A timeshare may seem like a great idea at first. Eventually, when the true cost of ownership in a timeshare is determined or the new owner finds out they won't get as much use from it as expected, it's time to look into getting rid of it. Unfortunately, this isn't so easy to do. If the owner makes a decision to get out within the cancellation period, they may be able to do so with a little work. After that period has ended, however, it's going to be far more difficult to get out of the timeshare, and doing so can be more expensive than expected.
Start Working With an Attorney
The first step anyone should take when they want to get out of timeshare is to speak with an attorney. There are few options available to owners, and there may be repercussions the owner isn't prepared to handle. Attorneys are experienced in this and know the right steps to take for their clients to get rid of a timeshare successfully. The experience of the attorney will always turn out to be invaluable and can help the owner save a significant amount of money in the long run. A consultation is typically a quick and inexpensive way to learn more about working with an attorney to get rid of the timeshare.
Learn About All of the Options
There are a few different options to get rid of a timeshare. It's important for owners to be aware of all of them so they have the opportunity to decide which one fits their needs. Some of the options to consider include the following.
- Rescission. It may be possible to give back the timeshare to the developer and receive a full refund. This will need to be done soon after the purchase and may not be possible in all states.
- Deedback. If the developer is willing to take the timeshare back, this might be a good option. There is typically a fee for this when it is possible to do, but not all developers will offer this option.
- Selling It. Owners may sell their timeshare to someone else. This depends on the ability to find a buyer, which can be very difficult to do.
- Transfer It. If the developer does need more properties to sell, they may be willing to purchase the timeshare through a transfer. It is likely the owner will not get a lot of money by selling it this way.
- Exit Companies. There are exit companies that exist to help timeshare owners. However, not all of them are willing to work with the owner's lawyer, so be sure this is an option before deciding to work with a company.
Know About Potential Penalties and Fees
Getting rid of a timeshare may not be as easy or inexpensive as hoped. In fact, it's possible the owner will need to pay fees to get rid of it or end up having to pay a penalty if they cancel the timeshare. A lawyer will be able to review the various options as well as any penalties or fees so the owner knows what to expect when they are ready to get rid of it.
If you've purchased a timeshare and you're ready to let it go, there are numerous available options. You are not stuck in the contract and do have ways to get rid of it, but it can be very difficult to do on your own. Instead, start this process by talking to a lawyer today.
