, thereby assisting in fostering a smooth negotiation process.

Tenaciously scrutinize the transfer company’s distinction. Check reviews and feedback to ensure you opt for companies recognized for their proficiency and effectiveness.

Hire a Timeshare Attorney

Secure legal assistance as your next step to cancel your timeshare contract. Attorneys specializing in timeshares and consumer law come in handy to enforce your rights and protect you from predatory or unethical business practices by timeshare companies.

  • Research and Choose a Reputable Attorney: Identify experts with sterling reputations, demonstrated through positive reviews and successful case records. Engage legal representation only after detailed scrutiny of their credentials and proven efficacy.
  • Engage in Preliminary Consultations: Typically, attorneys offer preliminary consultation sessions. Use these to understand the potential course and costs of your case while affirming their familiarity with timeshare contracts like yours.
  • Provide Complete Information: Arm your attorney with comprehensive data regarding your timeshare contract. Include all relevant paperwork, communication records, payments, invoices, and promises made by the timeshare company.
  • Discuss Costs and Payment Details: Evaluate the total cost of hiring an attorney in comparison to the timeshare payments you aim to cancel. Confirm whether it would cost between $4,000 and $15,000, similar to most timeshare contract cancellations. Get detailed breakdowns of costs to ensure transparency. Avoid paying large amounts upfront.
  • Consider Timeshare Exit Companies as Alternatives: Weigh the benefits and drawbacks of hiring a timeshare attorney against using a timeshare exit company. The latter often proves more affordable, providing coaching to dispute your timeshare contract directly with the developer instead.

Overall, dive into the decision to hire a timeshare attorney with thorough research and cautious scrutiny.

Hire a Timeshare Exit Company

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A Timeshare Exit Company forms a useful resource when considering cancellation options. Acting as an intermediary, the company communicates directly with your timeshare developer on your behalf. They delve into the nuances of your contract, marking out the easiest path to cancellation.

  • Establish Contact: Begin your journey by reaching out to a renowned Timeshare Exit Company. For instance, the services of Timeshare Exit Team or Wesley Financial Group have often been utilized.
  • Analyze Your Contract: Provide your Timeshare Exit Company with your contract details. A fine dissection of your contract allows the experts to pinpoint the most effective cancellation strategies.
  • Negotiate with the Developer: The Timeshare Exit Company handles all negotiations with the developer. Their authority ensures you receive fair treatment and possibly, significant compensation for your timeshare.

Take into account that timeshare exit companies, like any service, are not all of equal standing. Their practices, costs, and results vary from case to case. Researching customer reviews and company reputation offers valuable insight, enabling an informed decision.

A point to emphasise is maintaining caution with payment. 

A Timeshare Exit Company potentially aids in swift and efficient cancellation of your timeshare. Grasping the details of your contract and symbiosis with a reputable company simplifies negotiations, amplifying the chances of just compensation. However, thorough analysis of your contract, diligent background research of your chosen company, and cautious financial handling remain crucial to secure your assets.

Trade-in Your Timeshare

  • Conduct thorough research: Start by deeply understanding your timeshare’s value in the market. For accurate estimation, consider factors like location, size, amenities, and seasonality. Accessing public listing websites like,, or demonstrates a clear sales landscape.
  • Familiarize yourself with trade-in organizations: Organizations, for instance, Dial An Exchange (DAE), Interval International, and Resort Condominiums International (RCI), serve as platforms to trade timeshares. They function with certain systems of points or weeks, wherein the timeshare’s size, location and seasonality define the trading power.
  • Compare different trade-in services: After acquaintance with a variety of trade-in organizations, compare their offerings. Key comparison variables include cost, geographical coverage, timeshare resort partnerships, and other supplemental services. Keep in mind that most might require an annual membership fee.
  • Consult a timeshare resale firm: Once armed with market knowledge and a shortlist of trade-in firms, consider seeking professional advice. Engaging a Timeshare Resale company equates to an investment between $6000 to $8000. The price justifies itself through a detailed service spectrum – legal advice, market negotiations, and streamlined paperwork – regulated by your residing state’s timeshare law.
  • Negotiate trade terms carefully: After choosing a trade-in firm, proceed to negotiate the trading terms. This negotiation dictates your new property of choice. Cautiously consider factors such as location, size, duration of stay, and cost implications while finalizing the trade terms.
  • Proceed with the paperwork: Post negotiation, address the paperwork. This requires you to transfer the timeshare deeds or club memberships. Legal requirements may vary between states. The preferable Timeshare Resale company will guide you through this complex process with ease.
  • Anticipate costs: Understand the trading process’s potential costs. Typically, trading-in involves fees related to title transfer and closing costs. Also estimate legal costs for a smoother transaction – it ranges around $2500.

