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How do timeshare contracts work?

A timeshare is a vacation property agreement where multiple people share usage rightsusually through long-term or lifetime contracts with ongoing fees. How and when you use your timeshare depends on the system: fixed week, floating week or points-based.

What are the loopholes in timeshare contracts?

The Loophole: The Rescission Period (Your Get-Out-Free Card!) The absolute easiest way to cancel a timeshare is during the rescission perioda short window (usually 3-10 days, depending on the state) where you can legally back out.

How hard is it to get out of a timeshare contract?

You can either dispute the contracts original purchase based on consumer rights violation, or if you are a deeded owner you can do a deed transfer or hire a lawyer who specializes in timeshare contract termination. You cannot sell a timeshare until you pay it off.

Can one walk away from a timeshare that is fully paid for?

Returning your property through a deed-back program, selling your timeshare on the resale market, giving away your timeshare to a family member, and renting out your timeshare are options you might have for how to get rid of a timeshare that is paid off.