For many years, purchasing a timeshare was considered a wise investment. Families could enjoy regular vacations in a familiar environment and groups of friends could easily take a break from their normal lives. Rather than having to plan all of the details of a vacation every time you wanted to get away, you could just book a week at your already-paid-for timeshare.
As time has passed, however, many timeshare owners are realizing that the negatives of owning a timeshare far outweigh the positives. In fact, according to the American Resort Development Association, a whopping 85% of timeshare owners regret their purchase and are now wondering how they can get out of it. Some of the most common reasons timeshare owners want out of their contracts are:
- Increasing maintenance fees
- Changes in personal financial situations
- They were pressured into purchasing the timeshare
- No availability when they try to book vacations
- Waning interest in going to the same resort every year
- Travel expenses are too high
- A timeshare is no longer suitable for the family’s lifestyle
If you’re experiencing any of these difficulties of owning a timeshare, it may be time to consider getting out of it. By figuring out how to get rid of your timeshare now, you can be free of the financial burden of its maintenance costs and fees while getting the opportunity to travel to new and exciting places. Let’s take a look at the best methods of getting out of your timeshare.
Work with a Timeshare Exit Company
When you use a timeshare exit company, you’ll have a team of people working on your behalf to find a solution to your timeshare problem. This team will know the ins and outs of the timeshare industry and can help you transfer your timeshare to someone else or cancel the mortgage associated with it.
Transferring the ownership of your timeshare involves finding someone to take it over for you. The most convenient way to do this is reaching out to your friends and family members to see if anyone is interested in owning a timeshare. Then, you could transfer your ownership through a will, probate, joint ownership, or living trust. However, it’s not always easy to find someone you know who’s willing to buy your timeshare, especially if they’ve seen you struggling with it.
A timeshare exit company can help you find an appropriate purchaser. Selling a timeshare can look a lot like selling a home. Your timeshare exit company may be able to connect you with a realtor who can sell your timeshare or they can help you place ads online and in newspapers.
They’ll also help you gather all of the information and documentation you need in order to sell your timeshare. Often, you’ll need to have your timeshare appraised so that you know its worth before selling. You’ll also need the original contract for the timeshare purchase, as that will have the legal description of the property. Other necessary documents include the deed, financial agreements, and taxes. Once you have gathered your documents and found a buyer, your timeshare exit company will set up a contract for the transfer and walk you through the rest of the steps to free you of your timeshare.
The other service that timeshare exit companies provide is timeshare cancellation. You may need to pursue this option if you’re unable to transfer the timeshare property title because it still has a mortgage in your name. A timeshare exit company will work with you to cancel the timeshare at the resort you purchased it from.
Many timeshare owners are able to cancel their timeshare because the person who sold it to them failed to mention important aspects of ownership. You may have legal grounds to cancel your timeshare if:
- You were told that you could get tax benefits when you purchased your timeshare.
- The salesperson used fear and intimidation to sell you the timeshare.
- You were promised the benefits of timeshare vacations without being told about the fees and limitations that come with them.
- You weren’t told about the recission period that is applicable in most states.
- The salesperson refused to give you your gift during a presentation or at the end of it if you did not purchase a timeshare.
Your timeshare exit company can identify if any of these legal grounds, or other ones, apply to your situation. They can then help you through the cancellation process, which typically involves you writing a cancellation letter and the exit company contacting the timeshare resort in order to cancel your ownership.
When looking for a timeshare exit company, be sure to choose one that has an abundance of experience and a proven track record of helping other people end their timeshare ownership. Be careful of companies that offer their services at suspiciously low prices, use high-pressure sales tactics, or ask for your credit card information before you’ve signed a contract with them. These are all signs that they are scammers and can’t be trusted with your money. Pick a reputable timeshare exit company, such as Lonestar Transfer.
Use the Recission Period & Write a Cancellation Letter
As mentioned previously, the recission period could be your ticket out of your timeshare. If the salesperson never told you about the rescission period when you bought your timeshare and your contract doesn’t include that information, then you have grounds to cancel your timeshare ownership. If you recently bought a timeshare and are looking for a way out, you can also use the recission period to your advantage.
Recission is a legal term, meaning the act of rescinding. A recission period is the legal window of time that you have during which you can take back your buying decision and choose to not own a timeshare. However, this window of time is usually very short. Recission periods vary state by state and can range from three days in states like Massachusetts and Indiana to 15 days in Alaska, which has the most generous recission period.
It’s important to keep in mind that recission laws are not based on where you live, but on where your timeshare is located. If your timeshare is outside of the United States, you’ll need to research that country’s laws. No matter where your timeshare is located, you’ll also need to research when exactly the recission period starts and ends. It may start the day you buy the timeshare or it could start when you receive the public offering statement.
If you’re still in the recission period, you then need to write a letter notifying the resort of your cancellation and mail it to their cancellation address. The resort may try to hide this information but you can directly ask them for it if you need. They may also try to charge cancellation fees but there are laws restricting certain sellers from doing this, so be sure to do your research before paying any cancellation penalties.
Ask the Resort to Take it Back
If you’ve missed the recission period, try the simplest route and ask the resort if they will take the timeshare back. Also known as a timeshare deed-back, this is a legal, low-cost way to give the property back to the resort. You can find out if this is an option for you by looking through your timeshare’s paperwork.
You can also offer the resort’s sales manager an incentive for taking it back. This can help, since they have to put time and money into buying your timeshare back and reselling it. Just be careful of the resort trying to upgrade your timeshare when you call them. Make a good offer and be firm with what you want, and you may be able to send that timeshare back from whence it came.
When it comes to getting out of a timeshare, you have several options. If the recission period has passed and the resort won’t take the timeshare back, your best bet is using a timeshare exit company. Whether you’ve had your timeshare for years or you just bought it, a professional team of timeshare experts will know how to get you out of your contract. You won’t have to deal with the headache of getting rid of your timeshare on your own and you’ll be free to spend your money on vacations you actually want to take. Experience these benefits and more by contacting Lonestar Transfer today!