How To Get Out Of A Timeshare
Getting out of a timeshare permanently may seem complicated, but it’s doable with the right approach. All you have to do is follow the instructions.
- Use Rescission Period To Get Out Of A Timeshare Legally
- Learn How To Write A Timeshare Cancellation Letter
- Give Away Your Timeshare Agreement
- Find Out About The Timeshare Exit Attorney
- Avoid Falling Victim To Scams
What Is A Timeshare Rescission Period?
A timeshare rescission period is a brief window when you can cancel your timeshare purchase and get a full refund. This legal right allows new buyers to change their minds and withdraw from the agreement without penalties. The rescission period usually begins the day you sign the purchase agreement. However, in some cases, it may start the day you receive the public offering statement.
The public offering statement is a document that provides important details about the timeshare. It’s often called a “timeshare disclosure” or a “disclosure statement.” This document is crucial because it helps you understand your purchase terms.
Every state in the U.S. has different laws governing the rescission period. For example, the period lasts only three days in Indiana and Massachusetts. Meanwhile, states like Alaska offer a more extended period of up to 15 days.
If you’re unsure about your state’s rescission laws, acting quickly is necessary. Missing this short window could lock you into a long-term financial commitment. Understanding the rescission period allows you to reconsider and avoid future regrets.
Timeshare Cancellation Letter
Writing a timeshare cancellation letter is vital to exiting your contract during a rescission. This letter should be clear, concise, and professional. It must include specific details about your purchase to ensure proper processing. These details usually include your name, contract number, purchase date, and a formal cancellation request.
Using a sample or template can make this process easier. Templates provide a structured format, guiding you on what to include. For example, a timeshare cancellation letter might start with a polite greeting. Follow it with a statement confirming your clear intention to cancel. Then, include the contract details and your contact information. End with a request for written confirmation of the cancellation.
If you’re unsure how to draft this letter, click here for the letter template. A well-crafted letter can ensure your request is processed smoothly. Make sure to send the letter via certified mail to keep a record. Taking these steps can save you from future disputes.
Give Away Your Timeshare
Giving away your timeshare may sound like a generous idea. But in reality, it’s not as simple as it seems. Most people, including your loved ones, won’t want to take ownership. Ongoing maintenance fees and financial commitments often make the gift less appealing.
Some might think charities are a good option for giving away a timeshare. However, this approach has become nearly impossible.
In 2016, the Department of Justice cracked down on this practice. Timeshares lose value rapidly, making them liabilities rather than assets. Charities often decline these donations because they don’t want to deal with the never-ending fees.
If you’re considering this option, our team of experts recommends to weigh the pros and cons. Giving away a timeshare may seem like an easy fix. But it rarely works out as planned. Understanding the limitations of this option can save you time and frustration.
Pros And Cons Of Giving Away Your Timeshare
Pros:
- Owners can sell, transfer, or gift their timeshare, providing an exit strategy for those who no longer want it.
- Ownership can be transferred to a family member, ensuring continued use by loved ones if they want to.
Cons:
- Transferring ownership often requires negotiating complicated terms in the timeshare agreement. It may also require hiring a real estate attorney or specialist, which adds extra costs.
- Some timeshare contracts have limitations or fees that make transfers difficult or expensive.
- Selling on the secondary market can be challenging due to low demand and resale value.
- Even when gifting, nonprofits may decline due to the ongoing maintenance fees associated with timeshares.
- Owners seeking to transfer their timeshare might encounter fraudulent companies or services.
Timeshare Exit Attorney
Hiring a timeshare exit attorney can be wise if you struggle to get out of your contract. Attorneys are experienced in reviewing contracts for errors or misrepresentations. They can identify clauses that were misleading or unfair during the sales process. This expertise is beneficial when your contract doesn’t have apparent loopholes.
Many exit companies collaborate with attorneys to provide better results. But you must choose carefully. Avoid companies that promise a “100% money-back guarantee” without proof of success. Some disappear after taking your money, leaving you in a worse position.
A reputable attorney can guide you through the process while protecting your interests. Look for exit companies that offer no up-front fees or escrow services. These measures ensure your money is safe until the work is complete. Hiring the right professional can be a lifesaver in your timeshare exit journey.
Contact the Resort to Take It Back
You should always contact the resort to take it back first. There is no guarantee they will willingly take your timeshare back.
- There aren’t too many resorts nowadays with a deed buy-back program.
- This is a legal, inexpensive way you can give the property back to the resort.
- Read through your contract to see if you still qualify for one of these options.
- And remember, when contacting the resort, always be cautious of any up-selling or upgrades you could be pressured into purchasing.
How To Sell A Timeshare
Selling a timeshare is often challenging. Most owners discover that the resale market is virtually nonexistent. Many listings on platforms like eBay or Craigslist start at $1. This is shocking for owners who spent thousands on their timeshares. But it reflects how desperate some people are to get out of their contracts.
