When you first bought a timeshare, the idea seemed perfect. Then, change happens, and what was once your dream vacation property can quickly turn into a financial nightmare. If you’re looking for a legal way out of a timeshare agreement and you live in the United States, this guide is for you. Let’s talk about some of the legal ways to get out of your timeshare, reveal potential pitfalls you might face, and introduce you to the foremost choice in timeshare exit solutions: CancelTimeshareGeek.
What Is a Timeshare Agreement?
Before we delve into the ways and methods of exiting a timeshare, we first need to understand what a timeshare agreement is. A timeshare is a property with a divided form of ownership or use rights. Resort condominium units are condos that are owned by multiple parties who are entitled to use the property during their own period.
In reality, these timeshare agreements may be accompanied by maintenance fees, special assessments, and other hidden costs that all add up to significant sums in just a few years. Knowledge of the contract terms is the first step in finding a viable exit plan.
Reviewing Your Contract Thoroughly
One of the very first things you should do when it crosses your mind that you need to get out of your timeshare is to review your contract with a fine-tooth comb. Pay special attention to the following clauses that may provide an exit opportunity for you:
- Cancellation Policy: Is there a period within which you can cancel the contract without being penalized?
- Fees and Penalties: Are there fees and penalties for breaking the agreement?
- Ownership Duration: Is your timeshare in perpetuity or for a certain time duration?
Using the Rescission Period
Many timeshare contracts come along with a rescission or “cooling-off” period. This is a period during which one can opt to cancel the contract without any form of penalty being levied against them. It varies from state to state but is typically between three to ten days. You can therefore legally cancel your timeshare by writing directly to the timeshare company within that period.
Contact the Timeshare Company Directly
If you are now outside of your rescission period, then you can bring it directly to your timeshare company. Do your best to explain your situation and that you want to be out of the contract. Some may offer a deed-back program or another type of exit for a fee. Get every agreement in writing when dealing with the timeshare company to eliminate a dispute that may arise in the future.
Researching Timeshare Exit Companies
If dealing directly with the timeshare company is not fruitful, the next best option is to consider hiring a timeshare exit company. The company specializes in helping timeshare owners legally end their agreements. CancelTimeshareGeek is the leading company in this sector, with a clear working policy, expert legal procedures, and proven high success rate. We offer one-on-one solutions that fully accommodate your specific situation.
Selling Your Timeshare
Selling your timeshare is a good option. However, the resale market for timeshares can be tough. Here are some tips:
- Set Realistic Expectations: Understand that often, timeshares sell for much less than their original purchase price.
- Use Reputable Platforms: List your timeshare on reputable websites that deal with timeshare resales.
- Hire a Broker: Engage a licensed timeshare broker to facilitate and complete the sale.
Rent Out Your Timeshare
If selling is not an option, you might want to consider renting out your timeshare. This can help offset the maintenance fees and other associated costs. Good platforms for listing a timeshare rental include RedWeek, TUG (Timeshare Users Group), and VRBO.
Donate Your Timeshare
Donating your timeshare to a charity is another possibility, though it’s not very common. Some charities accept timeshare donations and will use them for fundraising purposes. Be sure you are working with a legitimate charity and that you are clear about any tax considerations involving the donation.
When to Speak with a Timeshare Lawyer
For especially complicated cases, you may decide that you should speak with a timeshare attorney for personalized legal advice and representation. An attorney can review your contract, advise on your legal rights, and represent you in negotiations or litigation if necessary.
Avoiding Timeshare Exit Scams
The timeshare exit industry is fraught with scams. Be wary of companies that:
- Demand Upfront Fees: Reputable companies typically offer a free consultation and work on a contingency basis.
- Guarantee Immediate Results: No company can guarantee an immediate exit.
- Lack Transparency: Ensure the company provides clear, written documentation of all agreements and processes.
Financial Implications of the Exit from a Timeshare
Exiting from a timeshare can be associated with such implications as:
- Exit Fees: Companies or timeshare resorts may have some exit fees.
- Ongoing Maintenance Fees: You might be needed to continue making maintenance fees until the exit process concludes.
- Credit Impact: Defaulting from payments can hurt your credit score.
Long-term Strategies to Prevent Timeshare Issues
Think about the following long-term strategies in order to prevent future timeshare issues:
- Research: Due diligence should be carried out before purchase, on the company, the location, and terms of the contract.
- Understand Financial Commitments: Know all your financial commitments—maintenance fees, special assessment plans, etc.
- Consult with a Professional: Speak with a real estate professional or attorney prior to purchasing.