In some cases, yes, timeshares can be cancelled, but much of it depends on the resort or timeshare/management company.
Timeshares come under state law which allows for buyers to cancel within a specified timeframe following the initial purchase from the resort – known as a rescission period. The timeframe can usually be anywhere from three to ten days following the purchase, but these laws and timeframes vary from state to state. Your applicable law depends on the state in which the timeshare is located, so check with the relevant state law and your sales documents for more details.
If you decide to cancel after your purchase, it is important to follow the process as it is exactly presented in your sales documents. Your request will need to be in writing and timeshare companies will look for any potential loophole to reject your request, so follow the process as specifically as possible.
Once the rescission period has expired, owners can ask the timeshare company to cancel their ownership, but it is solely up to the resort to decide whether to cancel.
Many timeshare companies offer in-house options for owners to discuss cancellation options. Owners would contact their resort or timeshare company and are usually referred to customer service personnel to explain their options. These cases are considered on a case-by-case basis and timeshares need to be clear of any mortgages or liens with all annual fees paid and up to date.
These options are usually designed for long term owners looking to opt out or owners under severe financial distress who can document their situation. There is no guarantee that the company will agree to cancel a timeshare, but it may be worth contacting the resort to see if they can help.
In some instances, these programs have been used by companies to try and upsell owners into different timeshare programs, so be aware of this possible tactic if you contact your resort.