To cancel a Tahiti Village timeshare, your options depend on how long ago you signed. If you are within five calendar days of signing the purchase contract, Nevada law lets you rescind in writing and recover every dollar you paid. If you are past that window, you will need to work through Somerpointe Resorts’ voluntary surrender process, sell the interest on the resale market, or negotiate directly with the developer. Each path has different costs, timelines, and risks.
The Five-Day Rescission Right in Nevada
Nevada gives every timeshare buyer the right to cancel by written notice until midnight of the fifth calendar day after signing the purchase contract.1Nevada Legislature. Nevada Code 119A-410 – Right to Cancel Contract of Sale The clock starts on the date you signed. Your contract is required to disclose this right, so check the first pages of your paperwork if you are not sure of the exact signing date.
This right cannot be waived. If a salesperson told you otherwise, or if a contract clause tries to eliminate the cooling-off period, that provision is void and the whole contract becomes voidable at your option.1Nevada Legislature. Nevada Code 119A-410 – Right to Cancel Contract of Sale The statute does not say that weekends or holidays extend the window, so count every calendar day and treat the fifth day as a hard deadline.
Once the developer receives a valid cancellation notice, Nevada law requires a full refund of all payments within 20 days.1Nevada Legislature. Nevada Code 119A-410 – Right to Cancel Contract of Sale No deductions, no restocking fees. If the refund does not arrive by day 20, that is grounds to escalate to the Nevada Real Estate Division.
What to Put in the Cancellation Letter
The statute requires written notice but does not dictate a specific format. A tight, factual letter is harder to argue with later. Include:
- Your full legal name exactly as it appears on the purchase contract, and the names of every co-purchaser.
- The contract identification number from the first page of your agreement.
- The date you signed, which fixes the start of the rescission window.
- A description of the interest you bought, including unit type, week, or point allocation.
- A direct statement of cancellation, such as: “I am exercising my right to cancel this timeshare purchase agreement under NRS 119A.410.”
Keep it brief. You do not need to explain why you are cancelling, and emotional context adds nothing to your legal position. What matters is that the letter identifies the right contract and clearly says you are cancelling it.
How to Send the Notice
Nevada allows three delivery methods for a timeshare cancellation notice: personal delivery to the developer, certified mail with return receipt requested, or express, priority, or overnight delivery with proof of service.1Nevada Legislature. Nevada Code 119A-410 – Right to Cancel Contract of Sale All three share one requirement: proof of when the notice went out and when it arrived.
Certified mail is the usual choice because the postal system generates the delivery record for you. Send your notice to Somerpointe Resorts at 325 E Warm Springs Rd, Suite 200, Las Vegas, NV 89119.2Somerpointe Resorts. Contact Us Keep a photocopy of the letter, the certified mail receipt, and the green return receipt card when it comes back. That is your proof you acted inside the window.
If the deadline is tight, FedEx or UPS overnight satisfies the statute and gets there faster. Personal delivery works too; bring a witness or ask the front desk to sign a written acknowledgment of receipt.
If You Are Past the Five-Day Window
Owners past rescission need a different approach. Somerpointe Resorts runs an internal department that handles voluntary contract surrenders, which has operated under names like “Quality Assurance” and “Owner Transitions.” The process is a deed-back: you transfer the timeshare interest back to the developer in exchange for a release from future obligations.
Two things usually have to be true for the developer to consider the request. The timeshare must be free of any outstanding mortgage or financing balance, and all maintenance fees and special assessments must be current. If either is behind, expect a rejection. A processing fee is typical and can run from several hundred dollars to over a thousand, covering the deed transfer and administrative work.
Approval is discretionary. Somerpointe is not legally required to take the timeshare back, and the decision depends on inventory needs, unit type, and whether your account is in good standing. Contact the transitions department directly to confirm current eligibility and fees. If the deed-back is approved, you will sign and notarize a termination agreement or new deed; once recorded, the transfer ends your future maintenance fee obligations.