Resale scams are another risk to watch out for. Some companies charge expensive upfront fees, claiming they can sell your timeshare on exclusive platforms. Unfortunately, these promises are often empty. With no sale guarantee, you could pay more fees on top of your maintenance costs.
If you’re determined to sell, do your research. Use reputable resale websites like RedWeek or MyResortNetwork. But be prepared for a long wait and possible closing costs. Selling isn’t easy, but understanding the process can help avoid scams and additional financial losses.
Hire a Timeshare Exit Company
Hiring an experienced exit company who will work vigorously on successfully canceling your timeshare can be very useful. Don’t get duped into bad deals from companies that offer a “100% money-back guarantee.” Only to disappear in a few months with all your money as they file for bankruptcy.
- We recommend avoiding any high-pressure sales tactics for this reason.
- And never give out any credit card information before any completed cancellation services.
- Timeshare exit companies that work directly with timeshare attorneys to help you cancel your timeshare are the next best option.
- The attorney’s role is to look for misrepresentations in your contract.
- Or misrepresentations you faced when you purchased the timeshare.
Hiring a reputable exit company that will work day in and day out on canceling your timeshare can be a lifesaver. The best timeshare exit companies know the ins and outs of the industry. They can use their experience as leverage to get you out of sticky situations. So if your contract didn’t have any loopholes. Don’t worry because you still have options.
Get Out Of A Timeshare Legally
Exiting a timeshare legally requires understanding your options. Some developers, like Wyndham, Marriott, and Hilton, offer exit programs to help owners terminate their contracts under specific conditions. If your resort offers an exit program, contact them for details.
If your developer has no exit option, consider listing your timeshare for resale. Websites like eBay and Tug2 offer platforms for this. However, resale often comes with challenges. Most timeshares sell for as little as $1, and you’ll still be responsible for fees until it sells.
Another option is hiring a timeshare exit company. Look for companies that provide escrow services or no up-front fees. These options protect your finances while ensuring professional help. Exiting legally can be complex. But with the proper guidance, you can free yourself from the financial burden. You can reach out to our team of experts for free consultation if you need any guidance.
How to Get Rid of All Timeshares
As of April 2021, the Timeshare developers listed below offer exit options. We suggest contacting the resort with your timeshare contract if you want to legally get out of your timeshare.
- Capital Vacations
- Club Wyndham (Read above)
- Diamond Resorts (Read above)
- Hilton Grand Vacations (See above)
- Holiday Inn Club Vacations
- Orange Lake
- Hyatt Residence Club
- Marriott Vacation Club (See above)
- Shell Vacation Club
- Sheraton Vacation Club
- Bluegreen Vacations (Read our article on how to exit your Bluegreen timeshare)
Vistana Signature - Welk Resorts
- Westgate Resorts (See above)
- Westin Vacation Club
- WorldMark by Wyndham
If your timeshare company does not have an exit program, we suggest you either list your timeshare on a resale website such as ebay.com, tug2.com, redweek.com, and myresortnetwork.com. As you probably know, most of these companies have timeshares listed for $1. On top of the low value, you will also be paying for closing costs attributed to the timeshare sale, and it may take years for your timeshare to sell.
If you believe your timeshare isn’t worth a dollar and do not want to pay for resale services, in addition to ongoing maintenance fees during the resale process; in that case, we suggest you contact a reputable timeshare exit company.
We recommend timeshare exit companies that offer a no up-front fee escrow option or a 100% money-back guarantee. If you choose to stop your timeshare payments after you sell your timeshare, unfortunately, you are still responsible for the monthly and yearly fees if the new “owner” isn’t paying them.
Final Thoughts
Timeshare contracts can be financially stressful. Suppose you are considering exiting your contract and you’ve missed your rescission period or having trouble selling it. In that case, we suggest you contact a timeshare exit company that can help relieve your mortgage and yearly maintenance fees.
Take the right step towards financial freedom. Numerous timeshare scams occur every year; protect yourself. Contact our team to help determine if a timeshare exit company is legitimate.
We always recommend working with timeshare exit companies that offer escrow, so you pay no up-front fees. Know your legal rights so you can exit your timeshare contract.
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FAQ’s
- Is There A Legitimate Way To Get Out Of A Timeshare?
Yes. You can legally exit a timeshare through rescission periods, developer exit programs, or reputable timeshare exit companies. - What Is The Average Cost To Get Out Of A Timeshare?
Costs vary widely but can range from $5,000 to $10,000 depending on the complexity of your contract. - Why Is It So Hard To Get Out Of A Timeshare?
Timeshare contracts are designed to be binding. Many developers make it challenging to exit without incurring penalties or fees. - Can I Walk Away From My Timeshare?
Walking away is not recommended. It can lead to legal and financial consequences, including damaged credit. Seek professional help instead.
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