Timeshares have widely been embraced, with the number of families estimated to own timeshares being over 9.9 million. A timeshare is a form of real estate ownership in which one or more buildings are jointly owned and subsequently rented out to vacationers for short stays. There are four main types of timeshares: fixed-week, floating-week, points, and vacation clubs.
However, have you ever reached a point whereby you want to get out of timeshare but do not know how to handle the situation? If you ever find yourself in a situation where you feel like you want to cancel your timeshare, this article will provide you with a few steps that you can take to cancel your timeshare. Before you embark on the process, though, you must use an experienced timeshare exit company to assist you to get out of timeshare.
Why You Should Use an Experienced Timeshare Exit Company
It can be difficult to know where to start when you want to get rid of your timeshare. It would help if you had professional advice and an experienced company to help you do it. Here are two reasons why:
Getting out of your timeshare can be costly and long, especially if you do not have the right help. A company that has dealt with hundreds or even thousands of timeshare cancellations will have all the experience needed to save you both time and money.
The legal part of getting out of your timeshare can be difficult to understand. A good company will guide you through the process, so you do not get any nasty surprises later. They will offer legal advice to ensure your timeshare gets canceled correctly.
Steps To Cancel Your Timeshare
Now that you understand the reasons you should use an experienced company to get out of timeshare, the article will now proceed to cover the necessary steps in achieving this process.
Step 1: Contact the timeshare company that sold the timeshare. If your contract was legitimate, it should have a clause allowing you to quit any time within a certain period after signing the contract without penalty.
Step 2: Hire an attorney. Some of the bigger timeshare companies will not terminate your contract unless you hire an attorney. You can also find a lawyer specializing in contract termination and tell them exactly what you need to do. They should be able to help you if they’re familiar with timeshares. When hiring an attorney, there are several things you will need to look for:
- Look for an attorney that charges an hourly rate. If they are working through things at light speed, you’ll only pay for the actual time spent on your case.
- Please do your homework and find out how long the lawyer has been practicing. A general rule of thumb is that the more experience they have, the better your chances are of coming out on top.
- A good attorney will be happy to provide you with a referral, so go ahead and ask them if they can connect you with one or two people who have worked with them before.
Step 3: Quit Claim Deed- if you can’t afford an attorney, there is another option that you can try, which is to purchase a Quit Claim Deed. Many companies online provide these types of services for quite reasonable prices.
Step 4: Send a letter. Now that you have the deed in your hands, make sure they are not open to public record, and send them a letter stating that you “at this moment quitclaim all rights and interests in and that you owe nothing to the company.”
Step 5: Cancel your credit card. If you used your credit card to pay for your timeshare fees, cancel it as soon as possible.
Step 7: Cancel your bank accounts. If you have a checking account, savings account, or certificates of deposit from the timeshare company, be sure to close those out immediately.
There is a lot of information if you have a timeshare or are considering canceling your timeshare. This article has the basics to decide what steps you want to take.