Rent your Timeshare

Renting your timeshare acts as the next viable path if selling, gifting, and trading lend no solace. Leverage the uprising era of online platforms and lease out your timeshare to global travelers. Keep in mind, rental income largely fluctuates, but it promises initial returns.

Record all transactions, maintain invoices and transaction proofs. Keep signed rental contracts, receipts, and any other related documents in a designated place.

Employ foresight and prudence in renting out your timeshare. Regular maintenance fees apply to your timeshare, and late rents may affect paying these fees timely. To be forewarned is to be forearmed.

Check with your Developer

Reach out to your developer to understand the specifics of your contract. The first step in navigating your way out of a timeshare is gaining clarity from your developer. Engage in a conversation, clearing doubts regarding your contract and understanding any underlying regulations that surround your timeshare.

Confirm any prerequisites before cancellation. Certain timeshare developers may obligate you to submit a certified letter to their corporate offices or require proof of ownership. Failure to meet these requirements can hinder your cancellation process.

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Deposit your Timeshare into an Exchange Program

Take advantage of an often overlooked strategy – depositing your timeshare into an exchange program. This procedure hinges on the notion of benefiting from other resorts, expanding your vacation options, and making your timeshare venture less monotonous. Through this, transform the burden of an unyielding timeshare into the liberty of diverse travel.

Onto the next step after considering renting, exchanging, or selling your timeshare: donation. A much less familiar means to disengage from a burdensome timeshare, donation serves as a philanthropic avenue to offload your vacation ownership. While not a widely known method, the possibility exists. The entire sequence comprises a meticulous journey through regional regulations, identifying apt charities, and complying to paperwork requisites.

Comprehend the Local Rules

Start the process by grasping the local governing laws and regulations regarding timeshare donation. Navigate through your regional authorities’ provisions to confirm the legal facets of timeshare donation in your vicinity.

Survey for Credible Charities

Beware of the prevalence of deceptive timeshare donation offers. Probe for legitimate non-profit entities that accept timeshare contributions. You can initiate your quest by reaching out to local organizations. Alternatively, you can connect with renowned charitable assemblies such as,, or for a broader outlook on organizations accepting timeshare donations.

Fulfill the Paperwork Requirements

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In the outreach to your discussed charitable organization, ensure the completion and submission of required paperwork. The absence of necessary documentation could result in the charity declining to accept your timeshare donation.

The foregoing steps delineate the method of donating your timeshare. Remember to remain cautious of fraudulent offers and ensure all necessary steps are executed flawlessly. Understand the impossibility of fetching financial gain from a timeshare donation, rather viewing it as an opportunity to contribute to a cause close to your heart while severing ties with a burdening contract.

Hire a Timeshare Credit Repair Company

Entrust your credit repair journey to a proficient timeshare credit repair company. Take the first step by researching credible organizations with profound expertise in credit repair management. Analyze their reviews, customer feedback, and compare their service offerings.

Give your Timeshare to a Family Member

Donating a timeshare to a trusted relative or friend offers a viable solution. Thus, granting relief from timeshare pressures. Consider the following points when you decide to transfer your timeshare to someone you know.

  • Confirm Willingness to Accept. Make sure the person understands the obligations and is ready to accept the annual maintenance fees. They also must be willing to handle the procedure to get out of the timeshare, if they choose to do so later.
  • Document Transfer Process. A documented transaction, much like a property sale, confirms legal transfer. It’s imperative to maintain a record of this chain of custody.
  • Inform the Resort. On the event of an ownership change, resort officials demand immediate notification. Oblige to these stipulations to maintain a smooth transfer process. Exceptionally important in the unfortunate circumstance of an owner passing away.
  • Understand Obligations of Heirs. In case of the demise of a timeshare owner, the legal obligations don’t automatically pass on to the heirs. If they are not listed on the deed, there exists no obligatory commitment towards the timeshare.

Leverage Escrow Exit Method

Further mitigate your timeshare commitments by opting for the escrow exit method. This financial arrangement allows a neutral third party, like an escrow company, to maintain assets until the cancellation process ends.

Make the essential call of authenticating your selected escrow company. Relevance of this step becomes discernible when considering companies like Release My Timeshare that have built a reputation on providing this service. Thorough examination of their legitimacy aids in averting potential risks and scams.

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