Buying a timeshare can sound wonderfully inviting, particularly if you've been persuaded by a slick, aggressive sales pitch that it's a great investment. The problem is that many people who sign contract agreements for timeshares, after a complimentary trip to a resort and a convincing presentation by a salesperson, find that the effect wears off once they return home. In that case, they realize that agreeing to buy a timeshare is not in their best interest. If you find that you have changed your mind about purchasing a timeshare, there are some immediate steps you need to take.
Check your contract for a clause that says something about a "rescission period." This is a time frame in which you can cancel your agreement to purchase the timeshare within a specific number of days. For instance, if the timeshare is located in the United States, you may have from five to 15 days to cancel the contract. If the timeshare is outside of the U.S., however, the time frame may be different. Whatever the case is, don't wait. Remember that time is of the essence if you don't want to end up being stuck with a property you don't want.
Call the timeshare company and demand to speak to someone in an authoritative position, such as a supervisor in charge of customer service, manager or even the head of the company, if you change your mind about buying the timeshare. Speaking with someone in the sales department generally yields few results, since they don't want to lose a commission. In that event, it's best to go over their head and contact somebody at the corporate level. Explain to them that you are unable to keep the terms of the agreement. Tell them you desire to be released from your contract and will be sending your request to them in writing.
Send a certified letter stipulating that you want to cancel your timeshare agreement by overnight mail, without delay. Don't expect to get things in motion by only contacting the company via telephone or email within the rescission period, because the company may purposely choose to ignore your communication and they are not legally bound to honor a verbal agreement. By sending a certified letter, you can demand a signed receipt, which means that they have to respond. Make copies of all documentation.
See if your contract agreement is non-recourse, if your rescission period has passed. If so, you will not be held liable if you choose to stop payment and return the ownership to the developer or company with whom you originally signed the contract.
Contact your credit card company if you have still not received a refund within 30 days of requesting cancellation. Tell your credit card company the details of the situation and have them do an investigation on the matter.
Speak with a lawyer, if nothing else works. He may be able to determine if any fraud was committed or if your rights have been somehow violated and find a loophole that will help you get out of your contract. Knowing that you have legal "muscle" behind you may prompt the timeshare company to come to some type of compromise to avoid any negativity being associated with their business.