Selling on the Secondary Market
If the developer will not take the unit back, you can try to sell it, but set expectations accordingly. Timeshares almost always lose value after purchase, and Tahiti Village is no exception. Resale listings commonly appear at a small fraction of the original price, and some owners list for one dollar just to escape the annual fees.
Use established timeshare resale platforms rather than engaging strangers who contact you first. Expect a long sales cycle. Once you find a buyer, a title company or closing agent will handle the deed transfer, and you will pay recording and closing fees. The transaction itself is usually not expensive; the real cost is the gap between what you paid and what you sell for.
Be cautious with any company that reaches out claiming to have a buyer lined up. That pitch is one of the most common timeshare scams and typically ends with an upfront fee and no sale.
Spotting Timeshare Exit Scams
The exit industry is full of companies that charge thousands in upfront fees and deliver nothing. The Federal Trade Commission flags several warning signs:3Federal Trade Commission. Timeshares, Vacation Clubs, and Related Scams
- Unsolicited contact from a company you never reached out to.
- Guaranteed cancellation. No third party can guarantee this because the developer has to agree.
- Large upfront fees demanded before any work is done.
- Instructions to stop paying maintenance fees or your mortgage, which sets you up for foreclosure while they collect.
- Refusal to put the terms of the engagement in writing.
Before paying anyone, search the company’s name together with words like “scam” or “complaint” and see what other owners say.3Federal Trade Commission. Timeshares, Vacation Clubs, and Related Scams The FTC recommends contacting the resort developer directly about official exit options first. Almost everything a legitimate exit company does, you can do yourself for free or close to it.
What Happens If You Just Stop Paying
Some owners give up on the exit process and let the timeshare default. The consequences follow you. Delinquency gets reported to the credit bureaus, and a foreclosure can knock your credit score down 100 points or more and stay on your report for seven years, affecting your ability to get a mortgage during that period.
Default does not necessarily end your financial exposure, either. Foreclosure ends future maintenance fees, but past-due balances accumulated beforehand can still go to collections. Nevada’s anti-deficiency protections for residential foreclosures explicitly exclude liens arising under NRS Chapter 119A, which governs timeshares.4Nevada Legislature. Nevada Revised Statutes Chapter 40 – Actions and Proceedings in Particular Cases Concerning Real Property The standard residential shields may not apply to timeshare debt.
Walking away should be a last resort. If you are considering it because a deed-back was rejected and you cannot find a buyer, speak with a Nevada attorney who handles timeshare or real estate matters before you stop paying.
Tax Consequences of a Surrender
If the developer forgives a remaining loan balance as part of a deed-back or surrender, the forgiven amount is generally treated as taxable income. A creditor that cancels $600 or more of debt is required to file IRS Form 1099-C, which reports the amount to both you and the IRS.5Internal Revenue Service. About Form 1099-C, Cancellation of Debt You owe income tax on that amount unless an exclusion applies.
The most common exclusion is insolvency. If your total liabilities exceed the fair market value of your total assets immediately before the cancellation, you can exclude cancelled debt from gross income up to the amount of your insolvency.6Office of the Law Revision Counsel. 26 USC 108 – Income From Discharge of Indebtedness You claim it by filing IRS Form 982 with your return.
If you are simply walking away from a timeshare used for personal vacations and sell or surrender it at a loss, the loss is not tax-deductible. The IRS treats personal-use property losses as nondeductible personal losses. A narrow exception exists for timeshares used almost exclusively as rental property, which does not describe how most Tahiti Village owners use their units.
Complaining to the Nevada Real Estate Division
If Somerpointe Resorts fails to honor a valid rescission, misses the 20-day refund deadline, or otherwise violates NRS Chapter 119A, you can file a complaint with the Nevada Real Estate Division. The division oversees timeshare developers operating in the state and has enforcement authority under the timeshare chapter.7Nevada Real Estate Division. Timeshare Forms Complaints can be filed through the division’s online portal at red.nv.gov. Your certified mail receipts, a copy of the cancellation letter, and any correspondence from the developer will make the complaint substantially stronger.