I'm Lucy, and I'd be happy to answer your questions today.
A contract is legally binding and enforceable from the moment that it's signed, unless there's a clause in it that says otherwise. MOST timeshare contracts have a clause that give you three days to cancel, in writing, to get a full refund and walk away with no penalty. If you've completed this transaction recently, check the contract to see whether you can cancel, how much time they gave you, and whether you are still able to do so.
Once the three day right to cancel is up, a contract can only be undone if both parties agree. It's possible that you could buy the timeshare back from them, or even convince them to deed it back to you, but they'd also probably keep the $1995 you paid them. That's something you'd have to negotiate, but the law is unfortunately on their side.
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